Mumbai : The Board of Directors of HDFC Life approved and adopted the 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 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 basis points year-on-year to 7.2% in FY26, and including riders, protection now contributes nearly 10% of our retail business
  • Retail sum assured grew by 28% year-on-year, and we maintained our leadership position on overall sum assured, reinforcing the quality of our business mix
  • Assets under Management (AUM) including that of our wholly owned subsidiary HDFC Pension Fund Management stood at ₹5.3 trillion
  • Persistency ratios were stable, with 13-month and 61-month persistency at 85% and 64% respectively. These trends reflect the underlying product and tier mix. Renewal collections grew 15% year-on-year
  • Embedded Value (EV) stood at ₹ 62,139 crore, with an operating RoEV of 15.0% ; Normalised operating RoEV, excluding impact of GST, labour code and surrender regulations stood at 15.4%
  • Profit after tax grew by 6% to ₹1,910 crore, for the period 12MFY26. Excluding one-time labour code and GST impact, underlying PAT growth for the year stood at 16%
  • Solvency Ratio was at 177%; We have taken Board approval to raise up to Rs 1,000 crore by way of a preferential issue to our parent, HDFC Bank to augment our solvency position

Key Financial Summary

₹ Crore12M FY2612M FY25YoY
Key Financial and Actuarial Metrics
Individual APE14,63513,6197%
Total APE16,64115,4798%
New Business Premium (Indl + Group)36,09633,3658%
Renewal Premium (Indl + Group)43,29137,68015%
Total Premium79,38771,04512%
Assets Under Management3,75,1983,36,28212%
Profit After Tax11,9101,8026%
Indian Embedded Value62,13955,42312%
Value of new business24,0343,9622%
 12M FY2612M FY25
Key Financial Ratios  
New Business Margins224.20%25.60%
Operating Return on EV315.00%16.70%
Total Expenses / Total Premium21.20%19.80%
Solvency Ratio177%194%
13M / 61M Persistency85%/64%87%/63%
Individual WRP market share (Overall)411.00%11.10%
Product mix by Indl APE (UL / Non par savings44/18/5/7/2539/32/5/5/19
/Annuity/ Protection / Par)
Distribution mix by Indl APE (Banca/ Agency/ Non- bank alliances/ Direct)558/18/14/1059/18/15/8

CEO’s Statement:

Vibha Padalkar, Managing Director and CEO of HDFC Life, commented: “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 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 our 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 our 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.”