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EQUITY - MARKET SCREENER

HDFC Life Insurance Company
17-Apr-26   08:35 Hrs IST
HDFC Life Insurance Company, on consolidated basis, has recorded 5% increase in net profit to Rs 497.49 crore in the quarter ended March 2026 (Q4FY2026). The total premium income has increased 10% to Rs 26,422 crore in Q4FY2026, driven by 14% jump in the renewal premium collection to Rs 14,876 crore. The new business premium increased 5% to Rs 11,546 crore. APE moved up 1% to Rs 5,254 crore as individual APE was flat at Rs 4,647 crore in Q4FY2026.

The company has exhibited decline in 13th month persistency to 85% in Q4FY2026 from 87% in Q4FY2025, while 61st month persistency rose to 64% from 63%.

The value of new business (VNB) declined 8% to Rs 1,261 crore in Q4FY2026. New business margin for FY2026 stood at 24.20% showing decline on sequential basis from 24.40% for 9MFY25 and over a year ago from 25.60% in FY2025.

Retail sum assured grew by 28% year-on-year, and the company has maintained leadership position on overall sum assured, reinforcing the quality of business mix.

The embedded value increased 12% Rs 62139.0 crore end March 2026. An operating return on embedded value eased to 15.00% for FY2026 from 15.60% in 9MFY2026. Normalised operating RoEV, excluding impact of GST, labour code and surrender regulations stood at 15.4%.

AUM of the company increased 12% to Rs 375,198 crore end March 2026 from Rs 336,282 crore end December 2023 crore, while eased from Rs 377,652 crore a quarter ago.

Assets under Management (AUM) including that of wholly owned subsidiary HDFC Pension Fund Management stood at Rs 5.3 lakh crore at end March 2026 rising 18% from Rs 4.52 lakh crore at end March 2025.

The consolidated Networth stood at Rs 17,460 crore end March 2026.

The solvency ratio of the company was at 177% end March 2026 above the regulatory requirement of 150%. The company has approved the issue of 1.45 crore equity shares to the promoter HDFC Bank at Rs 688.52 per equity share to raise Rs 1000 crore. This capital infusion would help to augment solvency ratio to 186%.This is expected to increase HDFC Bank`s stake to 50.54%.

Embedded Value per share stood at Rs 288.0 per share at end March 2026.

Vibha Padalkar, Managing Director and CEO of HDFC Life, commented: 'During FY26, we continued to maintain position among the top three private insurers by individual WRP. private sector market share stood at 15.2% for 11MFY26. We outperformed the broader industry in 2 key focus areas: The first one being retail protection which grew 43%, and the second one being agency channel which also grew ahead of industry.

Retail sum assured growth for 11MFY26 was higher than the industry, reinforcing the quality of business mix. Retail Protection was a clear highlight during the year, with growth of 43%, supported by lower pricing post GST and a strengthened product portfolio. Annuities were another area of meaningful progress. Looking ahead, we expect a gradual shift in the product mix as customers rebalance toward long-term savings and protection in an environment of greater uncertainty. The ongoing build-up of the agency channel was another strong story of the year. Agency grew ahead of the company by 500 bps, maintaining a strong protection mix. We believe focus on continued investments in distribution, product competitiveness, partner engagement positions and pricing discipline us well to deliver more sustainable and profitable growth as the environment normalises.'

Financial Performance FY2026

HDFC Life Insurance Company has posted 6% increase in the net profit to Rs 1912.32 crore on consolidated basis in FY2026. Excluding one-time labour code and GST impact, underlying PAT growth for the year stood at 16%

Total Premium increased 12% to Rs 79390 crore in FY2026, aided by renewal premium income growth of 15% to Rs 43290 crore, while new business premium income grew 8% to Rs 36100 crore.

New Business in terms of Annualized Premium Equivalent (APE) grew 8% year-on-year, translating into a healthy two-year CAGR of 12%. Overall industry market share at 11.0%

Value of New Business (VNB) for FY26 stood at Rs 4,034 crore, with margins of 24.2%. Excluding GST and surrender regulation impact, VNB grew broadly in line with APE. New business margins for FY26, excluding impact of GST and Surrender regulations would have been flat at 25.5%.

Retail protection registered robust growth of 46% during Q4FY26, translating to 43% growth for the period FY26. Retail protection mix expanded by nearly 200 bps yoy to 7.2% in FY26, and including riders, protection now contributes nearly 10% of retail business.

HDFC Life Insurance Company: Results Consolidated Policyholders Account
'

2603 (3)

2503 (3)

Var %

2603 (12)

2503 (12)

Var %

'
Premium earned (net)

 25998.42

 23842.99

 9

 77760.49

 69836.97

 11

'
Income from Investments

 -6487.58

 18.99

 PL

 20188.35

 25954.80

 PL

'
Other income

 103.71

 77.93

 33

 348.74

 284.93

 22

'
Contribution from the Shareholders` account

 291.21

 25.46

 1044

 472.80

 107.30

 341

'
Total Income

 19905.76

 23965.37

 -17

 98770.38

 96184.00

 3

'
Commission

 2784.83

 2583.90

 8

 9156.15

 7844.47

 17

'
Op. expenses related to Insurance business

 2151.82

 1726.97

 25

 7738.22

 6250.77

 24

'
Others

 66.14

 167.68

 -61

 275.82

 571.54

 -52

'
Benefits paid (Net)

 11270.09

 11096.52

 2

 38599.58

 39497.73

 -2

'
Change in valuation of policy liabilities

 3137.06

 8209.63

 -62

 42555.91

 41554.58

 2

'
Provision for taxation

 46.99

 14.49

 224

 94.84

 -588.20

 PL

'
Total Expense

 19456.93

 23799.19

 -18

 98420.52

 95130.89

 3

'
PAT

 448.83

 166.18

 170

 349.86

 1053.11

 -67

'
Transfer to Shareholders` account

 476.61

 249.52

 91

 1201.14

 1006.94

 19

'
'

HDFC Life Insurance Company: Results Consolidated Shareholders Account
'

2603 (3)

2503 (3)

Var %

2603 (12)

2503 (12)

Var %
Amounts transferred from Policyholders` account

 476.61

 249.52

 91

 1201.14

 1006.94

 19
Income from investments

 379.19

 328.67

 15

 1482.66

 1129.97

 31
Others

 33.27

 20.17

 65

 102.37

 71.13

 44
Total income

 889.07

 598.36

 49

 2786.17

 2208.04

 26
Expenses (apart from Insurance)

 91.88

 75.06

 22

 336.32

 210.22

 60
Contribution to policyholders account

 291.21

 25.46

 1044

 472.80

 107.30

 341
Others

 16.28

 11.90

 37

 14.72

 12.58

 17
Total Expenses

 399.37

 112.42

 255

 823.84

 330.10

 150
PBT

 489.70

 485.94

 1

 1962.33

 1877.94

 4
Tax

 -7.79

 10.58

 -174

 50.01

 67.12

 -25
PAT

 497.49

 475.36

 5

 1912.32

 1810.82

 6
EPS (Rs)*

 9.2

 8.8

 '

 8.9

 8.4

 '
Equity

 2157.8

 2153.0

 '

 2157.8

 2153.0

 '
EV (Rs)

 288.0

 257.4

 '

 288.0

 257.4

 '

* EPS and EV are calculated on diluted equity as given for each year. Face value of Rs 10 each

PL: Profit to Loss, LP: Loss to Profit

Figures in crore, Source: Capitaline Corporate Database

'