HDFC Life announced its financial results for the nine months ended December 31, 2025 (9M FY26). Key highlights include an 11% year-on-year growth in Individual New Business and a 42% increase in Retail Protection. The company’s Sum Assured remains industry-leading. The Value of New Business (VNB) stood at ₹2,773 crore, up by 7% year-on-year. Profit after tax grew by 7% to ₹1,414 crore for the period.
Financial Performance Highlights
HDFC Life’s financial results for 9M FY26 showcased robust performance across key metrics:
- Individual New Business grew by 11% year-on-year.
- Retail Protection increased by 42%, with sum assured leading the industry.
- Value of New Business (VNB) reached ₹2,773 crore, a 7% year-on-year increase.
- Profit after tax grew by 7% to ₹1,414 crore.
Key Growth Drivers
The company experienced significant growth in retail protection, with a 70% increase during Q3 FY26. Retail sum assured also saw substantial growth, recording 55% growth in Q3 and 33% for the 9-month period. This growth was supported by higher rider attachment and increased sum assured multiples in ULIP business.
Assets and Persistency
Assets under Management (AUM), including that of subsidiary HDFC Pension Fund Management, stood at ₹5.3 trillion. Persistency ratios remained stable, with 13-month and 61-month persistency at 85% and 63% respectively. Renewal collections grew by 15% year-on-year.
Embedded Value and Solvency
The Embedded Value (EV) stood at ₹61,565 crore, with an operating RoEV of 15.6% on a rolling 12-month basis. The Solvency Ratio was at 180%, supported by subordinated debt raised in Q3.
CEO’s Commentary
Vibha Padalkar, Managing Director and CEO of HDFC Life, noted the acceleration in momentum during Q3, supported by policy reforms and a rising preference for protection-led solutions. The GST exemption also improved affordability in the protection segment. The product mix in 9M FY26 reflected evolving customer preferences, with ULIPs contributing 43%, participating products at 27%, and non-par savings at 19%.
Source: BSE
