Exclusive: Life insurers see uneven growth as some lag, others outperform in FY26

India’s life insurers pay ₹6.30 lakh crore in benefits in FY25, IRDAI report shows


Life insurers reported mixed retail APE trends for FY26, with industry growth at around 12%, according to CNBC-TV18 sources. While HDFC Life and ICICI Prudential missed guidance, Axis Max Life and SBI Life met or exceeded expectations.

By Yash Jain  April 10, 2026, 3:50:50 PM IST (Updated)

1 Min Read

CNBCTV18

Life insurance companies reported a mixed performance in retail APE (Annualized Premium Equivalent) for FY26, with industry growth pegged at around 12%, according to sources cited by CNBC-TV18.

Among key players, HDFC Life saw its March retail APE decline 1%, while FY26 growth came in at 8%, missing its 13% guidance. ICICI Prudential Life also reported a 1% drop in March and a 1% decline for the full year, falling short of its guidance to outpace industry growth.

In contrast, Axis Max Life posted a 7% rise in March retail APE and delivered a strong 19% growth for FY26, exceeding its guidance of beating the industry by 400 basis points. SBI Life reported an 8% increase in March and met its FY26 guidance with a 13% growth.

Canara HSBC Life reported a 3% decline in March retail APE but recorded a robust 19% growth for the full year.

HDFC Life and SBI Life declined to comment citing a silent period, while Canara HSBC Life was unavailable for comment and Axis Max Life said it would not comment. ICICI Prudential Life’s response is awaited.

Also Read: HDFC Life board to consider fund raise via preferential issue on April 16



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