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Industry’s individual APE broadly flat YoY

Private players experience tepid growth; LIC witnesses a decline

* In Aug'25, the individual weighted received premium (WRP) growth for private players was tepid at 1% YoY vs. 14% YoY in Jul'25. However, LIC reported a dip of 5% YoY, which resulted in flat YoY growth for the industry in WRP terms.

* Among the listed players, MAXLIFE witnessed the fastest growth in individual WRP (+16% YoY), while HDFCLIFE posted 1% YoY growth. In contrast, SBILIFE/IPRULIFE/ BALIC reported a decline of 4%/13%/6% YoY.

* The industry’s new business premium declined 5% YoY in Aug’25, owing to a 17% YoY decline for LIC, offset by 12% YoY growth for private players.

* In terms of new business premium, HDFCLIFE/SBILIFE/IPRULIFE/MAXLIFE/BALIC reported a growth of 23%/10%/18%/20%/56% YoY.

* The life insurance industry continues to witness a base impact on ULIP sales. With the announcement of the GST rate exemption, people have likely postponed buying insurance until the implementation of new rates, which has hit growth as well. We expect a gradual recovery by 2HFY26, aided by a strong focus on traditional products, improvement in affordability due to GST exemption, and expansion of reach by private insurers through geographical penetration. HDFCLIFE and SBILIFE are our preferred picks within the sector.

Individual WRP market share improves MoM for private players

* The individual WRP market share of private players improved MoM to 72% in Aug'25 (71.7% in Jul’25).

* In Aug’25, SBILIFE maintained the top spot with 16% market share in individual WRP, followed by HDFCLIFE at 11.6% and MAXLIFE at 7.8%.

* On an unweighted premium basis, SBILIFE was the largest private player with a market share of 22.2% in the private industry, followed by HDFCLIFE at 20.5% and IPRULIFE at 11.9%.

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 57.8% of the private insurance industry as of Aug’25. Among other prominent private insurers, TATA AIA and BALIC have a market share of 10.2% and 8.2%, respectively, in Aug’25. Among the key listed players based on individual WRP:

* HDFCLIFE grew 1% YoY in Aug’25. The total unweighted premium rose 10% YoY.

* SBILIFE declined 4% YoY in Aug’25. The total unweighted premium rose 23% YoY.

* IPRULIFE dipped 13% YoY in Aug’25. The total unweighted premium rose 18% YoY.

* MAXLIFE grew 16% YoY in Aug’25. The total unweighted premiums grew 20% YoY.

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