IRDAI has also approved the reappointment of Niraj Shah as Chief Financial Officer (CFO) of HDFC Life for a period of five years, effective April 26, 2026.
Q1 performance
HDFC Life Insurance delivered a resilient June-quarter performance, with value of new business (VNB) and VNB margin exceeding CNBC-TV18 estimates, while premium growth remained broadly in line with expectations.
For the quarter ended June 30, new business premium rose 12% year-on-year to ₹8,143 crore, marginally below the CNBC-TV18 poll estimate of ₹8,433 crore.
Annualised Premium Equivalent (APE) increased 8.8% year-on-year to ₹3,515 crore, ahead of estimates, while retail APE grew 6.9% to ₹2,969 crore, also beating expectations.
The insurer reported VNB of ₹879 crore, up 8.5% from a year ago and ahead of the CNBC-TV18 poll estimate of ₹842 crore. VNB margin remained steady at 25%, compared with the Street expectation of 24.3%.
The protection business remained a key growth driver, with retail protection APE rising 42%, while retail sum assured increased 31% year-on-year. The retail protection mix expanded by nearly 200 basis points to 8%.
Managing Director and CEO Vibha Padalkar said growth during the quarter was led by proprietary distribution channels, particularly agency and non-bank alliances, which expanded 17%, outpacing the industry.Executive Director and CFO Niraj Shah said the company’s focus on profitable growth continued to support margins despite changes in the tax regime. Profit after tax rose 12% year-on-year to ₹611 crore, while underlying profit growth, excluding the GST impact, stood at 17%.
Also read: HDFC Life Q1: VNB, margins beat Street, while premium growth trails estimates
Shares of HDFC Life Insurance Company Ltd closed at ₹536.30 on the NSE on August 19, down ₹1.95 or 0.36%.
