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Strong individual APE growth driven by both public and private segments

* In Oct’25, the individual weighted received premium (WRP) growth for private players was robust at 15% YoY vs. ~8% YoY in Sep’25. LIC reported stronger growth of 28% YoY vs a decline of 32% YoY in Sep’25. This strong growth in both segments resulted in double-digit industry growth of ~19% YoY in WRP terms.

* Among the listed players, SBILIFE witnessed the fastest growth in individual WRP (+19% YoY), followed by MAXLIFE/HDFCLIFE/IPRULIFE at 18%/9%/3% YoY, respectively.

* The industry’s new business premium grew ~12% YoY in Oct’25, owing to a ~12%/ ~13% YoY growth, respectively, for private/public players.

* In terms of new business premium, SBILIFE/IPRULIFE/MAXLIFE/BALIC reported a growth of 20%/7%/15%/8% YoY, while HDFCLIFE reported flat growth.

* 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 for private players declines MoM

* The individual WRP market share of private players declined MoM to 70.3% in Oct'25 (74.7% in Sep’25).

* In Oct’25, SBILIFE maintained the top spot with 18.3% market share in individual WRP, followed by HDFCLIFE at 9.9% and MAXLIFE at 6.9%.

* On an unweighted premium basis, SBILIFE was the largest private player with a market share of 21.6% in the private industry, followed by HDFCLIFE at 19.2% and IPRULIFE at 12%.

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 59.2% of the private insurance industry as of Oct’25. Among other prominent private insurers, TATA AIA and BALIC held a market share of 6.7% and 5.6%, respectively, in Oct’25. Among the key listed players based on individual WRP:

* HDFCLIFE grew 9% YoY in Oct’25. The total unweighted premium remained flat YoY.

* SBILIFE grew 19% YoY in Oct’25. The total unweighted premium rose 20% YoY.

* IPRULIFE grew 3% YoY in Oct’25. The total unweighted premium rose 7% YoY

* MAXLIFE grew 18% YoY in Oct’25. The total unweighted premiums grew 15% YoY.

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