Indian life insurance industry projected to grow 11-12% by FY27

The Indian life insurance industry is projected to maintain growth momentum through FY27, with retail annualised premium equivalent (APE) expected to grow by 11-12%, according to a report by Emkay Research.

Private life insurers are anticipated to lead this expansion, with their retail APE projected to rise between 13-14% in FY27. In contrast, the Life Insurance Corporation of India (LIC) is expected to see retail APE growth of 7-8%.

Recent data from August shows the industry retail APE rose approximately 14% year-on-year. During that month, private insurers recorded 15% growth, while LIC grew by 13%. Among listed private players, SBI Life was the fastest-growing major entity with a 22% year-on-year rise in retail APE, followed by HDFC Life at 17% and ICICI Prudential Life at 11% on an RWRP basis.