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What is the story about?
HDFC Life Insurance Company reported a 13.6% year-on-year increase in net profit to ₹508 crore for the July-September quarter, compared with ₹447 crore in the year-ago period. Net premium income rose 15.7% to ₹21,727 crore from ₹18,777 crore a year earlier.
For the first half of FY27, net premium income increased to ₹38,275 crore from ₹33,243 crore in the corresponding period last year.
The insurer's profit after tax (PAT) for the April-September period rose 12.7% year-on-year to ₹1,119 crore, compared with ₹994 crore in H1 FY26.
HDFC Life's value of new business (VNB), a measure of the expected profit from new policies sold, grew 12.1% to ₹2,037 crore in H1 FY27, outpacing annualised premium equivalent (APE) growth of 11%. New business margins improved to 24.7% from 24.5% a year earlier.
Total APE rose to ₹8,245 crore from ₹7,413 crore in the year-ago period, while individual APE increased 9% to ₹7,080 crore.
Individual weighted received premium grew 11% in the September quarter, ahead of the private life insurance industry's 10% growth, the company said.
Protection business grows
HDFC Life's retail protection business expanded 33% during H1 FY27, with its share of individual APE rising to 8% from around 7% a year earlier. Retail sum assured increased 21% to ₹2.77 lakh crore.
Assets under management stood at ₹4.1 lakh crore as of September 30, 2026, up 13.8% year-on-year. Including HDFC Pension Fund Management, its wholly owned subsidiary, combined assets under management reached ₹5.9 lakh crore.
The insurer's embedded value rose 12% to ₹66,461 crore, while its rolling 12-month operating return on embedded value stood at 14.9%, compared with 15.8% a year earlier.
The solvency ratio improved to 180% as of September 30, 2026, from 175% a year earlier, although it moderated from 185% at the end of June.
Separately, HDFC Life said it would raise up to ₹500 crore through the issuance of non-convertible debentures.
Managing director and chief executive officer Vibha Padalkar said the company expected to sustain its momentum and grow in line with the industry in FY27, while highlighting regulatory consultations on insurance distribution economics as a key development for the sector.
For the first half of FY27, net premium income increased to ₹38,275 crore from ₹33,243 crore in the corresponding period last year.
The insurer's profit after tax (PAT) for the April-September period rose 12.7% year-on-year to ₹1,119 crore, compared with ₹994 crore in H1 FY26.
HDFC Life's value of new business (VNB), a measure of the expected profit from new policies sold, grew 12.1% to ₹2,037 crore in H1 FY27, outpacing annualised premium equivalent (APE) growth of 11%. New business margins improved to 24.7% from 24.5% a year earlier.
Total APE rose to ₹8,245 crore from ₹7,413 crore in the year-ago period, while individual APE increased 9% to ₹7,080 crore.
Individual weighted received premium grew 11% in the September quarter, ahead of the private life insurance industry's 10% growth, the company said.
| Key Metrics | Q2 FY27 | Q2 FY26 | YoY Change |
|---|---|---|---|
| Net Profit | ₹508 crore | ₹447 crore | +13.6% |
| Net Premium Income | ₹21,727 crore | ₹18,777 crore | +15.7% |
| Solvency Ratio | 180% | 175% | +5 percentage points |
| Source: BSE India | |||
Protection business grows
HDFC Life's retail protection business expanded 33% during H1 FY27, with its share of individual APE rising to 8% from around 7% a year earlier. Retail sum assured increased 21% to ₹2.77 lakh crore.
Assets under management stood at ₹4.1 lakh crore as of September 30, 2026, up 13.8% year-on-year. Including HDFC Pension Fund Management, its wholly owned subsidiary, combined assets under management reached ₹5.9 lakh crore.
The insurer's embedded value rose 12% to ₹66,461 crore, while its rolling 12-month operating return on embedded value stood at 14.9%, compared with 15.8% a year earlier.
The solvency ratio improved to 180% as of September 30, 2026, from 175% a year earlier, although it moderated from 185% at the end of June.
Separately, HDFC Life said it would raise up to ₹500 crore through the issuance of non-convertible debentures.
Managing director and chief executive officer Vibha Padalkar said the company expected to sustain its momentum and grow in line with the industry in FY27, while highlighting regulatory consultations on insurance distribution economics as a key development for the sector.
