Protection business boosts HDFC Life, ICICI Pru Life Q1 earnings

HDFC Life reported a 12% year-on-year rise in net profit to around Rs 611 crore, with VNB up 9% to Rs 879 crore and VNB margin stable at 25.0%. ICICI Prudential Life outperformed with PAT up 27.8% to Rs 386 crore, VNB rising 24.9% to Rs 571 crore and VNB margin expanding 220 basis points to 26.7%. Both insurers saw strong protection segment growth, with ICICI Pru's retail protection APE surging 60.4%.