HDFC Life Reports 12% Premium Growth in FY26, Retail Protection Business Rises 43%

HDFC Life Insurance Company has logged a 12% year-on-year growth in total reported premium, including renewal premium in FY26 while its retail protection business grew 43%, the company said in its annual report.

The insurer strengthened its position among the top three life insurance companies with a new business market share of 10.8% during the previous fiscal, HDFC Life Insurance Company's Chairman Keki M Mistry said in the report.

The company's profit after tax stood at ₹1,910 crore during the reporting year, while assets under management rose to ₹3.75 lakh crore and embedded value stood at ₹62,139 crore as of March 31, 2026.

Mistry said the company remained focused on disciplined growth, prudent risk management and capital allocation while expanding its distribution network across proprietary, partnership and digital channels.

"Retail protection growth of 43% reflects our focus on building a profitable and sustainable product mix," he said.

He said the life insurance industry received a regulatory boost with the removal of GST on retail life insurance products, which is expected to improve product affordability.

The adoption of IFRS (International Financial Reporting Standards) from April 2026 would also help align industry reporting with global standards and strengthen transparency, he added.

Looking ahead, HDFC Life expects increasing awareness, favourable demographics and the growing need for long-term financial planning to support demand for life insurance solutions.

Mistry, however, flagged risks to the domestic growth outlook from further escalation of the West Asia conflict, its wider spread and uncertainty around damage to energy infrastructure.

"India demonstrated relative economic resilience, supported by steady domestic demand, public investment and ongoing structural reforms," he said, adding that the country continues to remain among the fastest growing major economies.

The insurer reported an overall claim settlement ratio of 99.8% for FY26 across individual and group businesses, reinforcing its focus on customer service and financial security.

HDFC Life also said it is investing in advanced analytics, digital infrastructure, automation and GenAI-led capabilities to improve customer experience, risk management and operational efficiency.