Life insurance new business premium rises 41% in April, SBI Life leads growth

Private life insurers posted a strong start to FY27 in April, with robust growth across key business metrics, even as performance varied sharply on differing bases.

The private life insurance industry reported a 41% year-on-year jump in New Business Premium (NBP) and a 43% rise in Annual Premium Equivalent (APE), while retail APE grew 22%, indicating healthy underlying demand in individual policies.

Among private players, SBI Life Insurance delivered the sharpest headline NBP growth, surging 80% year-on-year, aided by a favourable base. Its APE rose 10%, while retail APE jumped 120%, reflecting strong traction in retail business.

ICICI Prudential Life Insurance also posted solid gains, with NBP up 26% and APE rising 38%, though the growth came on a negative base. Retail APE increased 25%.

HDFC Life Insurance reported steady expansion, with NBP growing 30%, APE up 24% and retail APE increasing 25%, though the performance was supported by a favourable base.

Axis Max Life Insurance recorded relatively moderate growth, with NBP rising 18%, APE up 15% and retail APE increasing 21%, but on a high base.

Canara HSBC Life Insurance saw NBP rise 23%, while both APE and retail APE grew 10% each.

State-owned LIC continued its momentum, with NBP rising 38%, APE up 31% and retail APE increasing 19%, indicating steady growth in the largest insurer’s business base.