Hdfc Life Insurance Co. Ltd. · NSE:HDFCLIFE
Hdfc Life Insurance — FY2026 Earnings Presentation
53 slides from Hdfc Life Insurance's earnings presentation, Apr 17, 2026
Slide 1: Exchange cover letter: Press Release and Investor Presentation FY26
April 16, 2026 Ref. No: HDFC Life/CA/2026-27/4 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 Twelve Months Ended March 31, 2026
PRESS RELEASE - PERFORMANCE FOR TWELVE MONTHS ENDED MARCH 31, 2026 BSE Code: 540777 NSE Code: HDFCLIFE HDFC Life FY26: Disciplined execution in a volatile operating environment; Strong momentum in Protection and Sum Assured Mumbai, 16th April, 2026: The Board of Directors of HDFC Life approved and a
Slide 3: CEO's Statement and Key Financial Summary
CEO’s Statement: Vibha Padalkar, Managing Director and CEO of HDFC Life, commented: “During FY26, we continued to maintain our position among the top three private insurers by individual WRP. Our private sector market share stood at 15.2% for 11MFY26. We outperformed the broader industry in 2 key fo
Slide 4: Key ratios, market share, mix and definitions
Individual WRP market share (Overall)4 11.0% 11.1% Product mix by Indl APE (UL / Non par savings 44/18/5/7/25 39/32/5/5/19 /Annuity/ Protection / Par) Distribution mix by Indl APE (Banca/ Agency/ Non- 58/18/14/10 59/18/15/8 bank alliances/ Direct)5 Percentages may not add up due to rounding off effe
Slide 5: Definitions and About HDFC Life
• Solvency ratio - Ratio of available solvency margin to required solvency margin • Total premium - Total received premiums during the year including first year, single and renewal premiums for individual and group business • Weighted received premium (WRP) - The sum of first year premium received d
Slide 6: Investor Presentation – FY26
Investor Presentation – FY26
Slide 7: Executive summary: FY26
Executive summary: FY26 Revenue & Cost Profitability & Scale Customer & Capital Rs (Bn.) 146.4 Value of Rs (Bn.) 40.3 42.5 CY 85% Individual New 13th month APE Business persistency Growth 7% Growth 2% 7% PY 87% (VNB) Rs (Bn.) 432.9 New CY 24.2% 25.5% Individual 99.7% Renewal Business Claim settlemen
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 Embedded value Individual APE Overall market share 146.4 11.0% 81.7 9.3% 48.9 7.5% 621 475 FY18 FY22 FY26 FY18 FY22 FY261 300 207 152 Annuity APE Protection new business2 9.3 FY18 FY20
Slide 10: 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 11: 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 12: Robust delivery across key metrics (1/2)
Robust delivery across key metrics (1/2) Steady market share in Individual WRP Strong growth in Individual sum assured (Rs bn) Pvt. mkt share 15.4% 15.7% 15.2% Pvt. mkt rank #2 #2 #2 Overall mkt 2yr CAGR 10.4% 11.1% 11.0% share 23% 2yr CAGR 12% 5,563 4,349 143.8 3,700 133.6 113.8 FY24 FY25 FY261 FY2
Slide 13: Robust delivery across key metrics (2/2)
Robust delivery across key metrics (2/2) Rs bn Persistency broadly in line with expectations Moderation in VNB growth compared to PY NBM: 25.6% 24.2% 87% 85% 2% ▪ Persistency movement ▪ VNB growth impacted by 63% 64% reflects changes in scale and regulatory customer cohort changes _ 39.6 40.3 13th 6
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 FY22 FY23 FY24 FY25 FY26 Rs bn Profitable growth 27.6% 26.3% 25.6% Economic New business Margin 27.4% 24.2% Profit Value of new business 26.8 36.7 35.0 39.6 40.3 Profit after tax (PAT) 12.1 13.6 15.7 18.0 19.1 distribution Diversified Accounting mix Profit Underwriting pro
Slide 17: Analysis of change in IEV
Analysis of change in IEV Rs bn EVOP: 83.3 EVOP%: 15.0% 12% Operating VNB Investment Dividend / Other non- Variance and Variance ESOPs operating Unwind assumption variance 1 change 448.1 14% 391.4 Adjusted Net worth (ANW) Value of in-force business (VIF) 162.8 173.3 6% IEV IEV IEV as at Mar 31, 2025
Slide 18: Steady VNB trajectory
Steady VNB trajectory Rs bn 7% 2% Assumption New Business Prior to SSV & Impact of FY25 Higher EPI Profile1 Expenses GST Impact FY26 change GST impact Surr Regs2 NBM% 25.6% (0.4%) 0.0% 1.2% (0.9%) 25.5% (0.2%) (1.1%) 24.2% VNB Growth Note: Numbers may not add up due to rounding off 13 1. Reflects th
Slide 19: 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 20: Diversified distribution – Proprietary
Diversified distribution – Proprietary Agency: segmented growth Profitable growth Levers for agency transformation • Gross agent addition of over 97K, reaching ~2.7 lakh On-boarding high performing distribution Diversified • Distribution architecture built on a blend of established relationships, ne
Slide 21: Network expansion across key geographies
Network expansion across key geographies Profitable 700+ growth Productivity & efficiency Market penetration Total branches uplift 260+ opened since FY24 • Expand pin-code coverage via • Segmented branch approach distribution Diversified focused hiring for focused initiatives mix • Higher customer c
Slide 22: Product mix across key channels
Product mix across key channels1 Segment FY24 FY25 FY26 Segment FY24 FY25 FY26 UL 40% 43% 53% UL 26% 26% 25% Profitable growth Agency Par 23% 19% 23% Banca Par 29% 26% 38% Non par savings 30% 33% 17% Non par savings 33% 33% 21% Term 2% 2% 3% Term 7% 10% 11% Annuity 5% 3% 3% Annuity 4% 5% 5% distribu
Slide 23: Healthy growth in protection
Healthy growth in protection Rs Bn. Overall protection1 Retail protection1 Overall Sum assured2 Profitable growth Product 11.4% 13.9% mix APE 5.4% 7.2% #1 #1 Product 26.8% 29.1% mix NBP distribution Diversified mix 23.2 10.6 16,997 17.7 7.4 13,774 Customer FY25 FY26 FY25 FY26 FY25 FY26 first Pvt Ind
Slide 24: Key product innovations over the years
Key product innovations over the years Profitable growth Sanchay Par Advantage Long Click 2 Protect Supreme Plus term participating solution with Comprehensive modular term cash payouts plan with accelerated, life-stage-aligned benefits distribution Sanchay Plus Diversified Aajeevan Growth Nivesh &
Slide 25: Recent product innovations across categories
Recent product innovations across categories ULIP Non-par savings Non-par Annuity Participating Protection Profitable growth distribution Diversified mix Customer first & governance management Risk A market linked plan A savings plan with An annuity plan that A game changing A comprehensive which he
Slide 26: 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 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 ~61 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 Profitable growth Onboarding Servicing Straight-through processing in issuance Simplified Partner claims, servicing & payouts through smart underwriting rule engine automation distribution Diversified mix FR (Further requirement) Feature-led S
Slide 30: Moving towards a GenAI-enabled organization
Moving towards a GenAI-enabled organization Profitable growth Partners Customers Policy servicing Support functions distribution Diversified • Virtual sales assistant • AI-led 24x7 self-service • AI-led investigation • Facial-recognition mix providing insights, quotes, chatbot summarization onboardi
Slide 31: HDFC Pension Fund Management
HDFC Pension Fund Management AUM Rs Bn. Private market share FY24-26 2.0x 43% 43% 43% 1,560 FY23-25 41% 2.5x 1,156 FY22-24 2.7x FY21-23 770 2.8x 454 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 • HDFC Pension PFM1 continues to be the largest private PFM1 growing in line with industry in Retail and Corpor
Slide 32: HDFC International Life and Re
HDFC International Life and Re USD Mn. Gross Written Premium (Revenues) 55.4 Positive operating performance ▪ Reinsurance business’ GWP grew by 42% in FY26 and Net 12.0 Profit grew by 62% in FY26 ▪ 9 products available through GIFT City across UL, Term 34.1 Life, Health, Group Term and Group Credit
Slide 33: Agenda
Agenda 1 Performance Snapshot 2 Business Overview 3 Other Business Highlights 4 Life insurance in India 28
Slide 34: Persistency trends for HDFC Life
Persistency trends for HDFC Life Across key channels CY (FY26) 86% 88% 85% 84% 78% 76% 79% 77% 73% 72% 74% 73% 73% 71% 70% 69% 63% 62% 63% 64% Agency Banca Direct Company 13th month 25th month 37th month 49th month 61st month Across key segments PY (FY25) 90% 87% 84% 86% 83% 84% 77% 76% 79% 78% 78%
Slide 35: Sensitivity analysis: FY26
Sensitivity analysis: FY26 Change in VNB % Change in Change in VNB % Change in Analysis based on key metrics Scenario Margin 1 EV Margin 1 EV Change in FY26 FY25 Increase by 1% (1.2%) (2.3%) (1.4%) (2.7%) Reference rate Decrease by 1% 0.8% 2.2% 0.9% 2.6% Equity Market Decrease by 10% (0.2%) (1.4%) (
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 • Expanding branch • R
Slide 37: ESG at a Glance
ESG at a Glance ESG Embedded as a core business enabler - supporting long-term value creation for policyholders, shareholders, environment and society Board approved ESG framework and Climate Risk policies Assessment conducted Transitioned to NPS for monitoring Multi-tier ESG Governance model custom
Slide 38: Environment
Environment Policies, Frameworks & Risk Reducing Carbon Footprint Assessment • Planted 9600+ saplings and developed 2 Miyawaki city forests • Board approved Environment & Climate Change Policy • Installed two solar power systems (~54 and 72 kWp • Climate-related disclosures aligned with the TCFD res
Slide 39: Social
Social Employee Wellbeing & DEI Customer Centricity Community Development ▪ Gender Diversity: Women represent over 28% ▪ Customer satisfaction tracked through Net ▪ Our ‘Swabhimaan’ CSR program delivered 27 of our workforce promoter score (NPS): 72.7 programs across 24 States/UTs, impacting ~8 lakh
Slide 40: Governance
Governance Corporate Governance Risk Management Cybersecurity & Data Privacy Responsible Investment ▪ Robust ESG Governance ▪ Board-level oversight of ▪ Cyber and Data Privacy risks ▪ ESG integrated investment and active through Board and Management enterprise-wise risk management governed by Board
Slide 41: Financial and operational snapshot (1/2)
Financial and operational snapshot (1/2) Rs bn. FY26 FY25 FY24 FY23 New Business Premium (Indl. + Group) 361.0 333.7 296.3 290.9 Renewal Premium (Indl. + Group) 432.9 376.8 334.5 284.5 Total Premium 793.9 710.5 630.8 575.3 Individual APE 146.4 136.2 115.1 114.0 Overall APE 166.4 154.8 132.9 133.4 Pr
Slide 42: Financial and operational snapshot (2/2)
Financial and operational snapshot (2/2) FY26 FY25 FY24 FY23 Overall New Business Margins (post overrun) 24.2% 25.6% 26.3% 27.6% Operating Return on EV 15.0% 16.7% 17.5% 19.7% Total Expenses (OpEx + Commission) / Total Premium 21.2% 19.8% 19.4% 19.8% (1) Return on Equity 11.5% 12.1% 11.5% 11.9% Solv
Slide 43: Segment wise average term and age
Segment wise average term and age1 Average Policy Term (Yrs) Average Customer Age (Yrs) FY26: 24.8 (FY25: 24.4) FY26: 36.1 (FY25: 36.6) UL 18 UL 37 16 38 Par 31 Par 36 34 35 Non-par Savings 20 Non-par Savings 37 22 37 Non-par Protection 35 Non-par Protection 34 36 34 Non-par Pension 13 Non-par Pensi
Slide 44: Agenda
Agenda 1 Performance Snapshot 2 Business Overview 3 Other Business Highlights 4 Life insurance in India
Slide 45: 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 46: 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 47: 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 48: 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 49: 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 50: 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 FY25: ₹475 Bn 21% 29% 35% 29% ▪ In-force sum assured (Mar 31, 2024): ₹222 Tn 52% 47% <=15 yrs Mobilising Long-Term C
Slide 51: Industry new business trends
Industry new business trends 1 Product mix Private Players LIC 67% 850 56% 819 48% 52% 54% 53% 46% 47% 44% Individual WRP in Rs bn 684 33% 452 401 356 354 287 291 305 312 FY16 FY18 FY20 FY22 FY25 246 Unit Linked Conventional 2 Distribution mix 10% 12% 16% 15% 4% 18% 3% 4% 3% 3% 3% 6% 3 3% 3% FY17 FY
Slide 52: 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 53: 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