HDFC Life Insurance Company Revenue History — Quarter by Quarter

HDFC Life Insurance Company's revenue moved from ₹23,371 Cr in Q1 FY24 to ₹19,890 Cr in Q4 FY26, a -14.9% change over 12 quarters. The table keeps each quarter linked back to the underlying earnings page.

Revenue by Quarter

Quarter	Revenue (₹ Cr)	YoY Change
Q4 FY26	₹19,890 Cr	—
Q3 FY26	₹29,428 Cr	—
Q2 FY26	₹20,651 Cr	—
Q1 FY26	₹29,463 Cr	—
Q4 FY25	₹24,191 Cr	—
Q3 FY25	₹17,300 Cr	—
Q2 FY25	₹28,497 Cr	—
Q1 FY25	₹26,934 Cr	—
Q4 FY24	₹28,041 Cr	—
Q3 FY24	₹26,927 Cr	—
Q2 FY24	₹23,142 Cr	—
Q1 FY24	₹23,371 Cr	—

What management said about revenue

Q4 FY26 · VNB growth to be in line with APE growth in FY27

The company aims to deliver VNB growth at least in line with APE growth, with potential for margin expansion as environment stabilizes.

Q4 FY26 · Non-par savings to recover gradually

With a more favorable yield curve and product refinements, non-par savings are expected to gain share relative to FY26.

Q4 FY26 · Capital raise of INR 1,000 crore via preferential issue

Board approved raising up to INR 1,000 crore via preferential issue to HDFC Bank to add 900bps to solvency, supporting growth.

Q3 FY26 · Double VNB every 4-4.5 years

Aspiration to double value of new business every 4 to 4.5 years remains intact despite regulatory changes.

Q3 FY26 · Protection to grow faster than company average

Retail protection expected to continue outpacing overall company growth, supported by GST tailwinds.

Q3 FY26 · Agency channel to exceed 25% share

Agency channel targeted to contribute more than 25% of overall business, growing faster than company growth.

Q2 FY26 · Neutralize GST impact on margins over 2-3 quarters

Management expects to offset the ~3% annualized gross margin impact from GST withdrawal through distributor/vendor renegotiation, product mix improvements, and cost adjustments, aiming for normalized VNB growth by FY27.

Q2 FY26 · Expect normalized VNB growth in FY27

VNB growth is expected to normalize in FY27, led primarily by top-line expansion after GST-related adjustments are completed.

Q1 FY26 · H1 growth softer, H2 to pick up

Due to high base last year and macro uncertainty, H1 growth is expected to be slower, but H2 should see improvement as base effects ease.

Q1 FY26 · Agency channel to grow faster than other channels

With investments in agency transformation, management expects agency channel growth to outpace other channels in the remaining months of FY26.

Q4 FY25 · APE growth to be back-ended in FY26

First half growth likely moderate due to high base of ~30% in H1 FY25; momentum expected to pick up in H2, leading to balanced full-year outcome.

Q4 FY25 · Double key metrics every 4-4.5 years

Aspiration to double APE, VNB, and other key metrics over four to four-and-a-half-year cohorts, implying ~16-17% CAGR.