Robust health: Life insurance industry new biz grows 15.7%
Robust health: Life insurance industry new biz grows 15.7% - The Times of India
Robust health: Life insurance industry novel biz grows 15.7%
Robust health: Life insurance industry new biz grows 15.7%
MUMBAI: The life insurance industry recorded a 15.7% expansion in new business premiums during FY26, as the sector navigated a landscape defined by diverging growth strategies across individual and group segments.
Total premiums across the industry climbed to Rs 4.6 lakh crore from close to Rs 4 lakh crore in FY25. This momentum highlights a robust recovery and deepening penetration in the domestic economy after the volatility of recent years.
The number of policies sold during the same period increased by only 4.7% to 2.8 crore from 2.7 crore in FY25. Bazaar share dynamics shifted in favour of private players, with SBI Life leading the gains through a 0.3% increase in its total share.
Aditya Birla Sun Life and Kotak Mahindra Life followed with increases of 0.2% each. Conversely, HDFC Life experienced the most significant contraction, losing 0.5% of its economy share.
LIC also recorded a decline of 0.4% in its total bazaar presence during this period.
Growth in the individual non-single premium segment was spearheaded by SBI Life, which saw an absolute increase of Rs 2,445.6 crore or 19.6% over the year .
Axis Max Life and Tata AIA Life also demonstrated strength in this category, recording 19% increases of Rs 1,532 crore and Rs 1,504.7 crore respectively. The group insurance segment acted as a vital stabiliser for several insurers whose individual portfolios remained stagnant.
Credit Access Life achieved a total growth of Rs 432.6 crore entirely through group business, as its individual segment growth stood at zero.
PNB MetLife, on the other hand, recorded a total increase of Rs 670.7 crore, supported by an Rs 886.5 crore rise in group insurance that offset a Rs 215.8 crore decline in its individual business.
LIC maintained its position as the largest trade participant with a total premium exceeding Rs 2.6 lakh crore. Its operations remain heavily weighted towards the group segment, which contributed Rs 1.9 lakh crore, or around 74% of its total recent business premium in FY26.
While its overall share dipped, the sheer scale of its group operations remains a significant factor in the industry.
Private competitors demonstrated varying degrees of segment concentration. SBI Life drew roughly 70% of its total, amounting to Rs 29,782 crore, from individual business. Axis Max Life showed even higher concentration, with the individual segment comprising over 85% of its total premium at about Rs 12,377 crore. HDFC Life and ICICI Prudential Life Insurance, meanwhile, pursued distinct structural paths within their respective portfolios.
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