Unaudited H1 FY27 results: New Business Premium ₹1,984 crore, VNB ₹266 crore, PAT ₹71.2 crore

Unaudited results for the half year ended 30 September 2026.

Fri 9 Oct 2026

New Business Premium

₹1,984 crore, up 16.1%

Total Premium

₹4,742 crore, up 17.3%

PAT

₹71.2 crore, up 10.8%

Half-year performance, as reported

The Board of Directors approved and adopted the unaudited financial results for the half year ended September 30, 2026. The media release, issued on 09th October 2026, presents growth across premiums, profitability and embedded value.

Premium growth

• New Business Premium: ₹1,984 crore, up 16.1% year-on-year (H1 FY26: ₹1,709 crore)
• Individual Weighted Premium Income (WPI): ₹1,117 crore, up 14.5% (H1 FY26: ₹975 crore)
• Total APE: ₹1,250 crore, up 14.4% (H1 FY26: ₹1,092 crore)
• Renewal Premium: ₹2,758 crore, up 18.2% (H1 FY26: ₹2,334 crore)
• Total Premium: ₹4,742 crore, up 17.3% (H1 FY26: ₹4,042 crore)
• Protection APE: ₹131 crore, up 44%, and 10.5% of total APE

Profit and value

• Value of New Business (VNB): ₹266 crore, up 24% (H1 FY26: ₹214 crore); VNB margin 21.3%
• Profit After Tax (PAT): ₹71.2 crore, up 10.8% (H1 FY26: ₹64.2 crore)
• Embedded Value: ₹7,622 crore as at September 30, 2026; operating RoEV 19.8% on a rolling 12-month basis

Capital and operating ratios

• Assets Under Management: ₹50,200 crore as at September 30, 2026, up 13.9% (H1 FY26: ₹44,090 crore)
• Solvency Ratio: 180% as at September 30, 2026 (H1 FY26: 198%)
• Expense Ratio (total expenses / total premium): 20.5% (H1 FY26: 19.0%)
• 13th month persistency: 85.6% (H1 FY26: 84.4%); 61st month persistency: 54.6% (H1 FY26: 55.5%)

Product mix on APE basis

ULIP 41%; Non-Par Savings 24.6%; Par 9.9%; Non-Par Protection 10.5%; Annuity 13.7%

Business and other updates

• Protection business grew 44% year-on-year; Credit Life grew 35% year-on-year
• The company expanded its protection offering with the launch of Promise2Secure
• It was recognised among India's Best Workplaces for Women 2026 - Top 50 by Great Place To Work India
• MD & CEO Anuj Mathur said H1 FY27 reflected the resilience of traditional segments' demand, that the protection portfolio grew 44% and accounted for 10.5% of total APE, and that the company views the proposed regulatory reforms as a positive step towards transparency, customer outcomes and the long-term sustainability of the insurance sector

How to read these numbers

In a life insurance business, premium figures show scale, VNB and VNB margin show the expected profitability of new business written, persistency ratios show how many policyholders stay on, the solvency ratio shows the capital cushion, and embedded value combines net worth with the present value of future profits from policies in force.

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