Life Insurers Report Mixed July 2026 Performance: LIC, Bajaj Life, Aditya Birla Sun Life Lead Growth; HDFC Life APE Declines

Life insurance growth cooled off in July, with the divergence between insurers coming down largely to how tough or easy last year's comparison was. LIC, Bajaj Life, Axis Max Life and Aditya Birla Sun Life extended their strong run on new-business metrics, even as HDFC Life posted a rare decline in Annualised Premium Equivalent for the month.

Private Insurers' APE Growth Slows In July

Individual APE for private players grew 8% in July, down sharply from 15% in the first quarter of FY 2026-27. Overall private sector APE growth eased to 10%, while the industry as a whole grew 13%, compared with 15% in June.

Group business was the main drag. Private sector group APE grew just 29% in July against a blistering 74% in June, and that slowdown fed through to the top-4 insurers, whose combined APE growth came in at 8% for the month versus roughly 14% in June.

LIC New Business Premium Up 24%

LIC's new business premium grew 24% in July. APE was up 14%, and retail APE rose 10%, keeping the insurer among the stronger performers for the month.

HDFC Life APE Declines 2% On High Base

HDFC Life told a different story. New business premium grew 16%, but APE fell 2%, reversing from 6% growth in June. The drop traces back to a high base in July last year, since the two-year APE CAGR still holds at 9%. Individual APE was down about 7%, cushioned somewhat by group APE, which climbed around 42%.

ICICI Prudential Life APE Grows 12%

ICICI Prudential Life's calculated APE rose 12% in July, slower than the 16% clocked in June. Individual APE growth eased to roughly 9% from about 13% in June, while group APE grew close to 30%. New business premium for the insurer was up 21%.

SBI Life APE Growth Moderates To 12%

SBI Life's APE grew 12% in July against 19% in June. Individual APE growth slowed to around 14% from about 18% the month before, and group APE actually fell nearly 20%. New business premium rose a comparatively modest 3%.

Axis Max Life, Canara HSBC Life Stay Resilient

Axis Max Life kept up its momentum, with APE growing 16% versus 17% in June. Individual APE held steady at around 15%, while group APE surged nearly 49%.

Canara HSBC Life also had a strong month, helped by a soft base a year ago. New business premium jumped 24%, APE rose 16%, and retail APE grew 21%.

Bajaj Life, Aditya Birla Sun Life Lead Tier-II Growth

Among the tier-II names, Bajaj Life's APE grew 16% in July, down from 29% in June and 24% in the June quarter. New business premium for the insurer rose 20%.

Aditya Birla Sun Life was the standout, with APE growth accelerating to around 51% from about 27% in June on the back of a strong group business pickup. Tata AIA, by contrast, grew just around 1% for the month.

Private insurers outside the top four continued to outpace the bigger players, growing APE by 13% against the top-4's 8%, a trend that has now held for eleven straight months.

Sum Assured Growth Picks Up Pace

Sum assured growth for private insurers rose to 22% in June, up from 11% in May. Kotak Neo Research expects the rally in sum assured and term business to hold up, and has kept an Attractive view on the insurance sector, noting that the top-4 players have weathered the slowdown reasonably well.

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