Life insurance July data: LIC, Bajaj Life, Axis Max see strong growth; HDFC Life lags

Major life insurers reported a mixed performance in July 2026, with LIC, Bajaj Life and Axis Max Life posting strong growth across key new-business metrics, while HDFC Life saw a decline in annualised premium equivalent (APE).

The July data shows that growth varied across insurers, with the year-ago base also influencing the performance.

LIC, Bajaj Life and Axis Max Life see strong growth

LIC reported 24% growth in new business premium in July. Its APE rose 14%, while retail APE increased 10%.

Bajaj Life Insurance recorded 20% growth in new business premium. Its APE and retail APE both rose 15%.

Axis Max Life reported a 19% increase in new business premium, while APE and retail APE grew 16% each. The growth came despite a high year-ago base.

Canara HSBC Life also recorded strong growth, with new business premium rising 24%. Its APE increased 16%, while retail APE grew 21%. The comparison was against a low base.

HDFC Life APE declines 2%

HDFC Life reported 16% growth in new business premium in July. However, its APE declined 2%, while retail APE fell 7%.

The company was classified as recording weak growth against a strong base.

ICICI Prudential Life recorded 21% growth in new business premium, while its APE jumped 29%. Retail APE increased 9%. The company’s performance was classified as weak growth against a favourable base, highlighting the importance of the underlying comparison.

SBI Life reported a more modest 3% increase in new business premium. Its APE grew 9%, while retail APE rose 14%.