HDFC Life Insurance Company

HDFC Life reported FY26 PAT of INR 1Current reported value: 1. No comparable prior figure is available in the source record.,910 crore, with VNB growth of 2% to INR 4,034 crore and new business margins of 24.2%, down 140bps YoY due to GST, surrender value changes, and fixed cost absorption. Individual APE grew 7% YoY, below expectations, as Q4 saw slowdown from unabsorbed GST, softness in bancassurance, and deferment of demand. Retail protection was a bright spot, growing 43%Current 43%. Reported change: +43% YoY. for the year and 46%Current reported value: 46%. No comparable prior figure is available in the source record. in Q4, with protection mix expanding to 7.2%. Agency channel grew ahead of the company by 500bps, while partnership channels faced volatility. Management expects margins to improve as GST impact neutralizes by H1 FY27 and growth normalizes. Key risk: competitive intensity in bancassurance, particularly at HDFC Bank, may persist and delay growth recovery.