Hdfc Life Insurance Co. Ltd. · NSE:HDFCLIFE
Hdfc Life Insurance — Q1 FY2027 Earnings Presentation
42 slides from Hdfc Life Insurance's earnings presentation, 2026
Slide 1: Investor Presentation Q1 FY27
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Slide 2: Executive summary: Q1FY27
Executive summary: Q1FY27 Revenue & Cost Profitability & Scale Operating & Customer Metrics Rs (Bn.) 29.7 Value of Rs (Bn.) 8.8 9.0 Rs (Bn.) 1,265 Individual New Ind Sum APE Business Assured Growth 7% Growth 9% 11% Growth 31% (VNB) Rs (Bn.) 90.2 New CY 25.0% 25.6% (000’s) 282 Renewal Business Number
Slide 3: Performance Snapshot
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Slide 4: Consistent, predictable, sustained performance
Consistent, predictable, sustained performance Rs bn Holistic growth Consistent track record over multiple periods Embedded value Individual APE Overall market share 146.4 10.8% 81.7 9.3% 48.9 7.5% 621 475 FY18 FY22 FY26 FY18 FY22 FY26 300 207 152 Annuity APE Protection new business1 9.3 FY18 FY20 F
Slide 5: Steady performance across business cycles
Steady performance across business cycles Nil GST on Surrender value individual LI Change in (SV) regulation products traditional savings Change in ULIP tax exemption limit tax exemption limit Covid-19 pandemic • Restructuring of • Leveraged GST led distributor demand growth in Open Architecture pro
Slide 6: Consistent track record of maximising shareholder value
Consistent track record of maximising shareholder value Rs bn 5 year 10 year Metrics FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 CAGR CAGR (FY21-26) (FY16-26) Value of new business 7.4 9.2 12.8 15.4 19.2 21.9 26.8 36.7 35.01 39.6 40.3 13% 18% (VNB) Operating variances 3.1 2.1 2.0 1.4 1.5
Slide 7: Robust delivery across key metrics (1/2)
Robust delivery across key metrics (1/2) Maintained No. 2 position basis individual WRP Sustained focus on expansion of customer base (000’s) Number of policies Pvt. mkt share 15.7% 15.1% 17.5% 16.3% Pvt. mkt rank #2 #2 #2 #2 Overall mkt 11.1% 10.8% 12.1% 11.2% share 282 1,267 1,288 143.9 29.2 249 1
Slide 8: Robust delivery across key metrics (2/2)
Robust delivery across key metrics (2/2) Rs bn Persistency in line with expectations Steady VNB growth NBM: 25.1% 25.0% 86% 84% 9% ▪ Persistency movement ▪ VNB growth in line with 64% 65% reflects changes in APE growth ▪ VNB recorded 11% customer cohorts and growth excluding GST underlying_ product
Slide 9: Healthy momentum across non-bank channels
Healthy momentum across non-bank channels Rs bn APE Mix Channel Q1FY27 Q1FY26 YoY growth 2yr CAGR Q1FY27 Q1FY26 Agency 5.4 4.4 21% 12% 18% 16% Bancassaurance 16.8 16.8 0% 6% 57% 60% Non-bank Alliances 4.7 4.1 12% 20% 15% 15% Direct 2.9 2.4 19% 15% 10% 9% Individual APE 29.7 27.8 7% 10% 100% 100% Gro
Slide 10: Business Overview
1 Performance Snapshot ( 2 Business Overview | 3 Other Business Highlights 4 Life insurance in India Dliise Sarutha ke jiyo!
Slide 11: 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 12: Focus on profitable growth
Focus on profitable growth FY24 FY25 FY26 Q1FY26 Q1FY27 Rs bn Profitable growth 25.6% 24.2% 25.1% Economic New business Margin 26.3% 25.0% Profit Value of new business 35.0 39.6 40.3 8.1 8.8 Profit after tax (PAT) 15.7 18.0 19.1 5.5 6.1 distribution Diversified Accounting mix Profit Underwriting pro
Slide 13: Analysis of change in IEV
Analysis of change in IEV Rs bn EVOP: 21.3 Rolling EVOP%: 14.7% Profitable growth Operating Investment Net Capital Unwind VNB distribution Diversified Variance Variance movement1 mix 466.2 448.1 Customer Adjusted Net worth (ANW) Value of in-force business (VIF) first & governance management 173.3 19
Slide 14: Steady VNB trajectory
Steady VNB trajectory Rs bn Profitable 11% growth 9% distribution Diversified mix Customer first & governance management Risk Assumption New Business Q1FY26 Higher EPI Expenses Prior to GST GST Impact Q1FY27 change Profile1 impact Technology, NBM% 25.1% (0.4%) 0.0% 1.7% (0.8%) 25.6% (0.6%) 25.0% Ana
Slide 15: Diversified distribution – Agency
Diversified distribution – Agency Key highlights 700+ New branch contribution Total agent base: 284k; Profitable growth Total branches 15% Ranked #2 basis agent count 260+ opened since FY24 11% Active agent count increased by 12% distribution Diversified mix APE from new branches registered 72% YoY
Slide 16: 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 46K+ partner branches • Partnerships
Slide 17: Product mix across key channels
Product mix across key channels 1 Segment FY25 FY26 Q1FY26 Q1FY27 Segment FY25 FY26 Q1 FY26 Q1FY27 UL 43% 53% 43% 55% UL 26% 25% 20% 19% Profitable growth Agency 19% Banca Par 23% 36% 14% Par 26% 38% 40% 22% Non par savings 33% 17% 17% 20% Non par savings 33% 21% 25% 32% Term 2% 3% 3% 4% Term 10% 11
Slide 18: Healthy growth in protection
Healthy growth in protection Rs Bn. Overall protection1 Retail protection1 Retail Sum assured Profitable growth Product 11% 14% 14% 16% 5% 7% 6% 8% #2 #2 mix APE2 Product 27% 29% 30% 33% mix NBP 23.2 10.6 distribution Diversified 17.7 7.4 mix 5.8 5,563 4,349 4.7 2.5 964 1,265 1.8 Customer FY25 FY26
Slide 19: Key product innovations over the years
Key product innovations over the years Click 2 Protect Supreme Plus Comprehensive modular term Profitable growth plan with accelerated, Sanchay Par Advantage Long life-stage-aligned benefits term participating solution with Aajeevan Growth Nivesh & cash payouts Income Align retirement income with ma
Slide 20: Risk management & board governance
Risk management & board governance Board of Directors Profitable Independent and experienced Board growth Committees Policyholder Risk Nomination & Corporate Social Stakeholder’s Board Audit Investment Protection, Grievance With Profits Capital Raising Management Remuneration Responsibility & Relati
Slide 21: 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 ~58 years ▪ Broad-basing of coun
Slide 22: 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 23: Deploying AI as part of an organization-wide initiative
Deploying AI as part of an organization-wide initiative Build scalable AI foundation and deliver high-impact use cases across New Business Operations, Customer AI Vision servicing, Distribution and Risk Management Profitable growth AI Philosophy AI Architecture Targeted AI deployment across value ch
Slide 24: Moving towards a GenAI-enabled organization
Moving towards a GenAI-enabled organization Profitable growth Partners Customers Policy servicing Support functions distribution Diversified • AI Sales Agent • AI-led 24x7 • AI-driven underwriting • Facial-recognition mix providing insights, self-service chatbot engine enabling faster onboarding wit
Slide 25: Other Business Highlights
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Slide 26: Persistency trends for HDFC Life
Persistency trends for HDFC Life Across key channels CY (Q1FY27) 85% 87% 84% 83% 76% 76% 75% 78% 75% 76% 75% 70% 73% 72% 70% 69% 66% 65% 64% 63% Agency Banca Direct Company 13th month 25th month 37th month 49th month 61st month Across key segments PY (Q1FY26) 90% 83% 85% 84% 83% 86% 76% 76% 79% 79%
Slide 27: Sensitivity analysis: FY26
Sensitivity analysis: FY26 Change in VNB Analysis based on key metrics Scenario % Change in EV Margin1 Change in Increase by 1% (1.20%) (2.30%) Reference rate Decrease by 1% 0.80% 2.20% Equity market movement Decrease by 10% (0.20%) (1.40%) Increase by 10% (1.80%) (0.40%) Persistency (Lapse rates) D
Slide 28: 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: 90% Insurer 2 50% New branch Hyper- launch - Modular localization Insurer 2 68% 40% approach • Expanding branch • R
Slide 29: ESG at a glance
ESG at a glance Environment Social Governance • Board approved Environment and • Diversity in hiring: Women now represent • Robust ESG Governance structure led by Climate change Policy over 28% of our workforce - a 10% Board CSR & ESG Committee and improvement in gender diversity over the executive-
Slide 30: Financial and operational snapshot (1/2)
Financial and operational snapshot (1/2) Rs bn. Q1FY27 Q1FY26 FY26 FY25 FY24 New Business Premium (Indl. + Group) 81.4 72.7 361.0 333.7 296.3 Renewal Premium (Indl. + Group) 90.2 76.0 432.9 376.8 334.5 Total Premium 171.7 148.8 793.9 710.5 630.8 Individual APE 29.7 27.8 146.4 136.2 115.1 Overall APE
Slide 31: Financial and operational snapshot (2/2)
Financial and operational snapshot (2/2) Rs bn. Q1FY27 Q1FY26 FY26 FY25 FY24 Overall New Business Margins (post overrun) 25.0% 25.1% 24.2% 25.6% 26.3% (1) Operating Return on EV 14.7% 16.3% 15.0% 16.7% 17.5% Total Expenses (OpEx + Commission) / Total Premium 22.6% 21.9% 21.2% 19.8% 19.4% (2) Return
Slide 32: Segment wise average term and age
Segment wise average term and age 1 Average Policy Term (Yrs) Average Customer Age (Yrs) Q1FY27: 23.6 (Q1FY26: 25.0) Q1FY27: 35.9 (FY25: 36.7) 18 UL 36 UL 38 18 32 Par 35 Par 37 29 18 Non-par Savings 37 Non-par Savings 23 37 Non-par Protection 34 34 35 Non-par Protection 34 Non-par Pension 13 50 13
Slide 33: Life insurance in India
coe ece eee eee eee Performance Snapshot Business Overview Other Business Highlights Lifeinsuranceinindia | Dliife Sarutha ke jiyo!
Slide 34: 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 35: Growth opportunity: Under-penetration and favorable demographics
Growth opportunity: Under-penetration and favorable demographics Life Insurance penetration1 (FY25) Life Insurance density US$2 (FY25) 7.6% 6.9% 7037 ▪ India remains vastly under-insured, both in terms of penetration and density 5.7% ▪ Bima Trinity initiative to catalyse growth: 3.7% o Bima Sugam: U
Slide 36: 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 37: 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 38: 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% 41% 41% 49% 48% 46% FY13 FY16 FY19 FY22 FY25 FY13 FY16 FY19 FY22 FY25 Gro
Slide 39: 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): >28 Mn ▪ Death claims settled in FY25: ₹475 Bn 21% 25% 35% 29% ▪ In-force sum assured (Mar 31, 2025): ₹242 Tn 52% 47% <=15 yrs Mobilising Long-Term C
Slide 40: Industry new business trends
Industry new business trends 1 Product mix Private Players LIC 67% 52% 54% 56% 53% 48% 47% 46% 44% 955 Individual WRP in Rs bn 33% 850 684 452 FY16 FY18 FY20 FY22 FY25 401 356 354 Unit Linked Conventional 291 305 2 179 179 Distribution mix 82 10% 12% 16% 15% 4% 18% 3% 4% 3% 3% 3% 6% 3% 3% FY19 FY21
Slide 41: 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 42: Thank You
Thank You For queries, reach out to the Investor Relations team at investorrelations@hdfclife.com FY26 Annual Report FY26 ESG summary ESG Report
HDFC Life Insurance Company — Q1 FY2027 Earnings Presentation on 6ix