Vibha Padalkar, managing director and CEO of HDFC Life, said, “The life insurance sector saw an acceleration in momentum during the third quarter, supported by recent policy reforms and a rising preference for protection-led solutions. The GST exemption acted as a meaningful catalyst, particularly for the protection segment, improving affordability and driving a pickup in demand.”
New Delhi: HDFC Life’s net profit in Q3FY26 almost remained flat year-on-year to Rs 421 crore, and net premium income grew 9 per cent to Rs 18,242 crore.
The insurer’s net premium income for the quarter rose to Rs 18,351 crore from Rs 16,832 crore in Q3 FY25, driven by growth across the first-year, renewal, and single-premium segments, HDFC Life said in a regulatory filing.
Vibha Padalkar,managing director and CEO of HDFC Life, said, “The life insurance sector saw an acceleration in momentum during the third quarter, supported by recent policy reforms and a rising preference for protection-led solutions. The GST exemption acted as a meaningful catalyst, particularly for the protection segment, improving affordability and driving a pickup in demand.”
“While a better product profile helped us expand margins by 110 bps, there was an offset largely on account of the GST impact. Our margins ended at 24.4%, translating into value of new business (VNB) growth of 7% YoY and a two-year CAGR of 11% for 9MFY26. On an adjusted basis, VNB growth excluding the impact of GST and surrender regulation change would have been 13% for 9MFY26 and 11% for Q3 FY26,” said Padilkar.
“Our product mix in 9MFY26 reflected evolving customer preferences and market trends, with ULIPs contributing 43%, participating products at 27%, non-par savings at 19%, term at 7% and annuity at 4%. Retail protection delivered strong year-on-year growth of 42% for the period 9MFY26 and 70% in Q3, significantly outpacing overall company growth. The mix improved meaningfully post the GST change, creating a clear demand tailwind,” added Padilkar.
The company made a provision of nearly ₹100 crore to account for the new Wage Code.
The insurer reported a consolidated profit after tax of Rs 418.2 crore in the December 2025 quarter (Q3 FY26), largely flat compared to Rs 421.3 crore in the year-ago period.
Total income surged to Rs 29,157.6 crore during the quarter, from Rs 16,979.3 crore a year earlier.