Deven Choksey's research report on HDFC Life Insurance Company
In Q1FY26, the Gross Written Premium (GWP) stood at INR 148,751 Mn., marking a 16.1% YoY growth (-38.1% QoQ). GWP was lower than our estimates by 5.6% led by lower growth in single and renewal premiums during the quarter. The firstyear premium grew by 8.2% YoY (-42.0% QoQ), while the single premium segment grew at 16.8% YoY (-28.2% QoQ), leading to an overall increase of 13.6.% YoY (- 33.7% QoQ) in New Business Premium (NBP). The Value of New Business (VNB) grew by 12.4% YoY (-40.9% QoQ), led by healthy growth in APE. VNB was lower than our estimates by 3.4%. The Annualized Equivalent Premium (APE) for Q1FY26 reached INR 32,250 Mn, registering a 12.4% YoY increase (-37.8% QoQ).
Outlook
We reiterate our “BUY” rating on the stock, as we expect strong premium growth, stable margins, and a resilient product mix to underpin sustainable profitability and market share gains in FY26E.
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