Business EconomyPosted at: Nov 11 2025 1:14PM


Indian life insurance industry to log 9-10 percent growth in FY26

Chennai, Nov 11 (UNI) The Indian life insurance industry reported an impressive performance, with retail annualised premium equivalent (APE) growing about 19 percent YoY in October 2025.
The growth is despite the festivities of Diwali in Oct-25, driven by GST rate exemption benefits and a favourable base effect, said Emkay Global Financial Services Ltd in a report.
With growth expected to pick up in H2FY26, Emkay Global expects the industry to log about 9-10 percent retail APE growth in FY26, backed by private sector growth of about 11-12 percent and LIC likely growing about 4-5 percent, the report said.
Asian life insurance major Life Insurance Corporation of India (LIC) last month clocked in a strong about 28 percent retail APE growth, while the private sector saw about 15 percent growth.
LIC’s strong growth in retail APE was on a low base of Oct-24 (minus 15 percent YoY), which was impacted by the implementation of new surrender regulations.
According to Emkay Global, the Indian life insurance industry’s retail APE grew about 4 percent, whereas the private sector industry clocked a decent about 9 percent YoY growth, and LIC posted about a 5 percent decline.
Among private listed players, SBI Life emerged as the fastest growing player, at about 19 percent YoY growth, followed by Axis Max Life (17 percent).
Listed players logged strong growth in Individual Regular premium sum assured in Oct-25, with Max Life leading the charts (plus 79 percent YoY) followed by LIC (plus 61 percent YoY), IPRU Life (plus 60 percent YoY), HDFC Life (plus 52 percent YoY), and SBI Life (plus 46 percent YoY).
Canara HSBC Life clocked a strong 135 percent growth in Individual Regular premium sum assured in Oct-25, said Emkay Global.
Industry’s Group APE grew about 18 percent in Oct-25, led by approximately 32 percent growth in LIC, while the private sector saw a muted about 3 percent YoY growth.
Resultantly, overall APE for the industry grew about 19 percent, with private players clocking about 13 percent growth and LIC seeing about 30 percent growth.
With growth expected to pick up in H2FY26, Emkay Global expects the industry to log about 9-10 percent retail APE growth in FY26, backed by private sector growth of about 11-12 percent and LIC likely growing about 4-5 percent.
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