HDFC Life Insurance Company (HDFCLIFE) investor relations material

Executive summary

• H1 individual APE grew 9%, total APE 11% to Rs 82.5bn, VNB 12% and PAT 13%; Q2 total APE growth accelerated to 13%.

• Renewal premium rose 14% to Rs 204.4bn, supporting recurring income; new business margin was 24.7% versus 24.5% a year earlier.

• Embedded value reached Rs 664.6bn and solvency was 180% at September 2026.

Financial highlights

• H1 total premium was Rs 395.7bn; new business premium was Rs 191.2bn, versus Rs 341.6bn and Rs 162.2bn, respectively, in H1 FY26.

• H1 VNB was Rs 20.4bn, up 12%; Q2 VNB grew 15%.

• Standalone H1 PAT was Rs 1,119.42 crore, up 13%; consolidated H1 PAT was ₹113,279 lakh versus ₹99,664 lakh.

• AUM reached Rs 4.1 trillion, up 14% YoY; H1 consolidated net premium income was ₹3,858,342 lakh.

• H1 individual APE mix: unit-linked 45%, non-par savings 22%, participating 13%, annuity 12% and retail protection 8%.

Outlook and guidance

• FY27 growth expectation is in line with the industry, with management expecting recent momentum to continue.

• VNB growth is targeted in line with APE or slightly ahead; scale-related margin gains may be reinvested in distribution and technology.

• Retail protection growth is expected to normalize against a high base while remaining strong on a two-year CAGR basis.

• Strategic priorities include new profit pools, diversified distribution, customer-focused product innovation and continued risk management.

• More than 30 GenAI use cases were deployed, alongside an in-house Agentic AI platform; technology priorities span servicing, distribution, operations and risk.