HDFC Life Insurance Company Limited announced its financial results for the nine months ended December 31, 2025. The company reported a Profit After Tax (PAT) of ₹1,414 crore for the period, marking a 7% year-on-year growth. Excluding one-time impacts from the labour code and GST, the underlying PAT growth stood at 15% for both the nine months and the quarter.

Individual New Business in terms of Individual Annualized Premium Equivalent (APE) grew by 11% year-on-year, with a healthy two-year CAGR of 17%. The company also gained 20 basis points in market share, reaching 10.9% overall. Value of New Business (VNB) for 9M FY26 was ₹2,773 crore, a 7% growth YoY and a 2-year CAGR of 11%, with new business margins maintained at 24.4%.

Retail protection demonstrated robust growth, increasing by 70% in Q3FY26 and 42% for the nine-month period. Retail sum assured recorded a 55% growth in Q3 and 33% for 9MFY26. Assets under Management (AUM) reached ₹5.3 trillion. Persistency ratios remained stable at 85% for 13-month and 63% for 61-month. The Embedded Value (EV) stood at ₹61,565 crore, with an operating RoEV of 15.6%.

Vibha Padalkar, Managing Director and CEO, commented on the sector's acceleration, driven by policy reforms and a preference for protection-led solutions. She noted that HDFC Life grew faster than the industry, with Q3 growth outpacing H1, leading to an acceleration in the nine-month growth. The company expects this momentum to continue into Q4, supporting a balanced full-year outcome. The product mix saw ULIPs contributing 43%, participating products at 27%, non-par savings at 19%, term at 7%, and annuity at 4%. Retail protection significantly outpaced overall company growth, with the Click 2 Protect Supreme launch supporting category expansion.