• The document contains the transcript of an Earnings Conference Call held on October 15, 2026, to discuss the financial performance for H1 FY27 (period ended September 30, 2026).
  • The event was scheduled after the earnings announcement, as indicated by the discussion of H1 FY27 results.
  • Management participants included:
  • Vibha Padalkar (Managing Director & CEO)
  • Niraj Shah (Executive Director and Chief Financial Officer)
  • Vineet Arora (Executive Director and Chief Business Officer)
  • Eshwari Murugan (Appointed Actuary and Chief Actuary)
  • Kunal Jain (Head - Investor Relations, Business Planning and Strategy)
  • The transcript has been hosted on the Company's website at https://www.hdfclife.com/about-us/investor-relations.
  • The company stated that no unpublished price sensitive information (UPSI) would be shared during the call, as this was a post-results discussion.

Financial Highlights Discussed

  • Business Performance: Individual weighted received premium grew 11% in Q2 FY27, ahead of private industry at 10%. Market share improved 10bps to 16.2% in Q2. H1 individual APE growth was 9%, while overall APE grew 11% in H1.
  • Channel Performance: HDFC Bank channel grew 12% in Q2, other bancassurance partnerships grew 13%, and agency channel grew 13% in H1. New partnership with J&K Bank announced.
  • Product Mix: Unit-linked products contributed 45% of individual APE, non-par savings 22%, annuity 12%, participating products 13%, and retail protection 8%. Retail protection grew 33% in H1.
  • Financial Metrics:
  • Value of New Business (VNB): ₹2,037 crore (12% growth)
  • New Business Margin: 24.7% (vs. 24.5% in H1 FY26)
  • Embedded Value: ₹66,461 crore
  • Profit After Tax: ₹1,119 crore (13% growth)
  • Assets Under Management: ₹4.1 trillion (14% YoY growth)
  • Solvency Ratio: 180% (regulatory requirement 150%)
  • Regulatory Update: Discussion of IRDAI consultation papers on insurance distribution economics, with industry feedback being gathered.
  • Capital Raising: Board approved raising up to ₹500 crore through subordinated debt to be completed in current quarter.

Additional Notes Section

  • The document includes the full transcript of the earnings conference call with analyst Q&A covering topics such as channel growth, product mix, persistency issues, regulatory impacts, and capital management.
  • Financial data was extensively disclosed in the transcript covering H1 FY27 performance metrics.
  • The document was filed pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.