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HDFC Life Insurance
SectorFinancial Services
HDFC Life Insurance Company Limited is a joint venture between Housing Development Finance Corporation Limited and Abrdn plc. It is a leading long-term life insurance provider in India, offering individual and group insurance solutions across protection, pension, savings, investment, annuity, and health segments. The company operates through participating, non-participating, and unit-linked business lines. It has 498 branches across India and covers both individual and group categories. HDFC Life has subsidiaries in pension fund management and reinsurance. The company completed its Initial Public Offer in 2017 and is listed on the National Stock Exchange of India Limited and BSE Limited. As of March 31, 2022, HDFC Life had 39 individual and 13 group products, along with 7 optional rider benefits. The company's Asset Under Management was Rs 204,170 crore as of that date. In 2022, HDFC Life acquired Exide Life Insurance Company Ltd, which subsequently merged with HDFC Life in October 2022.
In the news
HDFC Life: Growth, Margins, and the HDFC Bank Puzzle
HDFC Life Q2 profit jumps 14% to ₹508 cr, shares dip on persistency concerns
Life insurers post 21% premium growth in H1 FY26 amid IRDAI reforms
HDFC Life targets top-2 position in all states
Insurance stocks surge 7% on commission cut hopes amid global market shifts
HDFC Life shares at ₹530 amid ₹3,365 cr GST demand confirmation
HDFC Life CEO expects growth to return to early teens amid economic optimism
HDFC Life, Home First Finance: Multiple Brokerages Issue Bullish Calls
HDFC Life gets IRDAI approval for Vibha Padalkar's reappointment
Consumer Commission rules on death claims for lapsed life insurance
HDFC group stocks fall up to 4% as banking sector declines ahead of RBI policy
India Inc Q1FY27: Revenue up 18% with Fitch projecting 9% growth for FY27
HDFC Life Q1 FY2027: Profitable Growth Amid Strategic Shifts
HDFC Life Q1 results: Strong margins, growth challenges persist
HDFC Life Insurance gets buy rating, target ₹715
ICICI Prudential Life Q1 profits surge 28% on protection growth
HDFC AMC Q1 profit jumps 12.1% to ₹837.13 cr, Prabhudas raises target
Morgan Stanley, Motilal Oswal name top financial picks with 17-45% upside
HDFC Life gets ₹133 cr GST order, to appeal at tribunal
HDFC Life posts 12% premium growth, retail protection surges 43%
The Quarter story
The two most recent quarterly results, compared side-by-side.
HDFC Life is gaining share and shifting to annuity and protection, but early policy retention is slipping.
Overall market share rose from 11.0% to 11.5% from Q4 FY26 to Q2 FY27 — HDFC Life is gaining ground in the market
13-month persistency fell from 86% to 83% from Q2 FY26 to Q2 FY27 — newer policies are lapsing more often
Annuity share of new business premium rose from 7% to 17% from Q3 FY26 to Q2 FY27 — retirement products are becoming a bigger part of new business
25-month persistency fell from 77% to 75% from Q4 FY26 to Q2 FY27 — retention is weakening after the first two years
Protection share of new business premium rose from 15% to 30% from Q3 FY26 to Q2 FY27 — protection is now a much larger share of new business
Direct channel share of annualized premium fell from 15% to 9% from Q3 FY26 to Q2 FY27 — direct sales are losing share
Solvency ratio rose from 175% to 180% from Q2 FY26 to Q2 FY27 — balance sheet has room to absorb stress
Par product share fell from 27% to 13% from Q3 FY26 to Q2 FY27 — traditional participating products are shrinking
Bancassurance share of new business premium rebounded from 21% to 50% from Q1 FY27 to Q2 FY27 — bank channel new business strength returned
Rolling return on embedded value fell from 15.8% to 14.9% from Q2 FY26 to Q2 FY27 — value growth is slowing relative to equity
Company insights, generated from the most recent coverage.
The 3% fall on results day was intraday only — stock touched ₹532.60 (3.3% below the 15 Oct close of ₹550.55) then recovered to ₹552.35, up 0.33%. No weakness in the closing tape.
Stock is down ~29% in 2026 and sits ~30% below its 52-week high of ₹788.50, having made a low of ₹508.70 on 10 Sep. In a trend this weak, even a modest results beat invites selling into strength rather than buying.
Q2 PAT printed on three different bases — ₹500.8 cr (+13.6%), ~₹508 cr (+14%) and ₹521.6 cr consolidated. Quote 'PAT up ~14%' rather than an exact figure until the filing basis is confirmed.