Q3 2026 HDFC Life Insurance Company Ltd Earnings Call Transcript
Key Points
- HDFC Life Insurance Co Ltd (NSE:HDFCLIFE) reported a year-on-year growth of 11% in individual WRP, outpacing the industry growth of 10%.
- The company's individual APE grew 11% year-on-year, translating into a healthy 2-year CAGR of 17%.
- Retail protection delivered strong year-on-year growth of 42% for the nine months ended FY26 and 70% in quarter three.
- The solvency ratio remained strong at 180%, supported by the INR749 crore of subordinated debt raised in quarter three.
- HDFC Life Insurance Co Ltd (NSE:HDFCLIFE) maintained a top 2 market share position across the majority of its partner banks.
- The company faced a onetime impact from changes under the new labor code, affecting both embedded value and profit after tax.
- The 13-month persistency ratio moderated by 200 basis points, indicating stress in certain profiles.
- The bancassurance channel saw slower growth, with a 2% increase over nine months, impacting overall growth.
- The GST impact on margins was contained to less than 200 basis points, but it still posed a challenge.
- Competitive intensity in the bancassurance channel increased, with some banks adopting multiple partners, affecting growth.
Ladies and gentlemen, good day, and welcome to the 9M FY26 earnings conference call of HDFC Life Insurance Company Limited. (Operator Instructions)
I now hand the conference over to Ms. Vibha Padalkar, MD and CEO of HDFC Life. Thank you, and over to you, ma'am.
Thank you, Ryan. Good evening, everyone, and thank you for joining our earnings conference call for the nine months ended December 31, 2025. Our results, along with the investor presentation, press release and regulatory disclosures are available on our website and with the stock exchanges.
Joining me on today's call are Niraj Shah, Executive Director and CFO; Vineet Arora, Executive Director and Chief Business Officer; Eshwari Murugan, Appointed Actuary; and Kunal Jain, Head of Investor Relations, Business Planning and ESG.
On this call, we look forward to discussing our results, strategic priorities and the outlook for the sector as well as for HDFC Life. The
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