Private Life Insurers Post 18% APE Growth in June 2026
India's private life insurance sector recorded an 18% year-on-year growth in annualised premium equivalent (APE) in June 2026, accelerating from 11-12% in May, according to a report by Kotak Institutional Equities. The strong performance was driven by Tier-II insurers, which continued to outperform the top four players for the eighth consecutive month.
Industry-Wide APE Growth Improves to 15%
Industry-wide APE growth improved to 15% in June from 11-12% in May. Individual APE growth for private insurers rose to 14% year-on-year in June, up from 12% in May. For the first quarter of FY27, individual APE growth stood at 15%.
Group APE Surges 74%
Private sector group APE surged 74% year-on-year in June, significantly supporting overall premium growth.
Top Four Insurers Recover
The top four private life insurers also witnessed a recovery, reporting 14% year-on-year APE growth in June compared with around 5% in May.
Tier-II Insurers Outperform for Eighth Month
Tier-II insurers continued to outperform the top four players for the eighth consecutive month. Private insurers excluding the top four posted 23% year-on-year APE growth in June, with the strongest growth among Tier-II players at 29%.
For the first quarter of FY27, private insurers excluding the top four recorded around 23% year-on-year APE growth, compared with around 14% for the top four insurers.
Sum Assured Growth Moderates
Despite strong premium growth, the report noted that growth in sum assured moderated to 11% for the private sector, down from 60% in April and the 27-53% range seen during the second half of FY26. The report expressed caution: "We expect the rally in sum assured/term business to continue and will track the SA growth trends with anxiety."
The data and analysis are from Kotak Institutional Equities' report on the life insurance sector for June 2026.
