Press Release

July 15, 2026 Ref. No: HDFC Life/CA/2026-27/25 Listing Department Listing Department National Stock Exchange of India Limited BSE Limited Exchange Plaza, Plot No C/1, Block G, Sir PJ Towers, Bandra-Kurla Complex, Dalal Street, Bandra (East), Fort, Mumbai- 400 051 Mumbai – 400 001 NSE Symbol: HDFCLIFE BSE Security Code: 540777 Dear Sir/ Madam, Sub: Press Release and Investor Presentation – Financial Results Q1 FY’27 Please find enclosed herewith a copy of the press release and investor presentation on financial results for the quarter ended June 30, 2026. This is for your information and appropriate dissemination. Thanking you, For HDFC Life Insurance Company Limited Nagesh Pai Company Secretary & Compliance Officer Encl.: As above PRESS RELEASE - PERFORMANCE FOR QUARTER ENDED JUNE 30, 2026 BSE Code: 540777 NSE Code: HDFCLIFE HDFC Life Q1FY27: Value of new business (VNB) growth in line with APE growth; 25.0% New Business Margin, healthy growth in protection and annuity Mumbai, July 15, 2026: The Board of Directors of HDFC Life approved and adopted the reviewed standalone and consolidated financial results for the quarter ended June 30, 2026. India remained among the fastest-growing major economies in FY26, supported by resilient domestic demand and continued structural reforms. Growth for FY27 is expected to moderate, largely on account of the ongoing West Asia conflict and its bearing on energy prices. We remain watchful for any material shifts as we go through the year. For the life insurance industry, this backdrop continues to reinforce the long-term, protection-led nature of the business, even as the sector adapts to a meaningful pace of regulatory change. India's life insurance opportunity remains significantly underpenetrated relative to its economic size, with a protection gap that continues to widen as household incomes rise. This long runway, combined with an industry that is steadily professionalising its distribution and product design, continues to support the case for sustained, long-term growth. Vibha Padalkar, MD & CEO, HDFC Life, said: "In Q1FY27, while our proprietary channels led by agency and non-bank alliances channels grew by 17%, faster than the industry, business through our bancassurance channel saw moderate growth this quarter resulting in Individual APE growth of 7%. We saw encouraging improvement in our counter share at partner banks as the quarter progressed, and we expect this to normalise further over the coming months. Growth during the quarter was underpinned by strong customer acquisition, with the number of policies growing in double digits and ahead of industry. Our product mix also continued to improve, with non-participating savings crossing 25% of individual APE on a run-rate basis. Retail protection grew 42% this quarter, retail sum assured grew 31% and credit protect grew close to 20%. Together, these underscore the strength of our protection franchise and our continued focus on long-term, sustainable value.” Niraj Shah, ED & CFO, HDFC Life, said: “New Business margin for the quarter was 25.0%; excluding the impact of GST, the margin would have been 25.6% compared to 25.1% in the same period last year. Value of New Business grew 9% to ₹879 crore. We crossed an important milestone during the quarter with Assets Under Management crossing ₹4 lakh crore. Profit after Tax for the quarter grew by 12% year-on-year to ₹611 crore. Excluding GST impact, underlying PAT growth for the quarter stood at 17%. We stay focused on being a consistent, predictable partner to our customers and distributors as the industry works through a period of regulatory transition. We remain confident in the underlying strength of our franchise as we progress through the year. For FY27, our aspiration remains unchanged: to grow in line with or faster than the industry, and to deliver VNB growth broadly in line with APE growth." Performance Highlights: ▪ New Business in terms of overall Annualized Premium Equivalent (APE) grew 9% year-on-year, translating into a healthy two-year CAGR of 11% ▪ Overall industry market share at 11.2% ▪ Value of New Business (VNB) grew in line with APE; VNB for Q1FY27 stood at ₹ 879 crore, with margins of 25.0%; New business margins for Q1FY27, excluding impact of GST would have been 25.6% ▪ Retail protection registered robust growth of 42% during Q1FY27; Retail protection mix expanded by nearly 200 basis points year-on-year to 8%, and including riders, protection now contributes nearly 11% of our retail business ▪ Retail sum assured grew by 31% year-on-year, and we ranked amongst top two players, reinforcing the quality of our business mix ▪ Assets under Management (AUM) including that of our wholly owned subsidiary HDFC Pension Fund Management crossed ₹5.7 lakh crore ▪ Persistency ratios - 13-month and 61-month persistency at 84% and 65% respectively. These trends reflect the underlying product and tier mix. Renewal collections grew 19% year-on-year ▪ Embedded Value (EV) stood at ₹ 65,860 crore, with rolling operating RoEV of 14.7% ▪ Profit after tax grew by 12% to ₹611 crore, for the period Q1FY27. Excluding GST impact, underlying PAT growth stood at 17% ▪ Solvency Ratio was healthy at 185% Key Financial Summary ₹ Crore Q1 FY27 Q1 FY26 YoY Key Financial and Actuarial Metrics Individual APE 2,969 2,777 7% Total APE 3,515 3,225 9% New Business Premium (Indl + Group) 8,143 7,272 12% Renewal Premium (Indl + Group) 9,023 7,603 19% Total Premium 17,166 14,875 15% Assets Under Management 4,00,870 3,55,897 13% Profit After Tax1 611 546 12% Indian Embedded Value 65,860 58,355 13% Value of new business2 879 809 9% Q1 FY27 Q1 FY26 Key Financial Ratios New Business Margins2 25.0% 25.1% Operating Return on EV3 14.7% 16.3% Total Expenses / Total Premium 22.6% 21.9% Solvency Ratio 185% 192% 13M / 61M Persistency 84%/65% 86%/64% Individual WRP market share (Overall) 11.2% 12.1% Product mix by Indl APE (UL / Non par savings 44/22/11/8/15 38/19/5/6/32 /Annuity/ Protection / Par) Distribution mix by Indl APE (Banca/ Agency/ Non- 57/18/15/10 60/16/15/9 bank alliances/ Direct) Percentages may not add up due to rounding off effect 1. PAT growth excluding GST impact is 17% for Q1FY27 2. Excluding the impact of GST, VNB margins stood at 25.6% and VNB grew by 11% in Q1FY27 3. On rolling 12-month basis Definitions and abbreviations • Annualized Premium Equivalent (APE) - The sum of annualized first year regular premiums and 10% weighted single premiums and single premium top-ups • Assets under Management (AUM) - The total value of Shareholders’ & Policyholders’ investments managed by the insurance company • Embedded Value Operating Profit (EVOP) - Embedded Value Operating Profit (“EVOP”) is a measure of the increase in the EV during any given period, excluding the impact on EV due to external factors like changes in economic variables and shareholder-related actions like capital injection or dividend pay-outs • First year premium - Premiums due in the first policy year of regular premiums received during the financial year. For example, for a monthly mode policy sold in March 2025, the first monthly instalment received would be reflected as First year premiums for 2024-25 and the remaining 11 instalments due in the first policy year would be reflected as first year premiums in 2025-26, when received • New business received premium - The sum of first year premium and single premium, reflecting the total premiums received from the new business written • Total expense - It includes all expenses that are incurred for the purposes of sourcing new business and expenses incurred for policy servicing (which are known as maintenance costs) including shareholders’ expenses plus commission paid to distributor • Total expense ratio - Ratio of total expense to total premium • Operating return on EV - Operating Return on EV is the ratio of EVOP (Embedded Value Operating Profit) for any given period to the EV at the beginning of that period • Per [Showing first 8,000 characters — download PDF for full document]