Emkay Research said the country’s life insurance industry is expected to report around 11-12 per cent retail annual premium equivalent growth this fiscal
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The protection segment of the country’s life insurance industry saw continued growth momentum in the first quarter this fiscal, aided by the GST rate exemption, while the savings business was hit by uncertainties due to geopolitical tensions stemming from the West Asia conflict and the overall macroeconomic situation during the period, according to Emkay Research.
In a report on the life insurance industry, issued on Thursday, Emkay Research said during 1QFY27, the private sector reported around 15 per cent year-on-year growth in retail annual premium equivalent (APE), whereas State-run LIC posted around 19 per cent retail APE growth, leading to around 16 per cent retail APE growth for the industry.
The industry reported a healthy 16 per cent year-on-year retail APE growth in June this year, supported by a strong 21 per cent retail APE growth by LIC and the private sector growing around 14 per cent. “On a 2Y CAGR basis, the private sector clocked 13 per cent retail APE growth, while LIC reported around 11 per cent retail APE growth, driving 12.6 per cent retail APE growth for the industry,” Emkay Research said.
Group APE for the industry grew at a strong 56 per cent y-o-y in June, 2026, driven by robust 92 per cent growth for the private sector, while LIC clocked around 31 per cent growth.
According to the report, among private listed players, SBI Life Insurance remained the top performer in June, clocking strong 18 per cent y-o-y retail APE growth, followed by Axis Max Life Insurance at around 15 per cent.
The healthy performance of SBI Life Insurance and Axis Max Life Insurance came on a strong base. “ICICI Pru Life clocked 13 per cent y-o-y RWRP (retail weighted received premium) growth, while its retail APE grew at a modest 9.6 per cent in June, 2026. HDFC Life saw muted performance in June, reporting a 0.4 per cent decline in Retail APE, owing to the slowdown in the HDFC Bank channel. Canara HSBC Life clocked robust 28 per cent y-o-y retail APE growth on a strong base,” the report said.
Emkay Research said the country’s life insurance industry is expected to report around 11-12 per cent retail annual premium equivalent (APE) growth this fiscal, supported by around 13-14 per cent growth for the private sector, while LIC is expected to deliver around 6-7 per cent retail APE growth.
India’s life insurance industry reported a strong start to FY27, with new business premiums (NBP) increasing 16.6 per cent y-o-y in Q1FY27, reflecting sustained demand across both retail and group segments, CareEdge Ratings said in a report on Thursday.
The growth was primarily driven by private insurers, whose premium collections expanded significantly, supported by continued traction in retail products and a recovery in group business, CareEdge said.
“Consequently, private insurers further strengthened their market share to nearly 40 per cent, although LIC continued to account for the majority of industry premiums. Industry APE also maintained strong momentum in Q1FY27, rising 23.4 per cent y-o-y. Growth was led by private insurers, whose APE increased 27.6 per cent y-o-y, while LIC recorded a healthy 16.8 per cent increase,” it added.
Published on July 9, 2026
