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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
HDFC Life Insurance Company
HDFC Life Insurance Company (HDFCLIFE) investor relations material
HDFC Life Insurance Company Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary15 Jan, 2026
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.
New auditor's tenure vs. prior firm's
Analyze 13th month persistency ratio trends
New Labour Codes' impact on policyholders' A/c
How will HDFC Life balance VNB growth with competitive pricing?
What specific measures address 13-month persistency stress?
What is the strategy for variable annuity products?
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Next HDFC Life Insurance Company earnings date
Q4 25/2617 Apr, 2026
HDFC Life Insurance Company
Next HDFC Life Insurance Company earnings date
Q4 25/2617 Apr, 2026
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Frequently asked questions
HDFC Life offers online indeminity, individual and group insurance and investment products with the objective to help its customers achieve their financial goals and dreams in life. Customers can choose from a wide range of policies from individual health, family floater, critical illness, term insurance etc. It offers their comprehensive range of financial products and services to individuals, enterprises and corporate houses. Today, HDFC Life is one of the largest private sector insurer in India with a significant presence across the globe.
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