HDFC Life financial results – FY26

DBT Bureau

Pune, 17 April 2026

HDFC Life reported its audited standalone and consolidated financial results for the year ended March 31, 2026.

Performance Highlights:

▪ 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 ₹ 4,034 crore, with margins of 24.2%
• Excluding GST and surrender regulation impact, VNB grew broadly in line with APE
• New business margins (ex-GST & surrender regulations) would have been 25.5%

▪ Retail protection registered robust growth of 46% in Q4FY26, translating to 43% growth for FY26
• Retail protection mix expanded by ~200 bps YoY to 7.2%
• Including riders, protection contributes nearly 10% of retail business

▪ Retail sum assured grew 28% YoY, maintaining leadership in overall sum assured

▪ Assets Under Management (AUM) (including HDFC Pension Fund subsidiary) stood at ₹ 5.3 trillion

▪ Persistency ratios remained stable:
• 13-month: 85%
• 61-month: 64%
• Renewal collections grew 15% YoY

▪ Embedded Value (EV) stood at ₹ 62,139 crore
• Operating RoEV: 15.0%
• Normalised RoEV (ex-GST, labour code, surrender norms): 15.4%

▪ Profit After Tax (PAT) grew 6% to ₹ 1,910 crore for FY26
• Excluding one-time impacts, underlying PAT growth was 16%

▪ Solvency Ratio at 177%
• Board approved raising up to ₹ 1,000 crore via preferential issue to HDFC Bank

CEO’s Statement:

Vibha Padalkar, Managing Director & CEO, HDFC Life, said:

“During FY26, we continued to maintain our position among the top three private insurers by individual WRP. Our private sector market share stood at 15.2% for 11MFY26.

We outperformed the broader industry in two key focus areas:

• Retail protection, which grew 43%
• Agency channel, which also grew ahead of industry

Retail sum assured growth for 11MFY26 was higher than the industry, reinforcing the quality of our business mix.

Retail Protection was a clear highlight during the year, 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 product mix as customers rebalance toward long-term savings and protection amid greater uncertainty.

The agency channel continued to show strong momentum, growing ahead of the company by 500 bps, while maintaining a strong protection mix.

We believe our focus on distribution expansion, product competitiveness, partner engagement, and pricing discipline positions us well to deliver sustainable and profitable growth as the environment normalises.”