HDFC Life Insurance Company Limited — Q1FY27 earnings call summary

Filed 22 July 2026 · Official transcript

Q1 FY27 individual APE grew 7%, overall APE 9%, retail protection up 42%
FY27 guidance: grow in line or faster than industry; VNB growth in line with APE; margins to remain range-bound around 25%
Agency channel grew 21%, non-bank alliances up 17%, HDFC Bank channel subdued but market share recovering
Capital runway of 15-18 months post preferential allotment; awaiting risk-based capital framework implementation
VNB grew 9% to INR 879 Cr; new business margin at 25%, up 100 bps q-q
Product mix: ULIP 44%, non-par savings 22%, protection 8%, annuities 11%; non-par savings improving
Profit after tax INR 611 Cr, +12% YoY; solvency ratio improved to 185%
Persistency at 84% for 13-month, 61-month persistency improved to 65%