HDFC Life Insurance Company Ltd.
HDFCLIFEFinancial Services filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
16 transcript(s)/analyst meet(s) served; 0 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 16 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| TRANSCRIPT | 20220504 | 2022-03-31 | yes | |
| TRANSCRIPT | 20221101 | 2022-09-30 | yes | |
| TRANSCRIPT | 20230130 | 2022-12-31 | yes | |
| TRANSCRIPT | 20230504 | 2023-03-31 | yes | |
| TRANSCRIPT | 20230728 | 2023-06-30 | yes | |
| TRANSCRIPT | 20231020 | 2023-09-30 | yes | |
| TRANSCRIPT | 20240119 | 2023-12-31 | yes | |
| TRANSCRIPT | 20240425 | 2024-03-31 | yes | |
| TRANSCRIPT | 20240723 | 2024-06-30 | yes | |
| TRANSCRIPT | 20241021 | 2024-09-30 | yes | |
| TRANSCRIPT | 20250122 | 2024-12-31 | yes | |
| TRANSCRIPT | 20250123 | 2024-12-31 | yes | |
| TRANSCRIPT | 20250425 | 2025-03-31 | yes | |
| TRANSCRIPT | 20250722 | 2025-06-30 | yes | |
| TRANSCRIPT | 20251024 | 2025-09-30 | yes | |
| TRANSCRIPT | 20260722 | 2026-06-30 | yes |
HDFCLIFE
files the life-insurance revenue and shareholders’ accounts. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | insurance life |
| Scope served | consolidated |
| Panels on this page | 5 |
Market
No split, bonus or consolidation is on record for this company inside the period this price series covers, so the closes need no adjustment.
| Last close | 526.90 |
| 52-week range | 514.0 – 787.55 |
| Return 1M | -3.62% |
| Return 3M | -10.0% |
| Return 1Y | -31.59% |
| Return 3Y | -17.94% |
| Return 5Y | -27.4% |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Net premium | 2,392.00 |
| Income from investments | 1,656.00 |
| Income from investments, net | 16,685.00 |
| Commission, net | 2,115.00 |
| Operating expenses related to insurance business | 1,785.00 |
Ownership — 2026-06-30, and the change from 2026-03-31
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.51 | 0.00 |
| institutions foreign | 0.19 | -0.03 |
| institutions domestic | 0.20 | 0.03 |
| mutual funds | 0.17 | 0.02 |
| public | 0.49 | -0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| TRANSCRIPT | 2026-06-30 | 16 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Cash flow, as filed
| Line | 2025-09-30 | 2026-03-31 |
|---|---|---|
| Net cash from operating activities | 7,371.00 | 22,625.00 |
| Net cash from investing activities | -8,394.00 | -23,871.00 |
| Net cash from financing activities | -950.00 | -275.00 |
| Purchase of property, plant and equipment | 124.00 | 287.00 |
| Net increase in cash | -1,964.00 | -1,499.00 |
| con:CFO.BEFORE_TAX | 10,267.00 | 26,655.00 |
| con:INTEREST_RECEIVED.OPERATING | 0.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | 0.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | -50.00 | 195.00 |
| con:CF_OTHER.OPERATING | -2,946.00 | -3,834.00 |
| con:INVESTMENTS_PURCHASED | 0.00 | 0.00 |
| con:INVESTMENTS_SOLD | -340.00 | -2,566.00 |
| con:PPE_DISPOSALS | 1.00 | 3.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 0.00 | 0.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 |
Revenue account (policyholders), as filed
| Line | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|
| Net premium | 2,377.00 | 3,668.00 | 3,786.00 | 14,377.00 | 2,392.00 |
| Income from investments | 1,173.00 | 1,487.00 | 1,589.00 | 5,403.00 | 1,656.00 |
| Income from investments, net | 14,602.00 | 1,417.00 | 10,656.00 | 20,188.00 | 16,685.00 |
| Commission, net | 1,752.00 | 2,344.00 | 2,275.00 | 9,156.00 | 2,115.00 |
| Operating expenses related to insurance business | 1,520.00 | 1,793.00 | 2,273.00 | 7,738.00 | 1,785.00 |
Profit and loss account (shareholders), as filed
| Line | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|
| Income in the shareholders' account | 343.00 | 385.00 | 444.00 | 1,585.00 | 388.00 |
| Shareholders' other income | 21.00 | 23.00 | 25.00 | 102.00 | 43.00 |
| Transfer from the policyholders' account | 368.00 | 217.00 | 140.00 | 1,201.00 | 373.00 |
| con:EXTRAORDINARY_ITEMS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit carried to the balance sheet | 10,170.00 | 10,166.00 | 10,584.00 | 11,081.00 | 11,692.00 |
| Final dividend | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Earnings per share, basic | 2.54 | 2.08 | 1.94 | 8.86 | 2.83 |
| Total income | 29,285.00 | 20,422.00 | 29,158.00 | 98,770.00 | 33,542.00 |
| Other income | 46.00 | 50.00 | 55.00 | 215.00 | 55.00 |
| Total expenses | 29,200.00 | 20,592.00 | 29,171.00 | 98,421.00 | 33,224.00 |
| con:OTHER_OPERATING_EXPENSES | 640.00 | 801.00 | 1,162.00 | 3,787.00 | 863.00 |
| con:INS.PROVISIONS_DOUBTFUL | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Funds and assets, as filed
| Line | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|
| Other assets net of current liabilities | 2,716.00 | 2,742.00 | 2,686.00 | 3,896.00 | 3,617.00 |
| Total assets | 358,742.00 | 362,916.00 | 380,553.00 | 379,345.00 | 404,796.00 |
| Investments | 356,026.00 | 360,174.00 | 377,867.00 | 375,448.00 | 401,179.00 |
| Reserves and surplus | — | 7.00 | — | 1.00 | — |
| Borrowings | — | 2,350.00 | — | 3,099.00 | — |
| con:LOANS | — | 2,638.00 | — | 2,827.00 | — |
| Property, plant and equipment | — | 674.00 | — | 746.00 | — |
| Current assets | — | 7,552.00 | — | 11,478.00 | — |
| Current liabilities | — | 8,008.00 | — | 10,943.00 | — |
| con:PROVISIONS | — | 114.00 | — | 215.00 | — |
Solvency and underwriting ratios, as filed
| Line | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|
| Solvency ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Expenses of management ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INS.NPA_GROSS_NONLINKED_PAR | 9.00 | 9.00 | 9.00 | 9.00 | 9.00 |
| con:INS.NPA_NET_LINKED_PAR | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 50.31 | 50.33 | 50.40 | 50.37 | 50.37 | 50.37 | 50.34 | 50.32 | 50.32 | 50.28 | 0.50 | 0.50 | 0.50 | 0.51 |
| Domestic institutions | 6.62 | 6.17 | 6.87 | 6.58 | 7.94 | 11.24 | 13.25 | 13.74 | 14.10 | 14.58 | 0.15 | 0.15 | 0.17 | 0.20 |
| Mutual funds | — | — | — | — | — | — | — | — | — | 11.78 | 0.12 | 0.13 | 0.15 | 0.17 |
| Insurance companies | 1.84 | 1.57 | 1.56 | 1.43 | 1.54 | 1.65 | 2.32 | 2.28 | 2.27 | 2.22 | 0.02 | 0.02 | 0.02 | 0.02 |
| Foreign institutions | 29.85 | 30.89 | 30.54 | 31.28 | 30.03 | 26.63 | 25.63 | 25.14 | 24.95 | 24.75 | 0.25 | 0.24 | 0.23 | 0.19 |
| Government | — | — | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Public | 49.66 | 49.64 | 49.60 | 49.60 | 49.61 | 49.61 | 49.64 | 49.65 | 49.66 | 49.70 | 0.50 | 0.50 | 0.50 | 0.49 |
| Non-institutional | 13.19 | 12.59 | 12.20 | 11.75 | 11.64 | 11.73 | 10.77 | 10.78 | 10.61 | 10.37 | 0.10 | 0.10 | 0.10 | 0.10 |
| Shares outstanding | 2149396132 | 2149679456 | 2150064332 | 2150659616 | 2150944127 | 2150979347 | 2152221207 | 2152802811 | 2152988187 | 2154693826 | 2156086337 | 2157615850 | 2157819536 | 2172474981 |
Related parties
Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.
| Counterparty | Relationship | Type | Amount in the period | Transactions |
|---|---|---|---|---|
| HDFC Bank Limited | Promoter and holding Company | Any other transaction, Dividend paid, Dividend recei | 32,060,722,900.00 | 30 |
| HDB Financial Service Limited | Fellow subsidiary | Any other transaction, Interest received, Investment | 764,602,000.00 | 4 |
| HDFC Sales Private Limited | Fellow subsidiary | Any other transaction | 484,650,000.00 | 1 |
| HDFC Securities Limited | Fellow subsidiary | Any other transaction | 254,560,700.00 | 4 |
| HDFC International Life and Re Company Limited | Wholly Owned Subsidiary | Any other transaction, Investment | 73,071,000.00 | 3 |
| Ms. Vibha Padalkar | Key Management Personnel and their | Any other transaction, Dividend paid, Remuneration | 49,925,800.00 | 5 |
| Mr. Suresh Badami | Key Management Personnel | Any other transaction, Dividend paid, Remuneration | 26,132,400.00 | 3 |
| Mr. Kaizad M Bharucha | Non-Executive Nominee Director | Any other transaction | 25,000,000.00 | 1 |
| HDFC ERGO General Insurance Company Limited | Fellow subsidiary | Any other transaction, Interest received, Investment | 23,159,800.00 | 8 |
| Mr. Narendra Gangan | Key Management Personnel and their | Any other transaction, Dividend paid, Remuneration | 16,321,700.00 | 3 |
| Mr. Niraj Shah | Key Management Personnel and their | Any other transaction, Dividend paid, Remuneration | 15,530,200.00 | 5 |
| HDFC Asset Management Company Limited | Fellow subsidiary | Any other transaction | 15,099,400.00 | 1 |
| Mr. Sashidhar Jagdishan | KMP of Holding Company and Relativ | Any other transaction | 14,207,000.00 | 1 |
| Mr. Sameer Yogishwar | Director of Subsidiary Company | Any other transaction, Dividend paid | 11,309,000.00 | 2 |
| Mr. Keki Mistry | Non-Executive Director and Relativ | Any other transaction, Dividend paid | 11,299,000.00 | 2 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-07-22 | Q1FY27 | Read the call | |
| 2025-10-24 | Q2FY26 | Read the call | |
| 2025-07-22 | Q1FY26 | Read the call | |
| 2025-04-25 | Q4FY25 | Read the call | |
| 2025-01-23 | Q3FY25 | Read the call | |
| 2025-01-22 | Q3FY25 | Read the call | |
| 2024-10-21 | Q2FY25 | Read the call | |
| 2024-07-23 | Q1FY25 | Read the call | |
| 2024-04-25 | Q4FY24 | Read the call | |
| 2024-01-19 | Q3FY24 | Read the call | |
| 2023-10-20 | Q2FY24 | Read the call | |
| 2023-07-28 | Q1FY24 | Read the call | |
| 2023-05-04 | Q4FY23 | Read the call | |
| 2023-01-30 | Q3FY23 | Read the call | |
| 2022-11-01 | Q2FY23 | Read the call | |
| 2022-05-04 | Q4FY22 | Read the call |
What they said about it, quarter by quarter
| Topic | Q2FY26 | Q3FY23 | Q3FY24 | Q3FY25 | Q4FY22 | Q4FY23 | Q4FY24 | Q4FY25 |
|---|---|---|---|---|---|---|---|---|
| Capex | — | — | — | — | — | — | — | Collectively, these nine streams, all of them are CBA positive which basically tell us that through the entire CAPEX period as it moves from CAPEX to … |
| Capital allocation | So, there is a reasonable amount of acquisition cost and maintenance going up. | The second bit is reflecting the market realities of increasing cost of acquisition in the open architecture environment. | — | But in the pecking order, I'll go for growth and new customer acquisition, and second is VNB. | If they are spending extra, will it affect our VNB margins in the order of our acquisition expenses, you know, increasing. | Similar is with the acquisition of Exide Life in Tier-2 and 3 locations. | But suffices to say that, for example, our product committee meets every fortnight to really look at not just high-level par, non-par and so on but ma… | So that becomes very important that maintenance cost continues to go down and thereby giving us the fuel to be able to not increase acquisition costs … |
| Debt and cash | It has been broad-based in terms of duration-matching single premium products and cash flow-matching regular premium guaranteed products through a com… | Do you want to disclose the hedge coverage ratio which you might be calculating internally based on whatever the instruments you have like FRAs, some … | This innovative plan empowers customers to create unlimited combinations, tailor their cash flows to align with personal goals, with the cushion of a … | Somewhere the smaller agents would probably be at some kind of a risk because they may not have cash flows when commissions go down to support their e… | — | Like we mentioned in the first quarter, we have computed the unwind for the year based on assets that we had and the cash flow pattern at the start of… | Is there a risk of shortfall from that 17%-18% number and consequently there could be an operating deleverage as we progress in the year, should we ki… | — |
| Demand | While you mentioned that the ULIP demand has been strong, but is this reduction in non-par is a strategy also, given that the competitive intensity ha… | There has been a little bit of a muted response on the customer sentiment and the overall demand is low in the market. | We have also witnessed postponement in demand from specific cohorts due to the prevalence of high short-term interest rates. | So that higher sum assured strategy still might be a lever available to grow if the ULIP demand is still there? | Of course, it all really depends in terms of how the customer demand is really looking at each of these areas. | — | And if ULIP grows, as you highlighted, it creates new business strain then do you expect the solvency should go further down or it will cap your abili… | So a conducive rate environment will definitely help generate more demand in this segment. |
| Guidance | We expect it to continue similarly because if we were to look at the underlying growth rates, while Tier-2 and 3 is slightly at a higher clip, my tick… | Just one addendum to that question was, for nine months we are at 26.5% in terms of VNB margin, and for full year, our guidance was a flattish structu… | Even for the growth potential of the above Rs 5 lacs ticket sizes, we hold an optimistic outlook for the medium to long-term. | And the guidance was that the new regulations perhaps can bring it down by 100 basis points. | Then in terms of the margin guidance that was mentioned, it will sequentially improve, are we looking at individual protection as an incremental lever… | In terms of margin guidance that you mentioned, it being flattish next year, could you comment on the key drivers between the merger synergies, expens… | What we would definitely want to do is that once we get more clarity on the timelines, we would want to put some bridging disclosures out in the open … | We expect some of that to continue in FY26 as we continue to see more and more volatility in the equity environment. |
| Margin | Second, on GST and margin, if I were to just glance through the sensitivity given, i.e., how VNB changes if there is a 10% increase in acquisition cos… | I think the share of higher margin products look fairly steady, and the mix in certain cases like non-par or individual protection, has gone up quite … | Despite shifts in our product mix and ongoing investments across channels, New Business Margin was sustained at 26.5% for 9MFY24. | I would say that there are a lot of unknown variables for us to sort of take a call on how the margin is going to be; because the growth composition a… | Along with Exide Life, as a combined margin what we hope to end is to be flat against our FY2022 margins that will be a good outcome. | There will be more margin extraction from some of the products, for example, protection. | So, some part of operating leverage could have played out? | First question is on the investments that you spoke about, highlighting that despite product mix shift towards higher margin product next year, you ex… |
| People | — | — | — | — | However, the guy on the field is very confused, there is attrition whether we like it or not, there is people movement, and then there is a lot of bac… | — | — | — |
| Pricing | The reason for that is that as interest rates move, we alter our pricing and the cost of hedging is an intrinsic part of that pricing decision as well… | In fact, we are fairly agile in terms of our pricing. | This reflects our calibrated approach across multiple levers including pricing, cost management and underwriting, even amidst market disruptions. | Why would you do deferment of pricing for non-par? | So as that happens the mortality experience will evolve and that is something that will change mortality experience as you go forward and that will ge… | So, it is in terms of do we have the depth, triangulation between product, pricing, brand, claim settlement, etc. And if we are making inroads in othe… | We have seen where protection pricing is versus where we believe it should be especially as we get deeper into India. | So, even 4 % in bancassurance going up to 6% on 50% of our business can mean a fairly meaningful uplift on protection except that as you know the tick… |
| Revenue growth | And we said that margins will be more or less range bound and VNB growth will be in line with top line growth because of investments in two areas that… | Also, what is noteworthy is that topline is also a function of what kind of risks one is willing to take on one's balance sheet, what kind of risk one… | Whilst QoQ sequential individual APE growth was 8%, it has been lower than our initial expectations, largely due to a slower pace of recovery in ticke… | So, on a year-over-year basis, growth was a little softer in the bancassurance channel side. | We were just coming out one wave of pandemic and so on, but if I were to look at on a CAGR basis, if you are looking at the growth of 17% two year CAG… | Just to understand this a bit better, your full year APE growth was 37% and your Q4 APE growth was more than 70%? | We are maintaining our margins and have delivered VNB growth of 14% on a 2-year basis and higher on a 4-year basis. | Supratim, obviously, I can't share everything that we are doing on margins, but we do have quite a few levers and we will do it judiciously because it… |