HDFC Life Insurance Company (HDFCLIFE) investor relations material

Executive summary

• Individual WRP and APE grew 11% year-over-year for the nine months ended December 2025, with renewal premium up 15% and AUM rising 15% to Rs 3,777 bn.

• Value of New Business (VNB) grew 7% to Rs 27.7 bn, with VNB margin at 24.4% and PAT up 7% to Rs 1,414 crores; underlying PAT growth was 15% excluding one-time Labour Code impact.

• Growth was broad-based across geographies and channels, with over 70% of new customers being first-time buyers.

• Product mix: ULIPs 43%, participating 27%, non-par savings 19%, term 7%, annuity 4%.

• Board approved unaudited results for Q3 and 9M FY26, with a one-time charge for new labor code obligations.

Financial highlights

• Total premium for 9M FY26 reached Rs 529.7 bn, with new business premium at Rs 245.5 bn and renewal premium at Rs 284.1 bn.

• Embedded value reached Rs 615.7 bn, with a 15.6% operating return on embedded value (rolling 12 months).

• Solvency ratio remained strong at 180%, aided by Rs 7,490 mn of subordinated debt raised in Q3.

• VNB margin expanded by 110 bps to 24.4%, with adjusted VNB growth (excluding GST and surrender regulation) at 13%.

• Standalone net premium income for Q3 FY26 was ₹1,824,239 lakh, with consolidated profit after tax for Q3 FY26 at ₹41,819 lakh.

Outlook and guidance

• Q4 expected to sustain momentum, with FY 2027 growth supported by protection and savings demand.

• Aim to neutralize GST impact to less than 100 bps by FY 2027, restoring margin trajectory.

• Focus on sustainable, profitable growth through diversified distribution, product innovation, and technology investments.

• Continued expansion in tier 3 markets and digital channels to drive future growth.

• Results are not necessarily indicative of full-year performance due to industry seasonality.