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Flat start to FY26 for industry

Low-growth trajectory continues for industry individual WRP in Apr’25; new business premium sees recovery

* In Apr’25, the individual weighted received premium (WRP) growth for private players continued to be in single digits for the third consecutive month at 2% YoY. The life insurance industry witnessed flat YoY growth in WRP, owing to a 4% YoY decline reported by LIC.

* Among listed players, individual WRP for MAXLIFE continued to grow the fastest at 24% YoY, while HDFCLIFE/SBILIFE posted 3%/2% YoY growth. IPRULIFE/BALIC reported a decline of 16%/2% YoY.

* The industry’s new business premium grew 8% YoY in Apr’25 on the back of 6%/10% YoY growth for private players/LIC.

* In terms of new business premium, HDFCLIFE/IPRULIFE/MAXLIFE/BALIC reported a growth of 23%/10%/17%/4%, while SBILIFE’s growth was flat YoY.

* Life insurance industry maintained low premium growth trajectory in Apr’25 owing to the implementation of surrender value regulations and weakness in ULIP sales due to market volatility and a high base. We expect a gradual recovery in FY26, with private insurers expanding their reach through geographical penetration. HDFCLIFE and SBILIFE are our preferred picks.

Individual WRP market share declines MoM for private players

* The individual WRP market share of private players declined MoM for the second consecutive month to 66.5% in Apr'25 (69.8% in Mar’25).

* In Apr’25, SBILIFE achieved the top position with 15.2% market share in individual WRP, followed by HDFCLIFE at 11.5% and MAXLIFE at 6.4%.

* On an unweighted premium basis, HDFCLIFE was the largest private player with a market share of 8.8%, followed by SBILIFE at 7.7% and IPRULIFE at 4.7%

Performance of key private players

On an individual WRP basis, the combined market share of private listed players – SBILIFE, HDFCLIFE, IPRULIFE, and MAXLIFE – accounted for 59% of the private insurance industry and 39% of the overall industry as of Apr’25. Among other prominent private insurers, TATA AIA and BALIC have a market share of 7.0% and 5.9%, respectively, in Apr’25. Among key listed players based on individual WRP –

* HDFCLIFE grew 3% YoY in Apr’25. The total unweighted premium grew 23% YoY.

* SBILIFE grew 2% YoY in Apr’25. The total unweighted premium was flat YoY.

* IPRULIFE declined 16% YoY in Apr’25. The total unweighted premium was up 10% YoY in Apr’25.

* MAXLIFE rose 24% YoY in Apr’25. The total unweighted premium increased 17% YoY in Apr’25.

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