India's life insurance sector set for 13-18% annual growth in premiums through FY29

India's life insurance sector is expected to maintain healthy growth supported by increasing demand for protection products. Private life insurers are anticipated to see an annualised premium equivalent compound annual growth rate ranging from 13-18%. While APE growth and gross premium growth have been encouraging, operational challenges remain. Insurers are shifting towards more profitable products, enhancing their value of new business margins.