Mumbai, January 15, 2026: HDFC Life Insurance Company Limited reported steady operating performance for the nine months ended December 31, 2025, supported by strong traction in protection products, stable margins, and sustained growth across core metrics.
Strong Growth Across Key Metrics
For 9M FY26, Individual Annualised Premium Equivalent rose 11% year-on-year to ₹9,988 crore, while total APE increased 11% to ₹11,387 crore. New business premium from individual and group segments grew 10% to ₹24,550 crore, supported by a 15% rise in renewal premiums to ₹28,415 crore. Total premium income stood at ₹52,965 crore, up 13% year-on-year.Assets under management increased 15% to ₹3.78 trillion, while group AUM including the pension subsidiary stood at ₹5.3 trillion. Embedded Value rose 16% year-on-year to ₹61,565 crore, translating into an operating return on embedded value of 15.6% on a rolling twelve-month basis.
Protection-Led Growth Drives Business Mix
Retail protection remained the key growth engine during the period. Retail protection premium grew 42% in 9M FY26, with a sharper 70% growth recorded during the third quarter. Retail sum assured increased 33% for the nine-month period and 55% in Q3, supported by higher rider attachment and increased sum assured multiples, particularly within the ULIP segment.Overall, protection business accounted for 14.4% of total APE and over 30% of new business premium, reinforcing the company’s focus on long-term, protection-oriented growth.
Profitability and Capital Position
Profit after tax for 9M FY26 stood at ₹1,414 crore, reflecting a 7% year-on-year increase. Excluding one-time impacts during the period, underlying profitability showed stronger momentum. New business margins were largely stable at 24.4%, while value of new business increased 7% to ₹2,773 crore.The solvency ratio remained comfortable at 180%, supported by capital strengthening initiatives undertaken during the year. Persistency remained stable, with 13-month and 61-month persistency ratios at 85% and 63% respectively, reflecting consistency in customer retention.
Management Commentary
Managing Director and Chief Executive Officer Vibha Padalkar said the life insurance industry witnessed an acceleration in momentum during the third quarter, driven by rising preference for protection-led solutions. She highlighted that HDFC Life grew faster than the industry in individual business and expects the momentum to continue into the final quarter, supported by volume-led growth and a balanced product mix.She added that recent product launches and improved protection mix supported margin stability while reinforcing long-term value creation.
Business Mix and Distribution
During 9M FY26, ULIPs contributed 43% of individual APE, participating products 27%, non-par savings 19%, protection 7%, and annuity 4%. Bancassurance continued to be the dominant distribution channel, accounting for 59% of individual APE, followed by agency at 18%, non-bank alliances at 15%, and direct channels at 9%.About the Company
HDFC Life Insurance Company Limited is a listed life insurance company in India offering a wide range of individual and group insurance solutions across protection, savings, pension, annuity, and health segments. The company has a diversified distribution network and a strong focus on customer-centric product innovation.Source:
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