【Jefferies-2025研报】2025年5月人寿保险保费：高基数下行业增长疲软；私营公司领先，Axis - Max居首.pdf

EquityResearch

India|InsuranceJune9,2025

LIPremMay-25:SoftSectorGrowthonHigh

Base;Pvt.AheadAxis-MaxLeads

InMay-25,retailAPEgrowthforLIsstayedsoftat3%YoY,withwider

divergenceinLIC(-7%)Pvt(+7%).Growthliftforpvt.wasledbytadbetter

ULIPs,withmkt.rebound.Growthcouldstaysoftfornext2-3Mduetoa

highULIPbase.Still,weseelesserprofitimpact,asULIPmarginsarelower.

Onastrongbase,Axis-Maxledw/25%YoYrise,followedbyHDFCLat15%,

whileIPRUlaggedat-14%.SBILifewassoftat4%.Birlagrew32%,while

Bajajwasflat.

Exhibit1-InMay-25,retailAPEgrowthforLIsstayedsoftat3%YoY,withwiderdivergenceinLIC

(-7%)Pvt(+7%).

RetailAPE(Rsbn)

200PrivateTotalLIC

150

100

50

0

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