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Industry’s individual APE growth continues to improve

Private players grow in double digits; LIC growth tepid

* In Jun’25, the individual weighted received premium (WRP) growth for private players improved to ~13% YoY from 7% YoY in May’25. This improvement fueled the industry growth to ~10% YoY in WRP terms, offset by only ~2% YoY growth reported by LIC.

* Among listed players, MAXLIFE continues to grow the fastest for individual WRP (+22% YoY), while HDFCLIFE/SBILIFE posted 12%/14% YoY growth. IPRULIFE and BALIC reported a decline of 10% and 7% YoY, respectively.

* The industry’s new business premium declined 3% YoY in Jun’25, owing to a 2%/3% YoY growth for private players/LIC.

* In terms of new business premium, HDFCLIFE/SBILIFE/BALIC reported a decline of 6%/12%/21 YoY, while IPRULIFE/MAXLIFE reported a growth of 4%/21% YoY.

* The life insurance industry has been improving with respect to individual APE growth, though its growth has remained in single digits. We expect a gradual recovery toward 2HFY26, backed by a strong focus on traditional products and private insurers expanding their reach 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 70.4% in Jun'25 (69.7% in May’25).

* In Jun’25, SBILIFE maintained its premier position with 15.2% market share in individual WRP, followed by HDFCLIFE at 12.2% and MAXLIFE at 7.2%.

* On an unweighted premium basis, SBILIFE was the largest private player with a market share of 6.4%, followed by HDFCLIFE at 6.1% and IPRULIFE at 3.8%.

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 57.3% of the private insurance industry and 40.3% of the overall industry as of Jun’25. Among other prominent private insurers, TATA AIA and BALIC have a market share of 8.3% and 5.3%, respectively, in Jun’25. Among key listed players based on individual WRP –

* HDFCLIFE grew 12% YoY in Jun’25. The total unweighted premium dipped 6% YoY.

* SBILIFE grew 14% YoY in Jun’25. The total unweighted premium dipped 12% YoY.

* IPRULIFE declined 10% YoY in Jun’25. The total unweighted premium rose 4% YoY.

* MAXLIFE grew 22% YoY in Jun’25. The total unweighted premium grew 21% YoY.

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