Insurance Which life insurer had the most loyal customer base in FY25?

Which life insurer had the most loyal customer base in FY25?

Cafemutual has done an analysis on the persistency ratio of life insurers.

Suhail Chagla Jun 16, 2025

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An analysis done by Cafemutual reveals persistency ratio of life insurance companies in FY2025.

A persistency ratio tells how much premium amount and no. of policies are renewed by the policyholders at the end of the 13th, 25th, 37th, 49th and 61st month.

Simply put, it measures this rate of renewal of insurance policies both in terms of the premium payment and the number of policies. For example, if an insurance company has received new business premium of Rs.100 from long term policies and it retains Rs.80 as renewal premiums in the next year, its persistency ratio is 80% in terms of premium amount.

Similarly, if an insurance company sells 100 policies and get renewal for 90 policies in the 13^th month, the company will have persistency ratio of 90% in terms of the number of policies.

It is a good metric to show to clients as higher persistency ratio shows that an insurer has better insurance renewability.

Premium renewal

Let's start by looking at the life insurers that lead in terms of renewals at the 13th month in terms of premium amount.

Tata AIA leads in this category with 88% premium renewal, followed by HDFC life with 86.9%, Aditya Birla Sun Life with 85.76%, Kotak Life with 85.23% and ICICI Prudential rounding off the top five with 85.1%.

Let’s look at the persistency ratio of the 13th month in terms of premiums:

Insurers in terms of premium persistency	13th month
Tata AIA	88.05
HDFC Life	86.9
Aditya Birla Sun Life	85.76
Kotak Life	85.23
ICICI Prudential Life	85.1
Axis Max Life	85
Ageas Life	84.86
SBI Life	83.85
Canara-HSBC	82.5
Bajaj Allianz	82
PnbMet Life	80.81
Reliance Nippon Life	80.8
IndiaFirst	80.3
SUD	77.74
LIC	74.84
Pramerica Life	73.87
Future Generali	72.92
Bharti AXA	71
Edelweiss Life	70.8
Aviva Life	63
Bandhan Life	63
Shriram Life	59.1

Now, let’s have look at the persistency rate at the 61st month or the 5-year mark. This shows how well life insurers retain customers over a longer period.

Tata AIA comes first here again with 67.38%, followed by ICICI Prudential with 63.9%, HDFC Life with 63.5%, LIC with 63.12% and Aditya Birla Sun Life with 61.19%.

Let’s look at the persistency ratio as of the 61st month in terms of premium:

Insurers in terms of premium persistency	61st month
Tata AIA	67.38
ICICI Prudential Life	63.9
HDFC Life	63.5
LIC	63.12
Aditya Birla Sun Life	61.19
Canara-HSBC	57.7
SBI Life	57.2
Pramerica Life	56.54
Kotak Life	56.32
Bajaj Allianz	54
Axis Max Life	53
Ageas Life	49.99
PnbMet Life	49.85
IndiaFirst	46.72
Bandhan Life	45
Edelweiss Life	43.3
Aviva Life	43
Reliance Nippon Life	41.8
Bharti AXA	35.5
Shriram Life	31.5
Future Generali	27.45
SUD	23.17

Let’s look at how insurers at the end of the 13th, 25th, 37th, 49th and 61st month in terms of premiums persistency:

Insurers in terms of premium persistency	13th month	25th month	37th month	49th month	61st month
Aditya Birla Sun Life	85.76	75.72	68.22	62.71	61.19
Ageas	84.86	71.62	61.56	59.19	49.99
Aviva Life	63	52	44	45	43
Axis Max Life	85	74	62	57	53
Bajaj Allianz	82	74.2	64.6	61.4	54
Bandhan Life	63	48	78	59	45
Bharti AXA	71	57	49.6	44.5	35.5
Canara-HSBC	82.5	71.5	64.1	61	57.7
Edelweiss Life	70.8	60.3	53.5	44.2	43.3
Future Generali	72.92	61.12	49.13	36.91	27.45
HDFC Life	86.9	78.1	73.6	70.2	63.5
ICICI Prudential Life	85.1	82.6	74.5	69.1	63.9
IndiaFirst	80.3	68.18	64.7	61.49	46.72
Kotak Life	85.23	76.76	67.52	61.41	56.32
LIC	74.84	70.99	66.11	61.51	63.12
PnbMet Life	80.81	68.75	58.55	54.58	49.85
Pramerica Life	73.87	66.83	62.2	58.37	56.54
Reliance Nippon Life	80.8	72.2	62.1	49.2	41.8
SBI Life	83.85	74.78	70.21	70.29	57.2
Shriram Life	59.1	48.5	40.7	31	31.5
SUD	77.74	63.23	55.54	50.42	23.17
Tata AIA	88.05	80.43	74.86	70.87	67.38

Policy persistency

Looking at the persistency ratio in terms of how many policies are renewed at the 13^th month mark, Axis Max Life is number one with 83% persistency ratio, followed closely by TATA AIA with 82.97% persistency, HDFC Life with 81.2%, ICICI Pru Life with 80%, and Kotak Life with 79.08% persistency.

Here is the persistency ratio as of the 13th month in terms of the number of policies:

Insurers in terms of policy persistency	13th month
Axis Max Life	83
Tata AIA	82.97
HDFC Life	81.2
ICICI Prudential Life	80
Kotak Life	79.08
Bajaj Allianz	77.6
Ageas	77.46
PnbMet Life	77.44
Aditya Birla Sun Life	76.79
Pramerica Life	75.91
Canara-HSBC	75.6
SBI Life	75.01
Reliance Nippon Life	73.9
Aviva Life	73
SUD	69.34
IndiaFirst	68.07
Bharti AXA	67.4
Future Generali	66.16
LIC	64.12
Edelweiss Life	60.9
Bandhan Life	60
Shriram Life	46.7

In terms of longer-term policy persistency at the 61st month, ICICI Pru Life comes first with 71.6%, followed by Bandhan Life with 58%, Pramerica Life with 56.79%, Kotak Life with 55.26%, and Tata AIA with 54.04%.

See the persistency ratio of the 61st month in terms of number of policies:

Insurers in terms of policy persistency	61st month
ICICI Prudential Life	71.6
Bandhan Life	58
Pramerica Life	56.79
Kotak Life	55.26
Tata AIA	54.04
HDFC Life	52.4
Axis Max Life	52
Canara-HSBC	51.3
PnbMet Life	50.64
Aditya Birla Sun Life	50.44
LIC	50.31
SBI Life	49.9
Bajaj Allianz	47.5
Aviva Life	44
Ageas	43.99
Reliance Nippon Life	43.8
Edelweiss Life	43.3
IndiaFirst	42.41
Future Generali	31.79
SUD	29.16
Bharti AXA	22.2
Shriram Life	19.2

Let’s look at how insurers at the end of the 13th, 25th, 37th, 49th and 61st month in terms of policies persistency:

Insurers in terms of policy persistency	13th month	25th month	37th month	49th month	61st month
Aditya Birla Sun Life	76.79	66.08	62.83	54.8	50.44
Ageas	77.46	62.49	54.31	49.02	43.99
Aviva Life	73	59	53	47	44
Axis Max Life	83	75	68	60	52
Bajaj Allianz	77.6	69.8	60.9	56.4	47.5
Bandhan Life	60	39	66	64	58
Bharti AXA	67.4	52	46.2	38.5	22.2
Canara-HSBC	75.6	64.3	59.5	56.8	51.3
Edelweiss Life	60.9	55.2	48.2	40.9	43.3
Future Generali	66.16	54.58	48.24	39.5	31.79
HDFC Life	81.2	70.6	67.7	61.1	52.4
ICICI Prudential Life	80	72.2	66.4	61.3	71.6
IndiaFirst	68.07	58.91	57.86	52.29	42.41
Kotak Life	79.08	70.78	62.94	57.12	55.26
LIC	64.12	59.32	52.66	48.79	50.31
PnbMet Life	77.44	66.88	58.99	55.61	50.64
Pramerica Life	75.91	67.2	64.37	59.49	56.79
Reliance Nippon Life	73.9	65.9	56.7	48.4	43.8
SBI Life	75.01	67.18	63.76	61.79	49.9
Shriram Life	46.7	33.1	26.5	18.9	19.2
SUD	69.34	55.42	52.44	47.88	29.16
Tata AIA	82.97	76.4	71.61	66.82	54.04

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