Global Life Insurance Developments
IFC invests Rs 4.5 billion in Axis Max Life Insurance
12 Nov 2025
The International Finance Corporation (IFC) has invested INR 2.85 billion (USD 33 million) in Axis Max Life through long-term debt to support its solvency margin and expand its life insurance business in India. This marks IFC’s first investment in a licensed Indian life insurer, targeting greater access for underserved communities, particularly women. Axis Max Life’s market share grew from 7.1% in FY2024-25 to 10.1% in the first half of FY2025-26. The company’s subordinated debt program retains a Double A Plus rating from ICRA, and its solvency ratio stood at 1.99 times as of June 2025.
Life insurance segment growth in double digit, non-life stagnates amid GST cut
11 Nov 2025
In October 2025, India’s life insurance sector saw strong growth, with new business premiums rising 12% to Rs 34,007 crore, boosted by a GST waiver on individual life and health policies. Life Insurance Corporation grew 12.5%, while private insurers rose 11.5%, driven by demand for non-single premium products. In contrast, the non-life segment remained largely stagnant, with premiums up just 0.07% to Rs 29,617 crore, excluding standalone health insurers, which grew 38.3% following the GST cut. Some non-life players showed mixed results, such as New India Assurance growing 17.7% while Bajaj General fell 50.5%. Overall, the life segment shows a healthy revival, while non-life insurers face uneven performance despite regulatory support.
Zurich Insurance revives talks to divest German life insurance portfolio
7 Nov 2025
Zurich Insurance Group has resumed efforts to sell its German life insurance portfolio after a previous $20bn deal with Viridium Holding fell through. CFO Claudia Cordioli said the company is exploring options with multiple interested buyers while emphasizing the need for long-term alignment with policyholders. The move reflects a broader trend of insurers reducing exposure to older books amid a higher interest rate environment, often through private equity-backed consolidators. In its latest update, Zurich reported an 8% rise in P&C premiums to $38.9bn and an 11% increase in life insurance premiums to $26.7bn. CEO Mario Greco has expressed caution about growing private equity involvement in the sector.
