HDFC Life Insurance Company Ltd — earnings calls
2 quarters summarised from transcripts filed with the exchange, every statement cited. Newest first.
HDFC Life reported Q1 FY27 individual APE growth of 7% and overall APE growth of 9%, with value of new business rising 9% to Rs 879 crore and new business margins at 25%. Growth outside the HDFC Bank channel was broad-based at 17%, led by agency at 21% and non-bank alliances, while the HDFC Bank channel remained subdued due to a high base and prior competitive intensity. Profit after tax grew 12% year-on-year to Rs 611 crore, and 13-month persistency moderated by around 200 basis points to 84%.
HDFC Life reported FY26 individual APE growth of 7% year-on-year, with value of new business at Rs 4,034 crores, up 2% YoY, and new business margins declining 140 basis points to 24.2% post-GST and surrender value regulation impacts. Management attributed the fourth-quarter slowdown to unabsorbed GST, temporary softness in bancassurance, and deferment of demand due to global uncertainty, while proprietary channels grew 15-16% in Q4 and the full year. Retail protection grew 43% for the year, embedded value stood at Rs 62,139 crores, and the company reported profit after tax of Rs 1,910 crores with a solvency ratio of 177%.