HDFC Life Insurance reported a 14.4% rise in net profit for Q1FY26. Net profit stood at ₹547 crore, up from ₹478 crore a year ago.The insurer’s total Annualised Premium Equivalent (APE) came in at ₹3,225 crore. This is higher than the CNBC-TV18 poll estimate of ₹3,186 crore. Retail APE stood at ₹2,777 crore, also above the poll estimate of ₹2,717 crore.
However, the value of new business (VNB) was slightly lower at ₹809 crore compared to the poll estimate of ₹817 crore. The VNB margin stood at 25.1%, just below the CNBC-TV18 poll of 25.6%.
HDFC Life gained market share during the quarter. The company’s overall market share rose 70 basis points to 12%.
It also gained 40 basis points in the private sector, taking its share to 17.5%.Assets under management (AUM) rose 15% year-on-year to ₹3.55 lakh crore. Embedded Value (EV) increased to ₹58,355 crore, with an operating return on EV of 16.3% on a rolling 12-month basis. The solvency ratio remained strong at 192%, well above the regulatory minimum of 150%.
However, the value of new business (VNB) was slightly lower at ₹809 crore compared to the poll estimate of ₹817 crore. The VNB margin stood at 25.1%, just below the CNBC-TV18 poll of 25.6%.
HDFC Life gained market share during the quarter. The company’s overall market share rose 70 basis points to 12%.
It also gained 40 basis points in the private sector, taking its share to 17.5%.Assets under management (AUM) rose 15% year-on-year to ₹3.55 lakh crore. Embedded Value (EV) increased to ₹58,355 crore, with an operating return on EV of 16.3% on a rolling 12-month basis. The solvency ratio remained strong at 192%, well above the regulatory minimum of 150%.
Persistency stayed healthy with 13th and 61st month ratios at 86% and 64% respectively.
Vibha Padalkar, MD & CEO, said, “Q1 FY26 began on a strong note with healthy growth across topline, VNB and steady margins. Over 70% of new customers acquired in Q1 were first-time buyers, showing our deepening presence across Tier 1, 2 and 3 cities. We outperformed the industry and private players in market share gains. Our retail protection business grew faster than the company average at 19% YoY.”
She added that the company continues to maintain a balanced product mix and a diversified distribution network. HDFC Life was recently certified among India’s Best Workplaces in BFSI for 2025 and received an upgrade in its ESG rating from MSCI to ‘AA’.
