India Life Insurance: Better than expected trends

Research evidence excerpt

India Life Insurance: Better than expected trends

8 July 2026

India Life Insurance EquitiesInsurance

Better than expected trends India

◆ Individual APE growth of c16% y-o-y for the industry in June Rahil Shah*

2026 was better than our expectations Analyst,HSBC SecuritiesIndia Financialsand Capital Markets (India) Private

Limited

◆ While SBILIFE saw better growth in individual APE, it was weak rahil.shah@hsbc.co.in

+91 22 6628 3719

for HDFCLIFE; MAXF / IPRU were largely in line with HSBCe

Abhishek Murarka*

Senior Analyst, India Financials

◆ With growth recovering and margins resilient, we see limited HSBC Securities and Capital Markets (India) Private

risks to our estimates; retain positive sector outlook abhishek.murarka@hsbc.co.in

+91 73049 07567

Gaurav Sharma*

Growth trajectory improving: Individual APE growth strengthened to c16% y-o-y in Analyst, India Financials

Jun’26, versus c10% y-o-y in FY26. This was supported by continued demand for HSBC Securities and Capital Markets (India) Private

protection and a pick-up in traditional product sales. Private life insurers delivered gaurav11.sharma@hsbc.co.in

c14% y-o-y individual APE growth, while LICI grew c21% y-o-y, aided by a low base. + 91 22 2268 2011

Policy volumes also improved to c7% y-o-y (and c6% y-o-y in 1QFY27), likely

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

reflecting a higher mix of protection products. Based on primary checks, unit-linked not registered/ qualified pursuant to FINRA regulations

sales remained subdued versus traditional savings and annuity products. Group APE

stayed robust at c15% y-o-y in Jun’26, with private insurers outperforming. As a

result, total industry APE rose c16% y-o-y in Jun’26 and 1QFY27. Overall, the