Side-by-side earnings comparison across financial stats, AI summaries, management guidance, risks, quotes, and accountability signals.
HDFC Life reported FY26 PAT of INR 1,910 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.
Read HDFC Life Insurance Company analysis →
SBI Life delivered a strong FY26 with new business premium of INR 425.5 billion (+20% YoY) and PAT of INR 24.7 billion (+2% YoY, or +29% excluding one-time impacts).
Read SBI Life Insurance Company analysis →HDFC Life Insurance Company had the stronger quarter on this simple score because its revenue growth plus EBITDA margin beat SBI Life Insurance Company. Revenue growth is compared first, with EBITDA margin used as the quality check.
HDFC Life reported FY26 PAT of INR 1,910 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% for the year and 46% 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.
SBI Life delivered a strong FY26 with new business premium of INR 425.5 billion (+20% YoY) and PAT of INR 24.7 billion (+2% YoY, or +29% excluding one-time impacts). Growth was driven by balanced product mix (ULIP 65%, protection 9%, par 7%) and multi-channel distribution, with bancassurance contributing 60% of APE and agency growing 15%. VNB margin held at 27.5% (29% ex-GST), within the guided 26-28% range. Management guided for ~14% APE growth and maintained VNB margin guidance of 26-28%. Key risks include potential regulatory changes on bancassurance open architecture and cost pressures from GST and labor law impacts.
Retail protection grew 43% in FY26, driven by lower prices post-GST and strengthened product portfolio.
13-month persistency moderated by 200bps during the year, but trends stabilized in Q4.
Agency channel grew 500bps ahead of the company, with strong protection mix and branch expansion.
Annuity mix increased by ~300bps YoY to ~8% of individual APE in Q4, aided by new AGNI product.
Total new business premium for FY26, reflecting strong growth across individual and group segments.
Value of new business margin, impacted by GST but within guided range; ex-GST margin improved to 29%.
Individual annualized premium equivalent growth, driven by balanced product mix and channel expansion.
Improved persistency reflecting better policy retention and customer engagement.
Management expects the GST headwind on margins to taper off and be largely neutralized as the company moves into FY27.
Management guidance marginsThe company aims to deliver VNB growth at least in line with APE growth, with potential for margin expansion as environment stabilizes.
Management guidance growthWith a more favorable yield curve and product refinements, non-par savings are expected to gain share relative to FY26.
Management guidance revenue
Management guided for annual APE growth of around 14% for the coming years, consistent with historical CAGR.
Management guidance growthManagement expects VNB margin to remain in the 26-28% range, absorbing GST impact through product mix improvement.
Management guidance marginsCompany plans to launch a regular pay deferred annuity product in Q1 FY27 to complete annuity product suite.
Management guidance expansion
Aggressive pricing by competitors in the HDFC Bank channel led to market share loss in Q4; if this persists, growth recovery may be delayed.
high · analyst_questionSofter-than-expected top-line growth, particularly in Q4, caused a 90bps drag on margins from fixed cost absorption, which could recur if growth remains weak.
medium · management_commentaryPotential commission caps or IFRS-related adjustments could impact business model and profitability; management acknowledged uncertainty.
medium · analyst_question
Government/regulator may mandate open architecture for banks, potentially impacting SBI Life's bancassurance channel which contributes 60% of APE.
high · analyst_questionOpEx ratio increased from 5.3% to 6.1% due to GST and labor code impacts; full-year GST effect may keep costs elevated.
medium · management_commentaryRecent geopolitical events and equity market volatility could dampen customer appetite for ULIPs, which constitute 65% of individual APE.
medium · analyst_question
We are not in a tearing rush to get to that at the cost of growth. Our objective will be to get to fast industry growth and maintain VNB in line with that.
We can easily match this if we want to match it. There's no way we're going to have a lapse-supported product. We are in the business to sell policies, and we are hoping that the customer stays vested in the policy till the very end.
We intend to maintain the growth rate at around 14%, which has been our CAGR for last three to five years.
Our endeavor is to report the margin of also 27% kind of things.
