HDFC Life Reports Strong Q1 FY27 Results, Highlights 25.0% New Business Margin and Robust Growth in Protection

HDFC Life Reports Strong Q1 FY27 Results, Highlights 25.0% New Business Margin and Robust Growth in Protection​

Mumbai, July 15, 2026: HDFC Life Insurance Company Ltd announced its financial results for the quarter ended June 30, 2026, noting that Value of New Business (VNB) growth was aligned with Annualized Premium Equivalent (APE) growth, supported by a 25.0% New Business Margin.

The Board of Directors adopted the reviewed standalone and consolidated financial results for the first quarter of Fiscal Year 2027 (Q1 FY27). While acknowledging that overall growth for FY27 is expected to moderate due to ongoing global conflicts affecting energy prices, company executives highlighted the strength of their protection portfolio and continuous focus on sustainable value creation.

Vibha Padalkar, MD & CEO of HDFC Life, stated that while proprietary channels (agency and non-bank alliances) grew by 17%—a rate faster than the industry average—the bancassurance channel saw moderate growth during the quarter, resulting in Individual APE growing by 7%.

"We saw encouraging improvement in our counter share at partner banks as the quarter progressed," Padalkar noted. The company’s product mix also showed continuous improvement, with non-participating savings crossing 25% of individual APE on a run-rate basis. Key protection metrics included Retail protection growing 42%, retail sum assured increasing by 31%, and credit protect expanding close to 20%.

Financial Performance and Scale​

Niraj Shah, Executive Director & CFO of HDFC Life, confirmed that the New Business margin for Q1 FY27 stood at 25.0%. The Value of New Business (VNB) grew by 9% to ₹879 crore. Furthermore, the company crossed a significant milestone with Assets Under Management (AUM) exceeding ₹4 lakh crore.

The Profit after Tax (PAT) for the quarter increased by 12% year-on-year to ₹611 crore, with the underlying PAT growth standing at 17% when excluding GST impact.

Key financial and operational metrics comparing Q1 FY27 against Q1 FY26 are summarized below:

Operational Highlights and Ratios​

HDFC Life reported several robust operational indicators reflecting the strength of its business mix. Retail protection registration grew by 42%, with the retail protection mix expanding by nearly 200 basis points year-on-year to 8%. This contributes nearly 11% toward the total retail business when riders are included.

Assets Under Management (AUM), including that of HDFC Pension Fund Management, crossed ₹5.7 lakh crore. Persistency ratios remained strong, with 13-month and 61-month persistency standing at 84% and 65%, respectively, while renewal collections grew by 19%.

The company's operational metrics showed consistent performance across key areas:

Channel and Product Mix Insights​

The company maintains a diversified distribution model, with its distribution mix structured across Banca, Agency, Non-bank Alliances, and Direct channels.

Performance of the various channels based on Individual APE showed steady growth:


In the product mix, which is tracked across different segments, the portfolio demonstrated balance:


The company also reported that over 500 partners across Banks and Non-Bank alliances were active, encompassing partnerships with NBFCs, SFBs, brokers, and aggregators.

HDFCLIFE Stock Price Movement​

Today, HDFC Life Insurance Company Limited shares edged higher to close at ₹568.75, achieving a 2.16% gain in post-market trading. The stock saw strong activity, with approximately 4.42 million shares traded today.