India’s top life insurers showed a mixed performance in May 2025, with HDFC Life and Axis Max Life clocking robust growth, while ICICI Prudential Life posted a subdued performance. The updates are based on May premium and Annualised Premium Equivalent (APE) metrics, which reflect business momentum in the life insurance sector.
HDFC Life reported very strong growth over a very strong base, with May premium rising 33% and Total APE increasing 19% YoY. The company’s performance stood out as one of the strongest among private players.
Axis Max Life followed closely, posting very strong growth as well. May premium rose 26%, while Total APE surged by 28% YoY, indicating broad-based momentum across new and renewal segments.
LIC, the country’s largest life insurer, posted strong growth over a mixed base, with May premium increasing 11% and APE rising 21%. This signals solid business traction amid ongoing structural changes in the insurance landscape.
SBI Life, however, showed weak growth over a mixed base. May premium was up 25%, but APE growth was relatively modest at 13% YoY.
ICICI Prudential Life remained the laggard among major insurers. It reported weak growth over a strong base, with just 7% YoY growth in May premium and a marginal 1% increase in Total APE, pointing to slow new business activity.
These monthly updates reflect how life insurers are navigating the evolving post-budget insurance environment. While private players like HDFC Life and Axis Max Life are showing resilience, others may require further strategic pivots to regain momentum.
