Hdfc Life Insurance Co. Ltd. · NSE:HDFCLIFE
Hdfc Life Insurance — Q1 FY2026 Earnings Presentation
49 slides from Hdfc Life Insurance's earnings presentation, Jul 15, 2025
Slide 1: Exchange cover letter: Press Release and Investor Presentation Q1 FY26
July 15, 2025 Ref. No: HDFC Life/CA/2025-26/25 Listing Department Listing Department National Stock Exchange of India Limited BSE Limited Exchange Plaza, Plot No C/1, Block G, Sir PJ Towers, Bandra-Kurla Complex, Dalal Street, Bandra (East), Fort, Mumbai- 400 051 Mumbai – 400 001 NSE Symbol: HDFCLIF
Slide 2: Press Release - Performance for Three Months Ended June 30, 2025
PRESS RELEASE - PERFORMANCE FOR THREE MONTHS ENDED JUNE 30, 2025 BSE Code: 540777 NSE Code: HDFCLIFE Strong All-Round Performance: Market Share Up 70 bps, 12.5% APE Growth with VNB growth in line, PAT growth of 14% Mumbai, 15th July, 2025: The Board of Directors of HDFC Life approved and adopted the
Slide 3: Key Financial Summary
within the private sector, taking our share to 17.5%. Moreover, over 70% of new customers acquired in Q1 were first-time buyers with HDFC Life, underscoring our customer acquisition strength and deepening presence across Tier 1, 2, and 3 markets. Contrary to initial expectations, demand for ULIPs re
Slide 4: Product mix and distribution mix; definitions and abbreviations
Product mix by Indl APE (UL / Non par savings 38/19/5/6/32 38/35/5/6/16 /Annuity/ Protection / Par) Distribution mix by Indl APE (Banca/ Agency/ Non- 60/16/15/9 61/17/13/9 bank alliances/ Direct)2 Percentages may not add up due to rounding off effect 1. ROEV on a rolling 12-month basis, reflecting n
Slide 5: About HDFC Life
• Weighted received premium (WRP) - The sum of first year premium received during the year and 10% of single premiums including top-up premiums About HDFC Life Established in 2000, HDFC Life is a leading, listed, long-term life insurance solutions provider in India, offering a range of individual an
Slide 6: Investor Presentation – Q1 FY26
Investor Presentation – Q1 FY26
Slide 7: Executive summary: Q1 FY26
Executive summary: Q1 FY26 Revenue & Scale Profitability & Cost Customer & Capital Rs (Bn.) 27.8 Value of New Rs (Bn.) 8.1 CY 86% Individual 13th month APE Business Growth 12.5% Growth 12.7% persistency (VNB) PY 88% Rs (Bn.) 76.0 CY 25.1% Overall 99.8% Renewal New Business Claim settlement premium M
Slide 8: Agenda
Agenda 1 Performance Snapshot 2 Business Overview 3 Other Business Highlights 4 Life insurance in India Page 3
Slide 9: Consistent, predictable, sustained performance
Consistent, predictable, sustained performance Rs bn Holistic growth Consistent track record over multiple periods Value of new business Individual APE Overall market share 136 11.1% 9.2% 71 39.6 37 6.8% 36.7 FY17 FY21 FY25 FY17 FY21 FY25 21.9 15.4 9.2 Assets under management Protection new business
Slide 10: Steady performance across business cycles
Steady performance across business cycles Surrender value Change in Change in traditional (SV) regulation ULIP tax savings tax exemption ▪ Increase in SV after Covid-19 pandemic exemption limit completion of 1st ▪ Lockdown – Face limit Tax exemption removed policy year to face Tax exemption for poli
Slide 11: Consistent track record of maximising shareholder value
Consistent track record of maximising shareholder value Rs bn 5 year 9 year Metrics FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 CAGR CAGR (FY20-25) (FY16-25) Value of new business 7.4 9.2 12.8 15.4 19.2 21.9 26.8 36.7 35.01 39.6 16% 20% (VNB) Operating variances 3.1 2.1 2.0 1.4 1.5 0.8 -4.92 1
Slide 12: Robust delivery across key metrics (1/2)
Robust delivery across key metrics (1/2) Steady market share gains in individual WRP Sustained focus on expansion of customer base (NOPs in 000’s) Pvt. mkt share 15.4% 15.7% 17.1% 17.5% Pvt. mkt rank #2 #2 #2 #2 Overall mkt 10.4% 11.1% 11.4% 12.1% 10% share 10% 1,267 249 133.6 27.2 1,054 113.8 207 2
Slide 13: Robust delivery across key metrics (2/2)
Robust delivery across key metrics (2/2) Rs bn Significant improvement in 61st month persistency Healthy VNB growth NBM: 25.0% 25.1% 88% 86% 12.7% ▪ Focus on quality of ▪ Multiple pools of 64% business and providing profitability contributing 56% to VNB accretion superior customer experience_ 8.1 7.
Slide 14: Agenda
Agenda 1 Performance Snapshot 2 Business Overview 3 Other Business Highlights 4 Life insurance in India 9
Slide 15: Key elements of our strategy
Key elements of our strategy Profitable growth Diversified Customer first Risk management distribution mix & board Ensuring Creating superior governance sustainable and Developing multiple product propositions profitable growth channels of growth and customer Maintaining focus on by identifying and
Slide 16: Focus on profitable growth
Focus on profitable growth FY23 FY24 FY25 Q1 FY25 Q1 FY26 Rs bn Profitable growth 26.3% 25.6% 25.0% Economic New business Margin 27.6% 25.1% Profit Value of new business 36.7 35.0 39.6 7.2 8.1 Profit after tax (PAT) 13.6 15.7 18.0 4.8 5.5 distribution Diversified Accounting mix Profit Underwriting p
Slide 17: Profit emergence
Emergence of Existing Business (EB) Surplus Profit Emergence 80 EB Surplus emergence as a % of VIF 25% Profitable 20% 20% growth 70 19% 19% 20% Traditional Savings Protection ULIP (Longer Tenure) (Ind+Grp) 60 15% 50 distribution Diversified 0%-1% 10% mix 20%-25% 40 30%-35% 20%-25% 5% 55% - 60% 30%-3
Slide 18: Analysis of change in IEV
Analysis of change in IEV Rs bn Profitable growth 9.6 0.9 583.6 18%1 8.1 0.1 554.2 10.6 Operating Dividend & Unwind VNB variances and Economic Capital distribution Diversified assumption variances Injection mix changes 391.4 411.2 19%1 Adjusted Net worth (ANW) Value of in-force business (VIF) Custom
Slide 19: Steady VNB trajectory
Steady VNB trajectory Rs bn Profitable 12.7% growth distribution Diversified mix Customer first & governance management Risk Jun 30, 2024 Impact Impact of of Surrender Surrender Impact of Impact of Higher Higher New business Fixed cost Jun 30, 2025 Regulations Regulations11 APE APE 2 profile2 absorp
Slide 20: Diversified distribution – Partnerships
Diversified distribution – Partnerships Bancassurance Non-bank alliances Profitable growth distribution Diversified mix Customer first & governance management Risk Technology, Analytics digital & • 500+ partners across Banks and Non-Bank alliances with ~41K partner branches • Partnerships with Banks
Slide 21: Diversified distribution – Proprietary
Diversified distribution – Proprietary Agency: segmented growth Levers for future growth Profitable growth On-boarding high performing • Gross agent addition of over 23K in Q1 FY26, reaching ~2.55 lakh profiles: home-makers, retired govt servants & financial distributors distribution • Underscoring
Slide 22: Product mix across key channels
Product mix across key channels1 Segment FY24 FY25 Q1FY25 Q1FY26 Segment FY24 FY25 Q1 FY25 Q1FY26 UL 40% 43% 43% 43% UL 26% 26% 28% 20% Profitable growth Agency 23% Banca Par 19% 13% 36% Par 29% 26% 23% 40% Non par savings 30% 33% 39% 17% Non par savings 33% 33% 36% 25% Term 2% 2% 2% 3% Term 10% 7%
Slide 23: Healthy growth in protection
Healthy growth in protection Rs Bn. Retail protection APE Retail sum assured Profitable growth 26% 23% 32% 30% 7.4 4,347 964 distribution Diversified 1.8 3,765 mix 5.9 1.5 830 Customer first FY24 FY25 Q1FY25 Q1FY26 FY24 FY25 Q1FY25 Q1FY26 2 Year CAGR 2 Year CAGR & governance management ▪ Ranked #2 i
Slide 24: Key product innovations over the years
Key product innovations over the years Profitable FY15-18 FY19-22 FY23-FY26 growth HDFC Life Click 2 Protect Super Protection Click 2 Protect 3D Plus Sanchay Plus Protection Non-par savings HDFC Life Sanchay Legacy Protection distribution Diversified mix Pension Guaranteed Sanchay Par Advantage Clic
Slide 25: Recent product innovations across categories
Recent product innovations across categories Profitable ULIP Non-par savings Non-par pension Participating Protection growth distribution Diversified mix Customer first & governance management Risk An innovative plan that A game changing A wellness rider for A market linked plan A savings plan with
Slide 26: Risk management & board governance
Risk management & board governance Board of Directors Profitable Independent and experienced Board growth Committees Policyholder Nomination & Risk Corporate Social Stakeholder’s Audit Investment Protection, Grievance With Profits Capital Raising Board Management Remuneration Responsibility & Relati
Slide 27: Financial risk management framework
Financial risk management framework Natural hedges Product design & mix monitoring Profitable growth ▪ Protection and longevity businesses ▪ Prudent assumptions and pricing approach ▪ Unit linked and non par savings products ▪ Average entry age for annuity segment is ~60 years ▪ Broad-basing of coun
Slide 28: Future ready organisation: Leveraging technology, digital and analytics
Future ready organisation: Leveraging technology, digital and analytics Profitable growth 1 3 5 distribution Diversified mix Give me a Give me HYPER- OMNI-CHANNEL PLATFORMISATION simple journey PERSONALISATION frictionless SERVICE Nudge me in approach to tech from purchase for customers service to c
Slide 29: Building next-gen insurance platform: Project Inspire
Building next-gen of insurance platform: Project Inspire Reimagining our systems and processes by investing in new technologies and capabilities Profitable growth Envisioned tracks for transformation- moving towards execution distribution Diversified mix Data Business Product CRM Process Integration
Slide 30: Gen AI initiatives for Customer Engagement
Gen AI initiatives for Customer Engagement Product GPT for front-line Marketing Content Generator ▪ Instant, interactive product understanding for all ▪ Higher engagement rates by better targeted reach brochure-based customer queries ▪ Faster campaign execution by personalizing content ▪ Deeper prod
Slide 31: Agenda
Agenda 1 Performance Snapshot 2 Business Overview 3 Other Business Highlights 4 Life insurance in India 26
Slide 32: Persistency trends for HDFC Life
Persistency trends for HDFC Life Across key channels CY (Q1FY26) 86% 86% 88% 86% 80% 78% 78% 79% 72% 71% 70% 71% 73% 71% 68% 65% 68% 61% 62% 64% Agency Banca Direct Company 13th month 25th month 37th month 49th month 61st month Across key segments PY (Q1FY25) 85% 86% 89% 88% 82% 84% 82% 80% 79% 73%
Slide 33: Sensitivity analysis: FY25
Sensitivity analysis: FY25 Change in VNB Analysis based on key metrics Scenario % Change in EV Margin 1 Change in Increase by 1% (1.4%) (2.7%) Reference rate Decrease by 1% 0.9% 2.6% Equity Market Decrease by 10% (0.2%) (1.4%) movement Increase by 10% (0.9%) (0.1%) Persistency (Lapse rates) Decrease
Slide 34: The tier 2/3 growth opportunity
The tier 2/3 growth opportunity Tier 2/3 markets: Grow presence, maintain quality, build future capacity Expanding deeper, growing stronger Contribution of tier 13M persistency Tier 2/3 markets’ ATS 2/3 markets to APE closer to org closer to org Faster than company level APE growth 87% 65% 83-86% ~1
Slide 35: Increased awareness across tier 2/3 markets
Increased awareness across tier 2/3 markets Spontaneous awareness (Private insurers) Focus on category creation and deeper regional connect, supported by large Tier 11 Tier 2/32 campaigns: 88% Insurer 2 43% New branch Hyper- launch - Modular localization Insurer 2 56% 32% approach Insurer 3 50% • An
Slide 36: ESG at a Glance
MSCI has upgraded ESG at a Glance our ESG rating to ‘AA’ from ‘A’ nvironment ocial overnance • Board approved Environment & Climate • Women now represent 28.2% of our • Robust ESG Governance structure led Change Policy workforce, a 10% increase in gender by Board CSR & ESG Committee and diversity ov
Slide 37: Financial and operational snapshot (1/2)
Financial and operational snapshot (1/2) Rs bn. Q1FY26 Q1FY25 FY25 FY24 FY23 New Business Premium (Indl. + Group) 72.7 64.0 333.7 296.3 290.9 Renewal Premium (Indl. + Group) 76.0 64.1 376.8 334.5 284.5 Total Premium 148.8 128.1 710.5 630.8 575.3 Individual APE 27.8 24.7 136.2 115.1 114.0 Overall APE
Slide 38: Financial and operational snapshot (2/2)
Financial and operational snapshot (2/2) Rs bn. Q1FY26 Q1FY25 FY25 FY24 FY23 Overall New Business Margins (post overrun) 25.1% 25.0% 25.6% 26.3% 27.6% (1) Operating Return on EV 16.3% 17.1% 16.7% 17.5% 19.7% Total Expenses (OpEx + Commission) / Total Premium 21.9% 21.4% 19.8% 19.4% 19.8% (2) Return
Slide 39: Segment wise average term and age
Segment wise average term and age1 Average Policy Term (Yrs) Average Customer Age (Yrs) Q1 FY26: 25.0 (Q1 FY25: 23.5) Q1 FY26: 36.7 (Q1 FY25: 36.4) 18 38 UL UL 14 37 29 37 Par Par 34 35 23 37 Non-par Savings Non-par Savings 21 37 35 34 Non-par Protection Non-par Protection 36 34 13 50 Non-par Pensio
Slide 40: Agenda
Agenda 1 Performance Snapshot 2 Business Overview 3 Other Business Highlights 4 Life insurance in India
Slide 41: India: poised for sustainable growth
India: poised for sustainable growth The Fifth burgeoning largest and middle fastest class growing and Investment in physical and digital Rising affluence emergenceeconomy of Bharat building blocks to further drive growth India’s GDP (in USD)1 India’s middle income segment as % of all households3 To
Slide 42: Growth opportunity: Under-penetration and favorable demographics
Growth opportunity: Under-penetration and favorable demographics Life Insurance penetration1 (FY24) Life Insurance density US$ (FY24) 2 6,264 ▪ India remains vastly under-insured, both in terms of penetration and density 7.4% 7.1% 6.8% ▪ Bima Trinity initiative to catalyse growth: o Bima Sugam: Unif
Slide 43: Life protection: low levels of penetration
Life protection: low levels of penetration 1 3 Protection gap (2019) Sum Assured as a % of GDP 2 Trend of retail loans (Rs Tn.) 91.0% 332% 74 74.0% 71.0% 70.0% 252% 251% 61.0% 55.0% 50 153% 39 41.0% 143% 127% 29 23 85% 17 62% 23% India Malaysia Thailand China Japan Singapore Hong Singapore Japan USA
Slide 44: Macro opportunity: Retiral solutions
Macro opportunity: Retiral solutions 2 India’s pension market is under-penetrated at India’s retirement savings gap to grow annually by 10% to reach 1 3% of GDP ~$96Tn in 2050 146.2 2050 retirement savings gap ($ Tn.) 128.2 98.3 95.7 90.1 54.0 31.3 32.4 24.3 3.0 16.4 9.6 India Japan Hong Kong Canada
Slide 45: Life Insurance: Contributing to nation-building
Life Insurance: Contributing to nation-building Rs Bn Government bonds - Tenorwise Issuance Insuring India ▪ Policies issued annually (last 5 years): ~30 Mn 29% 21% 29% 30% 35% ▪ Death claims settled in FY24: ₹500 Bn <=15 yrs ▪ In-force sum assured (Mar 31, 2024): ₹222 Tn >15 yrs 79% 73% 71% 65% 71%
Slide 46: Industry new business trends
Industry new business trends 1 Product mix Private Players LIC 67% 60% 850 52% 54% 56% 48% 46% 44% 40% Individual WRP in Rs bn 684 33% 452 401 356 354 287 291 305 FY16 FY18 FY20 FY22 FY24 246 Unit Linked Conventional 2 155 Distribution mix 69 10% 12% 16% 15% 17% 4% 3% 3% 3% 3% 4% 5% 3% 3% 3% FY17 FY
Slide 47: Life Insurance: A preferred savings instrument
Life Insurance: A preferred savings instrument Household savings composition Financial savings mix 26% 21% 24% 23% 25% 2% 5% 9% 9% 9% 2% 15% 9% 19% 8% 9% 17% 18% 22% 21% 48% 18% 59% 51% 52% 58% 17% 18% 17% 67% 56% 52% 48% 42% 44% 41% 49% 48% 42% FY13 FY16 FY19 FY22 FY24 FY13 FY16 FY19 FY22 FY24 Gros
Slide 48: Disclaimer
Disclaimer This presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase any securities (“Securities”) of HDFC Life Insurance Company Limited (“HDFC Life” or the “Company”) in India, the United Stat
Slide 49: Thank You
Thank You For queries, reach out to the Investor Relations team at investorrelations@hdfclife.com FY25 Annual Report ESG Report FY25 ESG summary Sustainability Factsheet
HDFC Life Insurance Company — Q1 FY2026 Earnings Presentation on 6ix