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Industry’s individual APE declines YoY, led by weak LIC growth

Private players experience robust growth; LIC witnesses a decline

* In Sep’25, the individual weighted received premium (WRP) growth for private players stood robust at 7.7% YoY vs. ~1% YoY in Aug’25. However, LIC reported a dip of 32% YoY, which resulted in ~6% YoY decline for the industry in WRP terms.

* Among listed players, SBILIFE witnessed the fastest growth in individual WRP (+15% YoY), followed by MAXLIFE and HDFCLIFE at 13% and 6% YoY, respectively, while IPRULIFE posted a decline of ~8% YoY.

* The industry’s new business premium grew ~15% YoY in Sep’25, owing to ~18% and ~13% YoY growth for private and public players, respectively.

* In terms of new business premium, HDFCLIFE/SBILIFE/IPRULIFE/MAXLIFE/BALIC reported a growth of 10%/32%/6%/12%/31% YoY.

* We expect an uptick in 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 MAXLIFE 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 74.7% in Sep'25 (72% in Aug’25).

* Meanwhile, SBILIFE maintained the top spot with a 16.6% market share in individual WRP, followed by HDFCLIFE at 11% and MAXLIFE at 7.9%.

* On an unweighted premium basis, SBILIFE was the largest private player, holding a market share of 22.9% in the private industry, followed by HDFCLIFE at 17.1% and IPRULIFE at 10.2%.

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 55.6% of the private insurance industry as of Sep’25. Among other prominent private insurers, TATA AIA and BALIC held market shares of 10.9% and 8.3%, respectively, in Sep’25. Among key listed players based on individual WRP:

* HDFCLIFE grew 6% YoY in Sep’25. The total unweighted premium rose 10% YoY.

* SBILIFE grew 15% YoY in Sep’25. The total unweighted premium rose 32% YoY.

* IPRULIFE dipped 8% YoY in Sep’25. The total unweighted premium rose 6% YoY.

* MAXLIFE grew 13% YoY in Sep’25. The total unweighted premium grew 12% YoY.

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