HDFC Life Insurance Company540777Quarterly results

H1 FY27: Total APE up 11%, VNB up 12%, PAT up 13%; New Business Margin 24.7%, Solvency 180%

Board approved reviewed results for the half year ended September 30, 2026.

By ScoutQuest · Thu 15 Oct 2026, 4:06 PM IST · 2 min read

Total APE: ₹8,245 crore, up 11%
Value of new business: ₹2,037 crore, up 12%
Profit after tax: ₹1,119 crore, up 13%

H1 FY27: growth in premium, new business and profit

The Board of Directors approved and adopted the reviewed standalone and consolidated financial results for the half year ended September 30, 2026. The update carries a press release and an investor presentation on that performance.

New business

Total APE (Annualized Premium Equivalent) ₹8,245 crore, up 11% from ₹7,413 crore.
Individual APE ₹7,080 crore, up 9% from ₹6,471 crore.
Value of new business ₹2,037 crore, up 12% from ₹1,818 crore, growing ahead of APE.
New Business Margin 24.7% against 24.5% in H1 FY26.
Retail protection grew 33%; its share of individual APE rose to 8% from about 7% last year, and protection and riders together now account for 11% of individual APE.
Retail sum assured grew 21% year-on-year.

Premium and profit

Total Premium ₹39,569 crore, up 16% from ₹34,162 crore.
New Business Premium (Individual + Group) ₹19,126 crore, up 18%.
Renewal Premium (Individual + Group) ₹20,443 crore, up 14%.
Profit after tax ₹1,119 crore, up 13% from ₹994 crore.
Total Expenses / Total Premium 22.3% against 21.6%.

Capital and assets

Indian Embedded Value ₹66,461 crore, up 12% from ₹59,540 crore.
Operating Return on EV 14.9% against 15.8%.
Assets under management, including wholly owned subsidiary HDFC Pension Fund Management, reached ₹5.9 lakh crore; the financial table shows Assets Under Management of ₹4,09,673 crore, up 14% from ₹3,59,999 crore.
Solvency Ratio 180% against 175%.

Customers and distribution

Number of policies 621 (thousands), up 9%.
13-month persistency 83% and 61-month persistency 66%, against 86% and 62%.
Renewal collections grew 14% year-on-year.
Individual WRP market share 11.5% against 11.9%; overall industry market share 11.5%.

In the management's words

The MD & CEO said Q2 individual WRP grew 11%, ahead of the private industry at 10%, taking H1 growth to 9%, with market share improving to 16.2% from 16.1% in Q1; overall APE grew 13% in Q2 and 11% in H1. She also referred to IRDAI consultation papers on the economics of insurance distribution, which propose significant changes for the industry.
The ED & CFO said value of new business for H1 was ₹2,037 crore, a growth of about 12.1%, VNB growth for Q2 was 14.8%, Embedded Value stood at Rs 66,461 crore with rolling 12-month embedded value operating profit of 14.9%, profit after tax for H1 was ₹1,119 crore, a growth of about 12.7%, and assets under management stood at ₹4.1 trillion, up 13.8% year-on-year.

How to read this

These are reviewed half-year figures, compared with the same half last year.
Alongside the absolute growth in premium and profit, the operating measures to follow are new business margin, persistency, solvency and the expense ratio.

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