Nuvama

SBI Life posted Q2FY26 total APE growth of 10% YoY as retail APE rose a moderate 6% while group APE shot up 55.8% YoY (group savings up 1.4x YoY). Q2 margin improved 118bp YoY to 28%, as the mix came in favour of

Result Update

HDFC Life Insurance Company Ltd

HDFCLIFE’s total APE growth in Q2FY26 came in moderate at 8.7% YoY (-1.0% versus estimate). Both retail/group businesses grew evenly at 8.8%/7.4% YoY. Impact of non-availability of GST ITC, revised surrender norms and

Result Update

ICICI Prudential Life Insurance Company Ltd

A 7% YoY drop in Q2FY26 retail APE dragged total APE down 3.3% YoY. Group APE jumped 20.7% YoY led by an 87.5% YoY surge in the group savings segment. Protection share improved 50bp YoY, aiding a VNB margin of 24.4%

Sector Update

Life Insurance

October 09, 2025

Sep-25: Sales rise post-GST exemption

Private life insurers’ individual APE increased at a moderate 7.7% YoY, whereas LIC’s individual APE fell 31.8% YoY. Recovery in sales beginning 22-Sep’25 is likely to have largely offset weaker sales during the first

Sector Update

Life Insurance

October 09, 2025

Growth to improve; margins tighten

Early announcement of GST exemption on individual life and health insurance and motor vehicles resulted in postponement of insurance purchase decisions. We reckon insurance sales shall report a sharp recovery after the

Sector Update

Life Insurance

September 09, 2025

Aug-25: Growth stutters

Private life insurers’ individual APE growth came in flattish at just 1.3% YoY while LIC clocked a 5.1% YoY decrease. We believe growth for Aug-25 came off due to demand postponement as buyers expected a GST rate cut.

Result Update

Max Financial Services Ltd

Mix drives strong margin outperformance

Axis Max Life (AMLI) posted healthy Q1FY26 APE growth of 14.8% YoY aided by 16.5% YoY growth in banca channels. Q1FY26 VNB margin came in at 20.1% (+260bp YoY) led by rider attachments, product repricing and product mix

Sector Update

Life Insurance

August 08, 2025

Jul-25: Growth trends remain intact

Private life insurers posted respectable individual APE growth of 14.4% YoY despite a high base (Jul-24: +29.9% YoY). LIC lagged with growth of just 0.4% YoY. FY26-to-date, individual APE market share of private insurers

Result Update

SBI Life Insurance Company Ltd

Strong margins drive beat

SBI Life Insurance reported muted Q1FY26 individual APE growth of 6.4% YoY (on a high base of 20.9% YoY) due to a slowdown in linked products (+2.7% YoY) while group APE surged 38.1% YoY (group protection shot up 100%

Result Update

ICICI Prudential Life Insurance Company Ltd

Higher protection share drives margins

Led by a 9.3% YoY drop in retail APE, total APE decreased 5% YoY in Q1FY26. Group APE posted 18.9% YoY growth as group savings segment surged 53.7% YoY. Protection share rose 390bp YoY, aiding VNB margin of 24.5% (+50bp

Result Update

HDFC Life Insurance Company Ltd

HDFCLIFE’s Q1FY26 total APE grew 12.4% YoY (+0.8% versus estimate). Both retail and group businesses grew evenly at 12.4% YoY and 12% YoY, respectively. Despite surrender value impact and lower fixed cost absorption,

A moderation in sales growth of linked business due to a high base along with subdued credit life sales is anticipated to restrict aggregate APE growth to just 5.9% YoY. Aggregate VNB margins are likely to remain stable

Sector Update

Life Insurance

June 09, 2025

May-25: Base effect dampens growth

Private life insurers’ individual APE increased 7.2% YoY, whereas LIC reported a decrease of 6.6% YoY. Private insurers’ individual APE growth marks a moderation off the high base of 25.4% YoY in May-24. FY26 to date,

Result Update

Max Financial Services Ltd

VNB growth set to improve

Axis Max Life (AMLI) posted a muted Q4FY25 APE uptick of 5.8% YoY with both the proprietary and banca channels growing at a tepid 2.8% YoY and 7.4% YoY, respectively. VNB margin came in at 28% (-55bp YoY/+485bp QoQ).

Sector Update

Life Insurance

May 13, 2025

Apr-25: High base hurts headline numbers

Private life insurers’ individual APE grew just 2% YoY, whereas LIC reported a decline of 3.7% YoY. Growth moderated off a high base as private life insurers had posted a jump of 24.7% YoY in Apr-24. For Apr-25,

Result Update

SBI Life Insurance Company Ltd

Strong showing but for APE growth

Despite moderate 8.5% YoY growth in retail APE in Q4FY25, a 31.8% YoY plunge in group APE resulted in mere 2.1% YoY growth in total APE (5.3% below estimate). NPAR increased strongly by 17.4% QoQ, whereas ULIPs plunged

Sector Update

Life Insurance

April 23, 2025

Mar-25: Growth stalls

Private life insurers’ individual APE in Mar-25 grew merely 3.2% YoY (FY25: 15.1%), whereas LIC posted a slight dip of 0.3% YoY (FY25: +0.7%). For FY25, private insurers’ individual APE market share surged to 70.6%

Result Update

HDFC Life Insurance Company Ltd

Growth moderation leads to miss

Q4FY25 total APE grew just 9.7% YoY (-5.9% versus estimate) as retail APE growth was muted at just 9.3% YoY. HDFCLIFE posted 48bp QoQ improvement in VNB margin to 26.5%, leading to Q4 VNB of INR13.8bn (+11.5% YoY/48%

Result Update

ICICI Prudential Life Insurance Company Ltd

Despite a 33.1% YoY jump in IPRU’s group APE in Q4FY25, a dip of 7.8% YoY in retail APE resulted in a decrease of 3.2% YoY in total APE. Product mix change supported VNB margin, which came in steady at 22.7% (124bp

Sector Update

Life Insurance

March 11, 2025

Feb-25: Growth stalls

Private life insurers’ APE grew mere 1.6% YoY (FY25TD at 17.4%) while LIC reported a steep decrease of 17.4% YoY (FY25TD at +0.9%). For FY25TD, individual APE market share for private insurers surged to 70.8% (+324bp

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