India Life Insurance Recovery through resilience

Research evidence excerpt

India Life Insurance Recovery through resilience

9 June 2026

Equities

Insurance India Life Insurance

Recovery through resilience India

◆ Individual APE growth at c13% y-o-y for the industry was Rahil Shah*

healthy in May 2026, despite macro-economic headwinds Analyst, India Financials HSBC Securities and Capital Markets (India) Private Limited

rahil.shah@hsbc.co.in

◆ While AMLI reported strong growth momentum in individual +91 22 6628 3719

APE, trends were muted for other listed private life insurers Abhishek Murarka*

Senior Analyst, India Financials

HSBC Securities and Capital Markets (India) Private Limited

◆ For our covered universe, we see limited risks to our growth abhishek.murarka@hsbc.co.in

estimates; retain positive outlook on attractive valuations +91 73049 07567

Gaurav Sharma*

Analyst, India Financials

Growth remains resilient: Individual APE growth for the industry normalised to HSBC Securities and Capital Markets (India) Private Limited gaurav11.sharma@hsbc.co.in

c13% y-o-y in May’26 from 21% in Apr’26 as the spill-over effect of month-end + 91 22 2268 2011

business eased in May. Private life insurers reported c12% y-o-y growth in individual

APE while LICI reported c15% y-o-y growth, from a low base. Growth in number of * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

policies remained flat y-o-y as sales shifted towards savings products. As per our

primary checks, sale of linked products has slowed down while traditional savings

(especially participating products) and annuity products continues to do well. Group

APE growth remained robust at 24% y-o-y for private insurers, driving total APE

growth of c14.5% y-o-y in May’26. The industry has shown a growth resilience in the