Life Insurance Sector Shows Mixed Trends in August 2025; Axis Max Life Leads, SBI Life Lags

In August 2025, the Indian life insurance industry delivered a mixed performance with Axis Max Life standing out as the top performer, while SBI Life struggled to maintain growth momentum.

Axis Max Life continued to demonstrate impressive traction, posting its fifth straight month of strong double-digit growth. In August, the insurer reported a 20% rise in new business premiums, a 17% jump in total APE (Annual Premium Equivalent), and a 16% increase in retail APE. Analysts highlighted that these gains came on the back of an already strong performance base, underscoring the company's sustained growth trajectory.

SBI Life Posted Muted Growth

In contrast, SBI Life remained under pressure for the third consecutive month, reflecting a trend of muted growth. While its new business premium grew 23%, total APE inched up by just 1%, and retail APE slipped by 4%. The muted performance indicates sluggish momentum over the last quarter.

Performance Across Other Major Insurers

• HDFC Life posted 10% growth in new business premium and a modest 3% rise in total APE, though retail APE remained unchanged, signaling a stable but unremarkable month.
• ICICI Prudential Life delivered a strong 18% increase in new business premium and a notable 35% surge in total APE. However, this was tempered by a 13% decline in retail APE, suggesting uneven performance across segments.
• LIC, the state-owned insurance giant, continued to underperform, with new business premium down 17%, total APE marginally negative at -0.2%, and retail APE dropping 5%. These figures highlight continued headwinds for the market leader.

Also Read: Bajaj Finance Aims to Achieve ₹10 Lakh Crore Loan Book by FY29

Conclusion

August reflected a diverse set of outcomes for India’s life insurers, with only a few players showing consistent growth, while others grappled with headwinds and shifting market dynamics.

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