Board Meeting Details

The Board of Directors meeting commenced at 3:30 PM and concluded at 6:45 PM on October 27, 2026. Key approvals included:

  • Unaudited Financial Results for quarter and half year ended September 30, 2026
  • Postal ballot notice for appointment of Mr. Nihar Niranjan Jambusaria (DIN: 01808733) as Independent Director

Financial Results Highlights

Quarter Ended September 30, 2026 (Q2 FY27):

  • Net Profit: ₹1,274.17 crore (up 11% YoY from ₹1,149.06 crore in Q2 FY26)
  • Gross Premium Income: ₹26,877.70 crore
  • First Year Premium: ₹5,755.86 crore
  • Renewal Premium: ₹15,763.64 crore
  • Single Premium: ₹5,595.63 crore
  • Total Income: ₹2,429.17 crore
  • Expenses of Management: ₹308.75 crore
  • Solvency Ratio: 1.97 (1.96 in Q1 FY27, 1.94 in Q2 FY26)
  • EPS (Basic): ₹5.47 (₹4.93 in Q2 FY26)
  • EPS (Diluted): ₹5.47 (₹4.93 in Q2 FY26)

Half Year Ended September 30, 2026 (H1 FY27):

  • Net Profit: ₹2,470.30 crore
  • Gross Premium Income: ₹46,955.91 crore (up 22% YoY)
  • Total Income: ₹7,038.24 crore
  • Expenses of Management: ₹565.25 crore

Key Financial Metrics

Balance Sheet (as of September 30, 2026):

  • Total Assets: ₹530,902.46 crore
  • Share Capital: ₹100.34 crore
  • Reserves & Surplus: ₹19,390.32 crore
  • Investments:
  • Shareholders: ₹18,831.85 crore
  • Policyholders (Non-Linked): ₹227,683.39 crore
  • Linked Assets: ₹279,843.31 crore

Ratios & Performance Indicators:

  • Expense Management Ratio: 11.39% (12.05% in Q1 FY27)
  • Policyholder's liabilities to shareholders' fund: 2484.83%
  • 13th Month Persistency (Premium Basis): 85.82%
  • 61st Month Persistency (Premium Basis): 58.01%

Capital Structure Impact

  • Allotted 164,539 equity shares (face value ₹10 each) to eligible employees under ESOS 2018 during the quarter
  • Paid-up equity share capital increased to ₹100.34 crore from ₹100.31 crore in previous quarter

Cash Flow Statement

H1 FY27 Cash Flows:

  • Operating Activities: ₹13,013.27 crore inflow
  • Investing Activities: ₹8,087.52 crore outflow
  • Financing Activities: ₹31.73 crore inflow
  • Net increase in cash: ₹4,957.48 crore
  • Cash and cash equivalents at period end: ₹14,122.12 crore

Segment Performance

Key Segment Highlights (Q2 FY27):

  • Linked Individual Life: Premium ₹11,891.43 crore, Surplus ₹261.52 crore
  • Non-Par Individual Life: Premium ₹566.06 crore, Deficit ₹1,098.01 crore
  • Non-Par Annuity: Premium ₹225.51 crore, Surplus ₹1,724.50 crore
  • Group Life: Premium ₹263.63 crore, Surplus ₹6,586.00 crore

Regulatory & Compliance Matters

  • Joint Statutory Auditors (K S Aiyar & Co. and J Singh & Associates) issued unmodified limited review reports
  • Trading window reopened from October 30, 2026 for all designated persons
  • IRDAI granted one-year forbearance for Ind AS implementation until FY27-28
  • SAT upheld IRDAI order for transfer of Sahara India Life Insurance business (order dated December 5, 2025)

Corporate Governance

  • Postal ballot notice to be circulated on November 3, 2026 for appointment of Independent Director
  • E-voting period: November 4, 2026 to December 3, 2026
  • Cut-off date for voting: October 30, 2026

Embedded Value Update

  • WTW certified embedded value of ₹87,350 crore as of September 30, 2026
  • Value of new business for H1 FY27: ₹3,270 crore
  • Internal capital target maintained at 180% of Required Solvency Margin

Investor Complaints

  • 5 complaints received and resolved in Q2 FY27
  • 12 complaints received and resolved in H1 FY27
  • Zero pending complaints at period end

Notes & Qualifications

  • Financial results prepared under Indian GAAP (Ind AS implementation deferred to FY27-28)
  • Results reviewed by Board Audit Committee and approved by Board of Directors
  • Actuarial valuation certified by Appointed Actuary in accordance with IRDAI guidelines
  • Previous period figures regrouped/reclassified for comparability