India’s insurance sector displayed a mixed performance in October 2025, as both life and general insurers recorded varied growth patterns. The removal of GST on insurance premiums provided mild support, helping some firms show positive trends, especially in the life insurance segment.
The life insurance sector witnessed moderate growth in October, supported by rising demand for protection and savings products. SBI Life Insurance recorded its second consecutive month of strong performance, with individual retail premiums up 19% year-on-year (YoY) following a 15% increase in September. Its first-year premiums (NBP) grew 20%, total annualised premium equivalent (APE) rose 19%, and retail APE was up 19% YoY.
Max Financial emerged as the second-best performer, while Axis Max Life reported NBP growth of 15%, total APE up 17%, and retail APE increasing 16% YoY. HDFC Life Insurance showed modest gains, with NBP rising 1%, total APE up 7%, and retail APE improving 9% YoY.
ICICI Prudential Life posted NBP growth of 7%, total APE up 9%, and retail APE rising 3% YoY. Meanwhile, LIC recorded a stronger performance, with NBP up 13%, total APE up 30%, and retail APE climbing 28% YoY. Overall, the life insurance segment reflected gradual recovery, supported by improved consumer sentiment and the easing of tax-related costs post-GST exemption.
In the general and health insurance category, performance varied across companies. ICICI Lombard recorded a 16% YoY rise in premiums, while Go Digit reported a 21% increase in general insurance premiums. New India Assurance saw an 18% rise, and Star Health Insurance reported 23% growth in premiums, driven by demand for retail health coverage.
Among health insurers, Niva Bupa reported the most notable increase, with premiums up 77% YoY, reflecting growing awareness of health protection and preventive care among policyholders.
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The October insurance data indicated mixed sectoral trends. Life insurers such as SBI Life, LIC, and Max Financial reported steady growth in premiums and policy renewals, signalling recovery momentum.
Meanwhile, general and health insurers like ICICI Lombard, Go Digit, and Star Health displayed varied but positive movement in premium collections. The GST exemption on premiums provided mild relief, contributing to stable demand across categories and setting a balanced tone for the months ahead.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
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Published on: Nov 11, 2025, 7:28 PM IST
Suraj Uday Singh
Suraj Uday Singh is a skilled financial content writer with 3+ years of experience. At Angel One, he excels in simplifying financial concepts. Previously, he cultivated his expertise at a leading mortgage lending firm and a prominent e-commerce platform, mastering consumer-focused and engaging content strategies.
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