HDFC Life Q3 FY26 Results: Profit Rises, Shares Slip

HDFC Life Insurance Company Limited (HDFL.NS) announced its December quarter (Q3 FY26) results on January 15, 2026. The insurer delivered steady growth in premiums and protection business, but profitability was impacted by regulatory changes and margin pressures. Investor sentiment turned cautious, leading to a 2% decline in share price post-results.

Key Highlights

• Net Profit: ₹1,414 crore, up 7% year-on-year.
• Total Premium Income: ₹52,965 crore, a 13% increase YoY.
• Annualised Premium Equivalent (APE): Individual APE rose 11% to ₹9,988 crore; total APE at ₹11,387 crore.
• Value of New Business (VNB): ₹1,000 crore, up 3% YoY; margins declined by 200 basis points due to GST input tax credit loss.
• Retail Protection Growth: 46% YoY, now 6% of business mix; group term grew 48%.
• Market Share: Increased 20 basis points to 10.9%.
• Assets Under Management (AUM): ₹5.3 trillion, up 15% YoY.
• Analyst View: Jefferies noted performance was largely in line but flagged weaker persistency and margin pressures; target price cut to ₹900 from ₹930.

Investor Sentiment
While HDFC Life continues to expand its protection portfolio and maintain growth momentum, the decline in margins and persistency trends raised concerns. Analysts expect management’s guidance to neutralize GST-related margin impacts by early FY27, but near-term profitability remains under pressure.

Sources: Business Standard, NDTV Profit, Zee Business, Moneycontrol, HDFC Life Investor Relations