HDFC Life Insurance Company Limited has released the transcript of its Q2 FY27 earnings conference call held on October 15, 2026. The call details the company’s financial performance for the half-year ended September 30, 2026, discussing business growth across various channels, product mix, financial metrics like VNB and Embedded Value, and future strategies. Key areas covered include bancassurance partnerships, agency channel performance, and regulatory impacts.
HDFC Life Insurance Company Limited: Q2 FY27 Earnings Conference Call Transcript
HDFC Life Insurance Company Limited has published the transcript of its earnings conference call for the half-year ended September 30, 2026. The call, which took place on October 15, 2026, provided a comprehensive overview of the company’s financial and operational performance.
Broader Environment and Business Performance
Vibha Padalkar, MD & CEO, highlighted the stable macro conditions supporting the life insurance industry. The company saw a strong performance in Q2 FY27, with individual weighted received premium growing 11%, outpacing the private industry average of 10%. Overall APE growth stood at 13% in Q2 and 11% for H1. The number of individual policies grew 9% in H1, exceeding industry growth.
Channel Growth and Partnerships
Growth was broad-based across channels. Individual APE from HDFC Bank grew 12% in Q2. Other bancassurance partnerships also showed robust growth of 13% in Q2. The company announced a new partnership with J&K Bank, aiming to expand its reach and deepen its presence. Non-bank corporate alliances also recorded 13% growth in Q2. The agency channel demonstrated faster growth than the company and the market at 13% in H1, with branches opened in the last 30 months contributing 17% to agency business.
Product Mix and Financial Metrics
In H1 FY27, unit-linked products contributed 45% of individual APE, non-par savings accounted for 22%, annuity for 12%, participating products for 13%, and retail protection for 8%. Retail protection saw a significant growth of 33% in H1. Value of New Business (VNB) for H1 was ₹2,037 crore, a growth of 12%. New business margin was 24.7%. Embedded Value stood at ₹66,461 crore, with a rolling 12-month operating ROEV of 14.9%. Profit after tax for H1 grew 13% to ₹1,119 crore. Assets under management reached ₹4.1 trillion, up 14% year-on-year.
Solvency and Capital Position
The company’s solvency ratio was 180% as of September 30, 2026, well above the regulatory requirement of 150%. The Board approved raising up to ₹500 crore through subordinated debt to strengthen the capital position for growth investments.
ESG and Regulatory Environment
HDFC Life’s MSCI ESG rating was upgraded to AAA from AA, reflecting leadership in governance. The company is also adapting to potential changes proposed by IRDAI regarding insurance distribution economics, emphasizing policyholder interest and affordability for ‘Insurance for All by 2047’.
Outlook and Investor Questions
The company expressed confidence in sustaining momentum, driven by broad-based growth across channels and continued investment in proprietary channels. The transcript also addresses numerous investor questions concerning bank sales, VNB margins, annuity products, credit life business, distribution reforms, and the impact of regulatory changes on margins and capital.
Source: BSE
