India Life Insurance — Private Players Drive Industry Growth As LIC Continues To Decline In May: Motilal Oswal

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Motilal Oswal Report

In May 2025, the individual weighted received premium growth for private players improved to ~7% YoY from 2% YoY in April 2025. The industry witnessed 3% YoY growth in WRP, owing to a ~7% YoY decline reported by LIC.

Among listed players, Max Life maintained the top position in individual WRP growth at 25% YoY, while HDFC Life Insurance Company/SBI Life/Bajaj Allianz Life posted 15%/4%/1% YoY growth. ICICI Prudential reported a decline of 14% YoY.

The industry’s new business premium grew 13% YoY in May’25, led by 17%/10% YoY growth for private players/LIC.

In terms of new business premium, HDFC Life/ICICI Prudential/Max Life/SBI Life reported a growth of 33%/7%/26%/25%, while Bajaj Allianz Life reported a decline of 3% YoY.

Life insurance industry continues to witness the impact of high base (strong ULIP momentum last year) and surrender value regulations with respect to the growth trajectory. We expect a gradual recovery toward 2HFY26, backed by strong focus on traditional products and private insurers expanding their reach through geographical penetration.

HDFC Life and SBI Life are our preferred picks.

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