What was HDFC Life Insurance's revenue in Q4 FY26?

HDFC Life Insurance reported revenue of ₹19,890 Cr in Q4 FY26, a — change year-over-year.

Did HDFC Life Insurance management deliver on previous promises?

Scorecard data is being built as historical quarters are processed.

HDFCLIFEINSURANCE Financial Services 2026-04-??

HDFC Life Insurance Company Ltd — Q4 FY26

Q: What guidance did HDFC Life Insurance management give?

GST impact to be neutralized by H1 FY27: Management expects the GST headwind on margins to taper off and be largely neutralized as the company moves into FY27.

HDFC Life reported FY26 PAT of ₹1,910 crore and VNB of ₹4,340 crore (+2% YoY), with new business margins at 24.2% (down 140bps YoY) due to GST/surrender value impact (130bps), fixed cost absorption (90bps), and assumption strengthening (40bps), partly offse...

Revenue ₹19,890 Cr

EBITDA —

PAT ₹497 Cr

EBITDA Margin 1%

Duration 82 min

Read Time 1 min read

✓ Verified against BSE filing

2-Minute Summary

✦ AI-Generated from Full Transcript

HDFC Life reported FY26 PAT of ₹1,910 crore and VNB of ₹4,340 crore (+2% YoY), with new business margins at 24.2% (down 140bps YoY) due to GST/surrender value impact (130bps), fixed cost absorption (90bps), and assumption strengthening (40bps), partly offset by better product mix (120bps). Individual APE grew 7% YoY, with retail protection surging 43% and agency channel outpacing the company by 500bps. However, Q4 saw a sharp slowdown driven by unabsorbed GST, temporary softness in bancassurance, and deferment of demand amid global uncertainty. Management expects GST headwinds to neutralize by H1 FY27 and aims to outpace industry growth, but near-term visibility is low. Key risk: competitive intensity in the HDFC Bank channel may persist, pressuring counter share and growth.

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Risk Intelligence

Competitive intensity in HDFC Bank channel

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Quarter Snapshot

Individual APE Growth 7%

+7% YoY

Full-year individual annual premium equivalent growth, below original expectations due to Q4 slowdown.

Retail Protection Growth 43%

+43% YoY

Retail protection grew 43% in FY26, driven by lower prices post-GST and strengthened product portfolio.

13-Month Persistency N/A

-200bps YoY

13-month persistency moderated by 200bps, but trends stabilized in Q4; 61st month persistency improved 100bps to 64%.

Agency Channel Growth N/A

+500bps vs company

Agency channel grew 500bps ahead of company average, with strong protection mix and branch expansion.

Fast read

Guidance and risk preview

Top guidance GST impact to be neutralized by H1 FY27

Management expects the GST headwind on margins to taper off and be largely neutralized as the company moves into FY27.

Top risk Competitive intensity in HDFC Bank channel

Counter share in HDFC Bank declined to early 60s in FY26 from mid-60s, driven by aggressive pricing by competitors, especially in non-par savings.

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