NSE: HDFCLIFE · BSE: 540777
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. 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
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ 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 (₹) | — | — | — | — | — | — |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| MAX FINANCIAL SERV LTD | 42,261 | 382.7 | 6.58 | — | 1.6 | — | 8.8 | 1.2 |
| HDFC LIFE INS CO LTD ◆ | — | — | — | — | — | — | — | — |
| LIFE INSURA CORP OF INDIA | — | — | — | — | — | — | — | — |
| ICICI LIFE INSURANCE LTD | — | — | — | — | — | 0.6 | — | — |
| SBI LIFE INSURANCE CO LTD | — | — | — | — | — | — | — | — |
| CANARA HSBC LIFE INS CO L | — | — | — | — | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| Profit growth | 11.5 | 21.9 | 8 of 12 | 36% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Newspaper notices published for the postal ballot | compliance | minimal | — | — |
| 27 Oct 2026 · Postal ballot seeks approval for HDFC Life's GIFT City foreign branch | board shareholder meetings | low | — | — |
| 23 Oct 2026 · H1 FY27 profit rises 13%; margin improves to 24.7% | investor communications | medium | — | — |
| 15 Oct 2026 · HDFC Life Q2 FY27 earnings call recording available on website | investor communications | low | — | — |
| 15 Oct 2026 · HDFC Life H1 FY27: VNB up 12%, PAT rises 13%, NBM at 24.7% | investor communications | medium | — | — |
| 15 Oct 2026 · HDFC Life Q2 FY27: PAT Rs 508 Cr, Board Okays Rs 500 Cr NCDs and GIFT City Office | results | high | — | — |
| 6 Oct 2026 · HDFC Life schedules earnings call for H1 FY27 on Oct 15 | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Board meeting on Oct 15 to consider Q2 results and NCD issuance | results | low | — | — |
| 29 Sept 2026 · HDFC Life grants 23.85 lakh stock options and 11.05 lakh performance units to staff | general | medium | — | — |
| 11 Sept 2026 · HDFC Life: GST appeal order confirms Rs 942.18 cr tax demand, Rs 2,422.97 cr penalty | regulatory legal | critical | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| 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 |
Sources, method and disclosures
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.