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Industry growth remains low

Private players drive industry growth as LIC continues to decline

* In May’25, the individual weighted received premium (WRP) growth for private players improved to ~7% YoY from 2% YoY in Apr’25. The industry witnessed 3% YoY growth in WRP, owing to a ~7% YoY decline reported by LIC.

* Among listed players, MAXLIFE maintained the top position in individual WRP growth at 25% YoY, while HDFCLIFE/SBILIFE/BALIC posted 15%/4%/1% YoY growth. IPRULIFE reported a decline of 14% YoY.

* The industry’s new business premium grew 13% YoY in May’25, led by 17%/10% YoY growth for private players/LIC.

* In terms of new business premium, HDFCLIFE/IPRULIFE/MAXLIFE/SBILIFE reported a growth of 33%/7%/26%/25%, while BALIC reported a decline of 3% YoY.

* Life insurance industry continues to witness the impact of high base (strong ULIP momentum last year) and surrender value regulations with respect to the growth trajectory. We expect a gradual recovery toward 2HFY26, backed by strong focus on traditional products and private insurers expanding their reach through geographical penetration. HDFCLIFE and SBILIFE are our preferred picks.

Individual WRP market share improves MoM for private players

* The individual WRP market share of private players improved MoM to 69.7% in May'25 (66.5% in Apr’25).

* In May’25, SBILIFE maintained the top position with 15.9% market share in individual WRP, followed by HDFCLIFE at 12.4% and MAXLIFE at 7%.

* On an unweighted premium basis, HDFCLIFE was the largest private player with a market share of 9.9%, followed by SBILIFE at 9.7% and IPRULIFE at 4.6%.

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 60% of the private insurance industry and 42% of the overall industry as of May’25. Among other prominent private insurers, TATA AIA and BALIC have a market share of 7.6% and 5.6%, respectively, in May’25. Among key listed players based on individual WRP –

* HDFCLIFE grew 15% YoY in May’25. The total unweighted premium grew 33% YoY.

* SBILIFE grew 4% YoY in May’25. The total unweighted premium grew 25% YoY.

* IPRULIFE declined 14% YoY in May’25. The total unweighted premium was up 7% YoY.

* MAXLIFE grew 25% YoY in May’25. The total unweighted premium grew 26% YoY.

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