Hdfc Life Insurance Co. Ltd. · NSE:HDFCLIFE
Hdfc Life Insurance — 9M FY26 Earnings Presentation
50 slides from Hdfc Life Insurance's earnings presentation, Jan 16, 2026
Slide 1: Cover letter to stock exchanges
January 15, 2026 Ref. No: HDFC Life/CA/2025-26/58 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: HDFC
Slide 2: Press Release: Performance for Nine Months Ended December 31, 2025
PRESS RELEASE - PERFORMANCE FOR NINE MONTHS ENDED DECEMBER 31, 2025 BSE Code: 540777 NSE Code: HDFCLIFE HDFC Life builds protection momentum in 9MFY26; Retail Protection up 42%, Sum Assured remains industry-leading Mumbai, 15th January, 2026: The Board of Directors of HDFC Life approved and adopted
Slide 3: CEO's Statement and Key Financial Summary
CEO’s Statement: Vibha Padalkar, Managing Director and CEO of HDFC Life, commented: “The life insurance sector saw an acceleration in momentum during the third quarter, supported by recent policy reforms and a rising preference for protection-led solutions. The GST exemption acted as a meaningful ca
Slide 4: Key financial ratios and definitions
New Business Margins 24.4% 25.1% Operating Return on EV1 15.6% 17.0% Total Expenses / Total Premium 22.5% 20.8% Solvency Ratio 180% 188% 13M / 61M Persistency 85%/63% 87%/61% Individual WRP market share (Overall) 10.9% 10.8% Product mix by Indl APE (UL / Non par savings 43/19/4/7/27 37/35/5/6/18 /An
Slide 5: Definitions and About HDFC Life
• Premium less benefits payouts - The difference between total premium received and benefits paid (gross of reinsurance) • Renewal premium - Regular recurring premiums received after the first policy year • Solvency ratio - Ratio of available solvency margin to required solvency margin • Total premi
Slide 6: Press release disclaimer
uncertainty and contingencies outside Company’s control. Past performance is not a reliable indication of future performance. Before acting on any information you should consider the appropriateness of the information having regard to these matters, and in particular, you should seek independent fin
Slide 7: Investor Presentation – 9M FY26
Investor Presentation – 9M FY26
Slide 8: Executive summary: 9M FY26
Executive summary: 9M FY26 Revenue & Scale Profitability & Cost Customer & Capital Rs (Bn.) 99.9 Value of New Rs (Bn.) 27.7 CY 85% Individual 13th month APE Business Growth 11% Growth2 7% persistency (VNB) PY 87% Rs (Bn.) 284.1 CY 24.4% Overall 99.8% Renewal New Business Claim settlement premium Mar
Slide 9: Analysis of change in IEV
Analysis of change in IEV Rs bn 27.7 7.5 619.2 615.7 16%1 32.5 (0.7) (2.1) (3.6) 2 554.2 Operating Economic VNB variances variances Dividend & Impact of Unwind Capital GST & injection Labour code 438.9 17%1 391.4 Adjusted Net worth (ANW) Value of in-force business (VIF) 162.8 176.8 12%1 IEV Unwind O
Slide 10: Steady VNB trajectory
Steady VNB trajectory Rs bn 13% 7% 1.3 29.2 2.7 (0.6) (0.2) 27.7 25.9 (1.3) 30-Oct-24 Higher EPI NewNew Business Profile1 Business Expenses Prior to to Prior ExtSSV impact & Impact of Surr Impact of Regs GST Impact 30-Oct-25 9M FY25 Higher EPI Expenses GST Impact 9M FY26 Profile1 GST impact Surr Reg
Slide 11: Agenda
Agenda 1 Performance Snapshot 2 Business Overview 3 Other Business Highlights 4 Life insurance in India Page 5
Slide 12: 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 6.8% 39.6 37 36.7 FY17 FY21 FY25 FY17 FY21 FY25 21.9 15.4 9.2 Assets under management Protection new business
Slide 13: 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 14: 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 15: 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% 15.3% 15.1% Pvt. mkt rank #2 #2 #2 #2 Overall mkt 10.4% 11.1% 10.8% 10.9% 10% 8% share 1,267 898 133.6 98.2 1,054 765 88.4 113
Slide 16: Robust delivery across key metrics (2/2)
Robust delivery across key metrics (2/2) Rs bn Improvement in 61st month persistency Healthy VNB growth NBM: 25.1% 24.4% 87% 85% 7% 63% Focus on quality of 61% business and providing VNB grew 13% excluding superior customer impact of surrender value experience_ regulation and GST change 25.9 27.
Slide 17: Agenda
Agenda 1 Performance Snapshot 2 Business Overview 3 Other Business Highlights 4 Life insurance in India 11
Slide 18: 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 19: Focus on profitable growth
Focus on profitable growth 9M 9M Rs bn FY23 FY24 FY25 FY25 FY26 Profitable growth 26.3% 25.6% 25.1% Economic New business Margin 27.6% 24.4% Profit Value of new business 36.7 35.0 39.6 25.9 27.7 Profit after tax (PAT) 13.6 15.7 18.0 13.3 14.1 distribution Diversified Accounting mix Profit Underwriti
Slide 20: Emergence of Existing Business Surplus
Emergence of Existing Business (EB) Surplus Profit Emergence 80 EB Surplus emergence as a % of VIF 25% Profitable 20% 19% 20% growth 70 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 21: 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 more than 41K partner branches • Partnerships w
Slide 22: Diversified distribution – Proprietary
Diversified distribution – Proprietary Agency: segmented growth Levers for future growth Profitable growth On-boarding high performing • Gross agent addition of over 80K in 9M FY26, over 2.6 lakh agents profiles: home-makers, retired govt servants & financial distributors distribution • Underscoring
Slide 23: Product mix across key channels
Product mix across key channels1 Segment FY24 FY25 9M FY25 9M FY26 Segment FY24 FY25 9M FY25 9M FY26 UL 40% 43% 40% 51% UL 26% 26% 26% 26% Profitable growth Agency Par 23% 19% 18% 26% Banca Par 29% 26% 24% 39% Non par savings 30% 33% 37% 18% Non par savings 33% 33% 36% 20% Term 2% 2% 2% 3% Term 7% 1
Slide 24: Healthy growth in protection
Healthy growth in protection Rs Bn. Overall protection1 Retail protection1 Overall Sum assured Profitable growth Product 12% 12% 15% 14% 6% 7% 6% 9% #1 #1 #1 #1 mix APE Product 27% 33% 28% 30% mix NBP 12,279 16.4 9,895 12.8 4,318 distribution Diversified 7.3 3,116 mix 6.1 5.1 4.2 3.0 1.8 Customer 9M
Slide 25: Key product innovations over the years
Key product innovations over the years Profitable FY15-18 FY19-22 FY23-FY26 growth Click 2 Protect 3D Plus Sanchay Plus Click 2 Protect Supreme Protection Protection Non-par savings distribution Diversified Sanchay Legacy Protection mix Pension Guaranteed Sanchay Par Advantage Plan Annuity Participa
Slide 26: Recent product innovations across categories
Recent product innovations across categories ULIP Non-par savings Non-par pension Participating Protection Profitable growth distribution Diversified mix Customer first & governance management Risk An annuity plan for A game changing A flexible term plan A market linked plan A savings plan with offe
Slide 27: 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 28: 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 29: Future ready organisation: 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 30: Unlocking growth & efficiency with AI – key themes
Unlocking growth & efficiency with AI – our key themes Customer Engagement Employee Empowerment • Integrated chatbots providing resolution for all queries • Context analysis leading to reduced customer complaints • Facial Recognition for smooth onboarding • Improved turn around time for employee onb
Slide 31: AI initiatives for Business Expansion
AI initiatives for Business Expansion Employee Onboarding OpsGenie Facial recognition–based verification accelerates An AI-powered chatbot that resolves operational and employee onboarding while ensuring secure underwriting queries in real time identity checks 40% of queries are resolved insta
Slide 32: 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 Integration Platfor
Slide 33: Agenda
Agenda 1 Performance Snapshot 2 Business Overview 3 Other Business Highlights 4 Life insurance in India 27
Slide 34: Persistency trends for HDFC Life
Persistency trends for HDFC Life Across key channels CY (9M FY26) 86% 85% 88% 85% 79% 77% 79% 78% 72% 71% 74% 74% 72% 71% 69% 70% 62% 61% 61% 63% Agency Banca Direct Company 13th month 25th month 37th month 49th month 61st month Across key segments PY (9M FY25) 86% 89% 87% 84% 82% 81% 83% 79% 75% 77
Slide 35: Sensitivity analysis: H1 FY26
Sensitivity analysis: H1 FY26 Change in VNB Analysis based on key metrics Scenario % Change in EV Margin 1 Change in Increase by 1% (1.2%) (2.5%) Reference rate Decrease by 1% 0.9% 2.5% Equity Market Decrease by 10% (0.3%) (1.5%) movement Increase by 10% (1.5%) (0.3%) Persistency (Lapse rates) Decre
Slide 36: Increased awareness across tier 3 markets
Increased awareness across tier 3 markets Spontaneous awareness (Private insurers) Focus on category creation and deeper regional connect, supported by large Tier 11 Tier 32 campaigns: 89% Insurer 2 45% New branch Hyper- launch - Modular localization Insurer 2 61% 34% approach Insurer 3 54% • Announ
Slide 37: ESG at a Glance
ESG at a Glance MSCI has upgraded our ESG rating to ‘AA’ from ‘A’ nvironment ocial overnance • Women now represent 28% of our • Robust ESG Governance structure led by • Board approved Environment & Climate workforce, a 10% increase in gender diversity Board CSR & ESG Committee and executive Change P
Slide 38: Financial and operational snapshot (1/2)
Financial and operational snapshot (1/2) Rs bn. 9MFY26 9M FY25 FY25 FY24 FY23 New Business Premium (Indl. + Group) 245.5 223.9 333.7 296.3 290.9 Renewal Premium (Indl. + Group) 284.1 246.2 376.8 334.5 284.5 Total Premium 529.7 470.1 710.5 630.8 575.3 Individual APE 99.9 89.9 136.2 115.1 114.0 Overal
Slide 39: Financial and operational snapshot (2/2)
Financial and operational snapshot (2/2) Rs bn. 9M FY26 9M FY25 FY25 FY24 FY23 Overall New Business Margins (post overrun) 24.4% 25.1% 25.6% 26.3% 27.6% (1) Operating Return on EV 15.6% 17.0% 16.7% 17.5% 19.7% Total Expenses (OpEx + Commission) / Total Premium 22.5% 20.8% 19.8% 19.4% 19.8% (2) Retur
Slide 40: Segment wise average term and age
Segment wise average term and age1 Average Policy Term (Yrs) Average Customer Age (Yrs) 9M FY26: 25.0 (9M FY25: 24.3) 9M FY26: 36.1 (9M FY25: 36.5) 18 UL 37 UL 38 16 31 Par 36 Par 35 34 21 Non-par Savings 37 Non-par Savings 37 22 34 Non-par Protection 34 Non-par Protection 36 34 Non-par Pension 13 5
Slide 41: Agenda
Agenda 1 Performance Snapshot 2 Business Overview 3 Other Business Highlights 4 Life insurance in India
Slide 42: India: poised for sustainable growth
India: poised for sustainable growth The burgeoning Fifth middle largest and class fastest and growing Investment in physical and digital Rising affluence emergence of Bharat economy building blocks to further drive growth India’s GDP (in USD)1 India’s middle income segment as % of all households3 T
Slide 43: Growth opportunity: Under-penetration and favorable demographics
Growth opportunity: Under-penetration and favorable demographics Life Insurance penetration1 (FY24) Life Insurance density US$2 (FY24) 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: Unifi
Slide 44: 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 45: 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 46: Life Insurance: A preferred savings instrument
Life Insurance: A preferred savings instrument Household savings composition Financial savings mix 26% 21% 24% 23% 23% 2% 5% 9% 9% 8% 2% 15% 9% 19% 8% 14% 17% 18% 22% 18% 21% 48% 51% 52% 54% 59% 17% 18% 16% 67% 56% 52% 48% 42% 49% 48% 46% 41% 41% FY13 FY16 FY19 FY22 FY25 FY13 FY16 FY19 FY22 FY25 Gro
Slide 47: Life Insurance: Contributing to nation-building
Life Insurance: Contributing to nation-building Rs Tn. Government bonds - Tenorwise Issuance Insuring India Policies issued annually (last 5 years): ~30 Mn Death claims settled in FY24: ₹500 Bn 21% 29% 35% 29% In-force sum assured (Mar 31, 2024): ₹222 Tn 52% 46% <=15 yrs Mobilising Long-Term C
Slide 48: Industry new business trends
Industry new business trends 1 Product mix Private Players LIC 67% 850 52% 54% 56% 53% 48% 47% 46% 44% Individual WRP in Rs bn 684 33% 651 452 401 356 354 287 291 305 FY16 FY18 FY20 FY22 FY25 246 246 Unit Linked Conventional 2 Distribution mix 10% 12% 16% 15% 4% 18% 3% 4% 3% 3% 3% 6% 3% 3% FY17 FY19
Slide 49: 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 50: 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