June Insurance Data: Axis Max Shines, LIC Under Pressure

The life insurance industry reported a 3.1% year-on-year decline in premiums, reaching Rs 41,117 crore in June, compared to Rs 42,433 crore in the same month last year. However, it saw a moderate fiscal year-to-date growth of 4.2%.

During the same period, the number of policies and schemes dropped by nearly 7%, totaling 20.06 lakh, according to the data released by the Life Insurance Council on Thursday.

LIC's total premium dropped by 3% year-on-year, reaching Rs 27,395 crore in June and 3% premium growth in April–June period. Group single premiums saw a 5.2% dropped to Rs 21,969 crore, compared to Rs 23,172 crore in the same month last year.

SBI Life Insurance Co. reported a total premium of Rs 2,620 crore in June, a drop of 12.3% year-on-year, compared to Rs 2,989 crore in the same month last year. Its premium in April-June grew by 3% on a year-on-year basis.

Individual non-single premiums grew by 14% at Rs 1,380 crore in June from Rs 1,207 crore in the same month last year.

HDFC Life Insurance Co.'s premiums dropped to Rs 2,523 crore, a drop of 6.3% year-on-year, but a strong 14.5% premium growth in April-June period.

The insurer's individual non-single premium, which is 44% of the total premium, grew 12% year-on-year in June, reaching Rs 1,120 crore, compared to Rs 999 crore in the same month last year.

The insurer's group single premiums degrew 25% year-on-year in June, reaching Rs 980 crore, compared to Rs 1,301 crore in the same month last year.

ICICI Prudential Life Insurance's premiums rose 4% year-on-year to Rs 1,572 crore and 6.5% growth in April-June period. The insurer's individual non-single premium decreased 11% year-on-year in June, reaching Rs 536 crore, compared to Rs 601 crore in the same month last year.

Axis Max Life Insurance Co.'s premiums grew to Rs 1,085 crore, a growth of 21% year-on-year and 21.7% growth in April-to-June period. It stood at Rs 893 crore in the same month last year.

The insurer's individual non-single premium, which is 60% of the total premium, grew 22% year-on-year in June, reaching Rs 657 crore, compared to Rs 538 crore in the same month last year.

In June 2025, Axis Max Life delivered a strong performance despite operating on a strong base, emerging as one of the top gainers, both YoY and in the April-June period premium growth.

HDFC Life recorded modest growth, which is commendable given its already strong base.

ICICI Prudential Life benefited from a favourable base effect, showing some improvement. But it posted relatively weak growth.

SBI Life demonstrated healthy premium expansion, notable as it came off a strong base. Meanwhile, LIC reported weak growth despite having a more modest base, indicating continued pressure on its individual premium momentum.