Morgan Stanley has observed a strong uptick in individual sum assured (SA) growth across the life insurance sector in May 2025, outpacing growth in annualised premium equivalent (APE), especially among large private insurers.
SBI Life Insurance posted a stellar 68% year-on-year growth in individual new sum assured, driven by robust demand for retail protection products launched at the end of the second quarter of FY25.
ICICI Prudential Life and HDFC Life Insurance also delivered healthy double-digit growth in individual SA, at 19% YoY and 14% YoY, respectively, reflecting improving sentiment in protection-linked products and a broader revival in life insurance demand.
This strong monthly data comes amid a recovering macro environment and higher consumer awareness post-pandemic, especially for pure protection and long-term guaranteed products.
Morgan Stanley believes that product innovation, distribution expansion, and regulatory support will continue to drive structural growth in the Indian life insurance sector.
Disclaimer: The views and target prices mentioned are as stated by Morgan Stanley and do not represent the opinions or recommendations of this publication. Investors are advised to consult their financial advisors before making any investment decisions.
