Hdfc Life Insurance Co. Ltd. · NSE:HDFCLIFE
Hdfc Life Insurance — H1 FY26 Earnings Presentation
51 slides from Hdfc Life Insurance's earnings presentation, Oct 15, 2025
Slide 1: Exchange cover letter: Press Release and Investor Presentation
October 15, 2025 Ref. No: HDFC Life/CA/2025-26/41 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 the Half Year Ended September 30, 2025
PRESS RELEASE - PERFORMANCE FOR THE HALF YEAR ENDED SEPTEMBER 30, 2025 BSE Code: 540777 NSE Code: HDFCLIFE HDFC Life sustains growth trajectory in H1 FY26; Consolidated AUM crosses ₹5 trillion milestone Mumbai, 15th October, 2025: The Board of Directors of HDFC Life approved and adopted the reviewed
Slide 3: Key Financial Summary
pricing now more attractive to customers across segments, we expect to see stronger demand over the medium to long term. H1FY26 concluded with topline performance broadly in line with expectations, with us outperforming both the overall industry and the private sector. As the external environment ev
Slide 4: Definitions and abbreviations
1. ROEV on a rolling 12-month basis 2. Non-bank Alliances include brokers and other non-bank corporate agents; Select Online/Direct business has been reclassified under Non-bank Alliances Definitions and abbreviations • Annualized Premium Equivalent (APE) - The sum of annualized first year regular p
Slide 5: About HDFC Life and disclaimer
Protection, Pension, Savings, Investment, Annuity and Health. The Company has over 70 products (individual and group products) including optional riders in its portfolio, catering to a diverse range of customer needs. HDFC Life continues to benefit from its increased presence across the country, hav
Slide 6: Investor Presentation – H1 FY26
Investor Presentation – H1 FY26
Slide 7: Executive summary: H1 FY26
Executive summary: H1 FY26 Revenue & Scale Profitability & Cost Customer & Capital Rs (Bn.) 64.7 Value of New Rs (Bn.) 18.2 CY 86% Individual 13th month APE Business Growth 10% Growth 10% persistency (VNB) PY 88% Rs (Bn.) 179.4 CY 24.5% Overall 99.8% Renewal New Business Claim settlement premium Mar
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% 16.3% 16.6% Pvt. mkt rank #2 #2 #2 #2 Overall mkt 10.4% 11.1% 11.0% 11.9% 10% share 9% 1,267 570 133.6 64.0 1,054 476 57.9 113
Slide 13: 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: 24.6% 24.5% 88% 86% ▪ Focus on quality of 10% ▪ Multiple pools of business and providing profitability contributing 60% 62% to VNB accretion superior customer experience_ 18.2 16.6 13th 61st
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 H1 FY25 H1 FY26 Rs bn Profitable growth 26.3% 25.6% 24.6% Economic New business Margin 27.6% 24.5% Profit Value of new business 36.7 35.0 39.6 16.6 18.2 Profit after tax (PAT) 13.6 15.7 18.0 9.1 9.9 distribution Diversified Accounting mix Profit Underwriting
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 14%1 Operating Economic VNB variances variances Dividend & Impact of Unwind distribution Diversified Capital GST injection mix 424.6 16%1 391.4 Customer first Adjusted Net worth (ANW) Value of in-force business (VIF) 162.8 170.8 10%1 & governance man
Slide 19: Steady VNB trajectory
Steady VNB trajectory Rs bn Profitable 10% growth distribution Diversified mix Customer first & governance management Risk Impact of New business Fixed cost Impact of delay Baseline Impact of Impact of H1 FY25 Surrender profile2 absorption H1 FY26 in re-pricing H1FY25 higher APE GST norms Regulation
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 more than 41K partner branches • Partnerships w
Slide 21: Diversified distribution – Proprietary
Diversified distribution – Proprietary Agency: segmented growth Levers for future growth Profitable growth On-boarding high performing profiles: home-makers, retired govt • Gross agent addition of over 51K in H1 FY26, reaching 2.58 lakh agents servants & financial distributors distribution Diversifi
Slide 22: Agency transformation project
Agency transformation project Profitable growth 1. Acquire Quality Agent Acquisition 2. Activate • Points based criteria for quality recruitment distribution Diversified Early Productivity & Training mix • Simplifying licensing processes • Boosting pre-recruitment engagement at branch level • Higher
Slide 23: Product mix across key channels
Product mix across key channels1 Segment FY24 FY25 H1 FY25 H1 FY26 Segment FY24 FY25 H1 FY25 H1 FY26 UL 40% 43% 40% 50% UL 26% 26% 25% 25% Profitable growth Agency Par 23% 19% 13% 29% Banca Par 29% 26% 22% 39% Non par savings 30% 33% 41% 16% Non par savings 33% 33% 40% 21% Term 2% 2% 2% 3% Term 7% 1
Slide 24: Healthy growth in protection
Healthy growth in protection Rs Bn. Retail protection APE Retail sum assured Profitable growth 26% 27% 32% 26% 7.4 4,347 distribution 2,281 Diversified 3,765 mix 4.3 1,873 5.9 3.4 Customer first FY24 FY25 H1 FY25 H1 FY26 FY24 FY25 H1 FY25 H1 FY26 2 Year CAGR 2 Year CAGR & governance management ▪ Bus
Slide 25: Key product innovations over the years
Key product innovations over the years Profitable FY15-18 FY19-22 growth FY23-FY26 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 Profitable ULIP Non-par savings Non-par pension Participating Protection 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 – our 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: Gen AI initiatives for Employee Empowerment
Gen AI initiatives for Employee Empowerment HR Buddy Marketing Content Generator ▪ AI-powered JD generation & resume screening to ▪ Faster campaign execution by personalizing content enhance recruitment efficiency and precision and optimizing communication channels ▪ Instant shortlisting based on ro
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 Business Product CRM Process configurator Vir
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 (H1 FY26) 86% 85% 88% 86% 80% 77% 79% 78% 72% 71% 74% 73% 72% 71% 69% 69% 62% 59% 62% 62% Agency Banca Direct Company 13th month 25th month 37th month 49th month 61st month Across key segments PY (H1 FY25) 87% 89% 88% 84% 82% 83% 83% 79% 76% 78
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 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 37: 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% On
Slide 38: 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 39: Financial and operational snapshot (1/2)
Financial and operational snapshot (1/2) Rs bn. H1FY26 H1 FY25 FY25 FY24 FY23 New Business Premium (Indl. + Group) 162.2 145.0 333.7 296.3 290.9 Renewal Premium (Indl. + Group) 179.4 152.4 376.8 334.5 284.5 Total Premium 341.6 297.4 710.5 630.8 575.3 Individual APE 64.7 58.6 136.2 115.1 114.0 Overal
Slide 40: Financial and operational snapshot (2/2)
Financial and operational snapshot (2/2) Rs bn. H1 FY26 H1 FY25 FY25 FY24 FY23 Overall New Business Margins (post overrun) 24.5% 24.6% 25.6% 26.3% 27.6% (1) Operating Return on EV 15.8% 17.4% 16.7% 17.5% 19.7% Total Expenses (OpEx + Commission) / Total Premium 21.6% 21.1% 19.8% 19.4% 19.8% (2) Retur
Slide 41: Segment wise average term and age
Segment wise average term and age1 Average Policy Term (Yrs) Average Customer Age (Yrs) H1 FY26: 24.9 (H1 FY25: 24.0) H1 FY26: 36.4 (H1 FY25: 36.4) 18 37 UL UL 15 38 30 36 Par Par 34 35 22 37 Non-par Savings Non-par Savings 22 37 34 34 Non-par Protection Non-par Protection 36 34 13 50 Non-par Pensio
Slide 42: Agenda
Agenda 1 Performance Snapshot 2 Business Overview 3 Other Business Highlights 4 Life insurance in India
Slide 43: 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 44: 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 45: 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 46: 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 47: 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 48: 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 49: 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% 452 401 384 356 354 287 291 305 FY16 FY18 FY20 FY22 FY24 246 Unit Linked Conventional 2 155 Distribution mix 10% 12% 16% 15% 17% 4% 3% 3% 3% 3% 4% 5% 3% 3% FY17 FY19
Slide 50: 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 51: 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 — H1 FY26 Earnings Presentation on 6ix