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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Unit-linked insurance plans (ULIPs) (44%), Non-par savings (22%), Participating (par) traditional plans (15%), Annuities (11%), Retail protection (8%). Long-duration liability-driven private life insurer, capital-light premium model with high embedded value
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | — | — |
| EBITDA (ex other income) | — | — |
| margin % | — | — |
| Owners' profit | 1,811 | 1,912 |
| EPS, as reported (₹) | — | — |
| ROE % · ROCE % | — · — | — · — |
| Debt / equity (x) | — | — |
| Cash from operations | 15,597 | 22,625 |
| Capex | (301) | (287) |
| ₹ crore | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — |
| Profit before tax | 486 | 564 | 468 | 441 | 490 | 630 |
| Net profit | 475 | 548 | 448 | 418 | 497 | 611 |
| EPS (₹) | — | — | — | — | — | — |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| MAX FINANCIAL SERV LTD | 50,971 | 461.6 | 7.94 | 208.8 | 1.6 | — | 8.8 | 1.2 |
| HDFC LIFE INS CO LTD ◆ | — | — | — | — | — | — | — | — |
| LIFE INSURA CORP OF INDIA | — | — | — | — | — | — | — | — |
| ICICI PRU LIFE INS CO LTD | — | — | — | — | — | 0.6 | — | — |
| SBI LIFE INSURANCE CO LTD | — | — | — | — | — | — | — | — |
| CANARA HSBC LIFE INS CO L | — | — | — |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · HDFC Life: GST appeal order confirms Rs 942.18 cr tax demand, Rs 2,422.97 cr penalty | regulatory legal | critical | — | — |
| 31 Aug 2026 · HDFC Life schedules investor meets at three conferences in September | board shareholder meetings | low | — | — |
| 26 Aug 2026 · Allotment of 1,14,000 equity shares under ESOP schemes | capital market events | low | — | — |
| 19 Aug 2026 · IRDAI approves re-appointment of MD and CEO and Executive Director and CFO | management changes | high | — | — |
| 4 Aug 2026 · Senior management to attend three investor conferences in August 2026 | board shareholder meetings | low | — | — |
| 22 Jul 2026 · HDFC Life Q1 FY27 earnings call: VNB up 9%, margin at 25%, AUM crosses INR 4 trillion | investor communications | medium | — | — |
| 16 Jul 2026 · HDFC Life 26th AGM: All resolutions passed, Rs 2.10 per share dividend declared | board shareholder meetings | low | — | — |
| 15 Jul 2026 · Audio recording of Q1 FY27 earnings call uploaded on website | investor communications | low | — | — |
| 15 Jul 2026 · HDFC Life: Independent Director Sumit Bose ceases on tenure completion, July 18 2026 | management changes | medium | — | — |
| 15 Jul 2026 · HDFC Life: No deviation in use of about Rs 1,000 crore preferential issue funds | compliance | minimal | — | — |
| Where a broker report shows | This document shows |
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| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| Profit growth | 11.5 | 21.9 | 8 of 12 | 36% |
| Why |
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| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
