HDFC Life 9M FY26 Results: Retail Protection Jumps 42%, AUM at ₹5.3 Trillion

Mumbai: HDFC Life Insurance Company on Thursday reported a steady performance for the nine months ended December 31, 2025, with strong momentum in its protection business and sustained profitability, even as regulatory changes and GST impacts weighed on margins.

The insurer’s individual annualised premium equivalent (APE) grew 11% year-on-year to ₹9,988 crore, while total APE also rose 11% to ₹11,387 crore. New business premium increased 10% to ₹24,550 crore and renewal premium climbed 15% to ₹28,415 crore, lifting total premium income by 13% to ₹52,965 crore.

Retail protection remained the key growth driver, surging 42% for the nine-month period and 70% in Q3 FY26, significantly outpacing the company’s overall growth. Retail sum assured jumped 33% for the period and 55% in Q3, reinforcing the company’s focus on long-term protection-led business.

Value of new business (VNB) rose 7% year-on-year to ₹2,773 crore, with new business margins holding steady at 24.4%. Profit after tax increased 7% to ₹1,414 crore. Excluding the one-time impact of labour code implementation and GST changes, underlying PAT growth stood at 15%.

Assets under management, including the HDFC Pension fund subsidiary, expanded to ₹5.3 trillion, while embedded value increased 16% to ₹61,565 crore. The company maintained a strong solvency ratio of 180%.

Managing Director & CEO Vibha Padalkar said the industry witnessed accelerated growth in Q3, supported by policy reforms and GST exemptions, particularly benefitting the protection segment. She added that HDFC Life expects the growth momentum to continue into the fourth quarter.