HDFC Life Insurance Company Ltd reported a 3.2 per cent rise in profit after tax (PAT) to Rs 449 crore for Q2FY26. This was slightly below Zee Business Research’s estimate of Rs 480 crore. Net premium income (NPI) grew 13 per cent to Rs 18,871 crore, close to the projected Rs 19,150 crore. On a sequential basis, PAT declined 18 per cent from Rs 548 crore in Q1FY26.
New business and VNB
Individual new business annualised premium equivalent (APE) reached Rs 6,471 crore, higher than Zee Business Research’s standalone estimate of Rs 4,270 crore, reflecting solid growth in individual business. The value of new business (VNB) margin stood at 24 per cent, slightly below the estimated 24.3 per cent, partly due to GST input credit adjustments.
Premium mix, renewals, and market share
Total premiums for H1FY26 rose 15 per cent to Rs 34,162 crore, supported by new business premiums up 12 per cent and renewals up 18 per cent, broadly in line with Zee Business Research’s projections. HDFC Life’s market share in individual weighted received premium (WRP) increased to 11.9 per cent, up 90 basis points YoY, while private sector share rose to 16.6 per cent, up 30 basis points. Persistency ratios remained stable at 86 per cent (13-month) and 62 per cent (61-month).
Analyst takeaway
While PAT slightly lagged estimates, overall premium growth, APE, and renewals broadly met Zee Business Research expectations. Analysts note that focus on non-participating plans, group policies, and strong bank assurance contributions will likely sustain growth and support market share in coming quarters.
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