HDFC LIFE INS CO LTD

Sells life insurance and annuity products to retail and group customers across India, distributed mainly through HDFC Bank's branch network, an in-house agency channel, and non-bank partnerships. Premiums come from a mix of unit-linked insurance plans (ULIPs, 44% of Q1 FY27 mix), non-par savings (22%), traditional participating plans (15%), annuities (11%) and retail protection (8%); a variable annuity product now accounts for nearly half of annuity sales. Net premium income in Q1 FY27 was ₹16,548 cr, up 14% year-on-year, while total annualised premium equivalent (APE) reached ₹3,515 cr (+9% YoY) and individual APE ₹2,969 cr (+7%). Bancassurance via HDFC Bank remains the main distribution lever, with its share of new business at the early-60s level in FY26 after slipping from the mid-60s; the agency channel grew 21% in Q1 FY27 and added 250+ branches over 30 months. Value of new business was ₹879 cr in Q1 FY27 at a 25% new business margin, embedded value stood at ₹65,860 cr, and assets under management crossed ₹4 trillion. The insurer runs 715 branches with 38,291 permanent employees, holds 15.2% of the private-sector individual WRP market and 11.2% of overall life insurance market share, with earnings sensitivity to product mix, HDFC Bank channel volumes, persistency, and a remaining 60 bps GST drag on margins.