Life insurers seen posting mixed Q1, health players likely to outperform

Life insurers are expected to post mixed Q1 results, with APE growth softening after a strong April due to geopolitical tensions and a cautious macro environment. Axis Max Life leads private players with projected retail APE growth of 17% YoY, followed by SBI Life at around 15%, ICICI Prudential Life at 9%, HDFC Life at 7.5%, and LIC at about 9%. Health insurers are likely to outperform, with Star Health projected to deliver around 19% GWP growth aided by GST exemption, while general insurance remains under pressure from no motor TP hike and pricing competition, with ICICI Lombard seen at 8% GWP growth and Go Digit likely flat with higher claims ratios.