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The Board of Directors of HDFC Life approved and adopted the reviewed standalone and consolidated financial results nine months ended December 31, 2025.

Performance Highlights:

* Individual New Business in terms of Individual Annualized Premium Equivalent (APE) grew 11% year-on-year, translating into a healthy two-year CAGR of 17%

* Market Share gain of 20 basis points within the overall sector. 9MFY26 overall industry market share at 10.9%

* Value of New Business (VNB) for 9M FY26 stood at Rs 2,773 crore, a growth of 7% YoY and a 2 year CAGR of 11% while broadly maintaining new business margins similar to H1, at 24.4%

* Retail protection registered robust growth of 70% during Q3FY26, translating to 42% growth for the period 9MFY26

* Retail sum assured recorded 55% growth in Q3 and 33% for the period 9MFY26. Growth was supported by higher rider attachment and increased sum assured multiples in ULIP business, reinforcing the quality of growth and alignment with long-term protection objectives

* Assets under Management (AUM) including that of our wholly owned subsidiary HDFC Pension Fund Management stood at Rs 5.3 trillion

* Persistency ratios were stable, with 13-month and 61-month persistency at 85% and 63% respectively. These trends reflect the underlying product and tier mix. Renewal collections grew 15% year-on-year

* Embedded Value (EV) stood at Rs 61,565 crore, with an operating RoEV of 15.6% on a rolling 12-month basis

* Profit after tax grew by 7% to Rs 1,414 crore, for the period 9MFY26. Excluding one-time labour code and GST impact, underlying PAT growth for both nine months and the quarter stood at 15%.

* Solvency Ratio was at 180%, supported by the Rs 749 crore of subordinated debt raised in Q3

CEO’s Statement: Vibha Padalkar, Managing Director and CEO of HDFC Life, commented: “The life insurance sector saw an acceleration in momentum during the third quarter, supported by recent policy reforms and a rising preference for protection-led solutions. The GST exemption acted as a meaningful catalyst, particularly for the protection segment, improving affordability and driving a pickup in demand.

Against this backdrop, the industry reported year-on-year growth of around 10%, with HDFC Life growing faster at 11% on individual WRP. As expected, our growth in Q3 outpaced H1, leading to an acceleration in the nine-month growth. This improvement was largely volume-driven, with the number of policies recording double-digit growth during the quarter. We expect this momentum to sustain into Q4, supporting a balanced and healthy full-year outcome.

Our product mix in 9MFY26 reflected evolving customer preferences and market trends, with ULIPs contributing 43%, participating products at 27%, non-par savings at 19%, term at 7% and annuity at 4%.

Retail protection delivered strong year-on-year growth of 42% for the period 9MFY26 and 70% in Q3, significantly outpacing overall company growth. The mix improved meaningfully post the GST change, creating a clear demand tailwind. The recent launch of Click 2 Protect Supreme has supported category expansion, with a differentiated offering introduced at the right time, reflecting our ability to bring relevant and innovative products to market in line with evolving customer needs.

While a better product profile helped us expand margins by 110 bps, there was an offset largely on account of the GST impact. Our margins ended at 24.4%, translating into VNB growth of 7% YoY and a two-year CAGR of 11% for 9MFY26. On an adjusted basis, VNB growth excluding the impact of GST and surrender regulation change would have been 13% for 9MFY26 and 11% for Q3 FY26.”

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