India Non-Lending Financials "Q1FY27 results preview: what to expect?" Toshniwal

Research evidence excerpt

India Non-Lending Financials "Q1FY27 results preview: what to expect?" Toshniwal

Global Research

2 July 2026ab

India Non-Lending Financials Equities

IndiaQ1FY27 results preview: what to expect?

Financial

Neeraj Toshniwal

India Life insurance preview - modest growth despite favourable base Analyst

Life insurers are expected to report moderate growth in Q1FY27, despite a favorable neeraj.toshniwal@ubs.com

base. Momentum stayed subdued in May, with some improvement likely in June 2026. +91-22-6155 6058

Lower ULIP inflows amid volatile markets are expected to weigh on performance, while

sum assured data indicates continued strong growth in the Protection segment. Positive

economic variance, supported by MTM gains in equity and debt markets, primarily

equities, is likely across the sector. Par growth should remain strong, and annuity growth

is expected to improve amid rising rates/yields. Non-par savings may also recover,

though partly cannibalized by annuity sales. Among insurers, we expect Axis Max Life to

deliver the strongest APE and VNB growth in Q1. SBI Life should report in-line individual

APE growth and VNB growth. ICICI Pru Life’s VNB growth is likely to benefit from strong

Protection traction, while APE growth may remain slower. HDFC Life is expected to

report weaker-than-anticipated APE and VNB growth in Q1.

India Non-Life insurance preview – health segment growth to remain robust

Q1FY27 growth should be driven by continued momentum in the fresh health business

and strong motor insurance growth supported by robust motor sales. We expect

combined ratios for ICICI Lombard and Star Health to improve YoY but decline

sequentially due to seasonality. Operating profits should benefit from capital gains and

higher investment income.