HDFC Life Insurance Company Ltd(HDFCLIFE)

NSE: HDFCLIFEBSE: 540777

₹ 516.9-1.26%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 1.12 L crWebsite: www.hdfclife.comUpdated: 27 Oct 2026

About

HDFC Life Insurance Company Ltd is one of India's leading private life insurers, offering savings, protection and annuity products through bancassurance, agency, non-bank alliance and direct channels. Its private-sector individual WRP market share was 16.2% in H1 FY27, up from 16.1% in Q1 FY27. Its AUM stood at Rs 4.1 trn in H1 FY27, and total group AUM including pension was Rs 5.9 lakh cr. It reported revenue of 79493.42 (Rs cr) in FY26, and it serves 28 states and all union territories in India.^[1][2][3]

Key operating metrics

Total APE was ₹8,245 cr in H1 FY27 (+11% YoY), with Q2 FY27 APE up 13%; individual APE was ₹7,080 cr in H1 FY27 (+9%).^[2]
VNB was ₹2,037 cr in H1 FY27 (+12.1%), with Q2 FY27 VNB growth of 14.8%; VNB margin was 24.7% in H1 FY27 vs 24.5% a year earlier.^[2]
Full-year FY26: total APE ₹16,641 crore (+8% YoY); VNB ₹4,034 crore (+2% YoY); new business margin 24.2% (-140 bps YoY).^[1]
Embedded Value was ₹66,461 cr in H1 FY27 (+12%); operating RoEV was 14.9% in H1 FY27, down from 15.8%.^[2]
Renewal premium grew 14% to ₹20,443 cr in H1 FY27; AUM was Rs 4.1 trn (+13.8% YoY), and group AUM including pension was Rs 5.9 lakh cr.^[2]
Expense ratio was 22.3% in H1 FY27 vs 21.6% a year earlier.^[2]

Product mix

Individual APE mix (UL/non-par savings/annuity/protection/par) was 45/22/12/8/13 in H1 FY27 vs 42/18/4/7/29 in H1 FY26.^[2]
Retail protection grew 33% in H1 FY27. Its share of individual APE rose to 8% from about 7%, and protection plus riders made up 11%. Retail sum assured grew 21%.^[2]
Annuity mix rose from ~5% to ~11% of individual APE in Q1 FY27, helped by the variable annuity product AGNI launched in Q4 FY26.^[4]
Approximately one-quarter of ULIP business is written at higher sum assured multiples (H1 FY26).^[5]

Products and customers

Serves individuals (salaried, self-employed, and senior citizens and retirees via annuity and pension solutions) and institutional clients, as of FY25.^[6]
For institutional clients it offers group term insurance, gratuity, superannuation and leave encashment solutions (FY25).^[6]
Savings products are designed to help customers plan for children's education, marriage or retirement (FY25).^[6]

Distribution and reach

Bancassurance made up 58% of the channel mix in H1 FY27 and grew 7%. Agency (18%), non-bank alliances (15%) and direct each grew 13%. Group APE grew 24%.^[2]
Agency had 700+ branches in H1 FY27, with 20% growth in new agent additions and an 8% gain in FLS productivity.^[2]
HDFC Bank bancassurance contributed 47% of retail APE in Q1 FY27.^[4]
Over 80,000 agents were onboarded gross in 9M FY26, with 80% from Tier 2/3 geographies.^[7]
Operates in 28 states and all union territories in India, with one international office in Dubai (FY25).^[6]

Persistency and solvency

13-month persistency was 83% in H1 FY27 vs 86% a year earlier; 61-month persistency was 66% vs 62%.^[2]
Solvency ratio was 180% in H1 FY27 vs 175% a year earlier. It was 185% in Q1 FY27 after HDFC Bank's ₹1,000 crore preferential capital issuance.^[2][4]
An additional ₹500 crore sub-debt capacity remains available, which would add ~4% to solvency (Q1 FY27).^[4]

Market position

Individual WRP grew 11% in Q2 FY27 vs 10% for the private industry. Private market share was 16.2% in H1 FY27; overall individual WRP share was 11.5%, down from 11.9%.^[2]
Ranked top-2 among private players on retail sum assured in Q1 FY27.^[4]

Recent developments and plans

Launched AGNI in Q4 FY26, a variable annuity combining lifelong guaranteed income with Nifty 50-linked growth.^[1]
Management aims to sustain momentum and grow in line with the industry in FY27 (Q2 FY27 call).^[2]
Ind AS adoption is targeted for FY28, with regulatory forbearance sought for FY27; the risk-based capital solvency regime is awaited (Q1 FY27).^[4]
Stated medium-term aspiration (Q4 FY26) is to double VNB over 4-4.5 years from a normalised base.^[1]

Market Cap

₹1,12,301 Cr

High / Low

₹789 / 509

Stock P/E

55.3

Price / Book

5.8

Book Value

₹81

EPS

₹8.9

No. of Shares

215.78 Cr

ROE

11.3%

Sales

₹79,493 Cr

Net Profit

₹1,912 Cr

Promoter holding

50.5%

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HDFC Life Insurance Company Ltd(HDFCLIFE)

About

Key operating metrics

Product mix

Products and customers

Distribution and reach

Persistency and solvency

Market position

Recent developments and plans

Signal history

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