HDFC Life Insurance Company (HDFCLIFE) investor relations material

Executive summary

• Q1 FY27 opened on a strong macroeconomic footing, with healthy banking and corporate sectors supporting resilience.

• Individual APE for Q1FY27 reached Rs 29.7 bn, up 7% year-over-year, with value of new business (VNB) at Rs 8.8 bn, up 9%.

• Profit after tax for the quarter was INR 611 crore, up 12% year-over-year; excluding GST impact, growth would have been 17%.

• Growth was broad-based, with double-digit policy growth and strong performance in agency and non-bank channels; HDFC Bank channel remained subdued but is expected to recover.

• Product mix remains diversified, with unit-linked at 44%, non-par savings at 22%, participating at 15%, retail protection at 8%, and annuities at 11%.

Financial highlights

• Total premium for Q1FY27 was Rs 171.7 bn, up from Rs 148.8 bn in Q1FY26.

• Value of new business (VNB) grew 9% year-over-year to INR 879 crore; new business margins improved by 100 bps sequentially to 25%.

• Embedded value reached INR 65,860 crore, with a five-year absolute EV CAGR of 18%.

• Renewal premium grew 19% to Rs 90.2 bn; 13-month persistency moderated by 200 bps to 84%, while 61st month persistency improved by 150 bps to 65%.

• Assets under management surpassed INR 4 trillion, up 13% year-over-year.

Outlook and guidance

• Focus remains on profitable growth, diversified distribution, and leveraging technology and analytics.

• Margins expected to remain range-bound at current levels as growth is prioritized over margin expansion.

• Guidance maintained to grow at or above industry rate (industry growth base case: 15%), with VNB growth in line with APE.

• Continued expansion into tier 2/3 markets and new partnerships to drive growth.

• Product innovation and risk management are key pillars for future performance.