HDFC Life Insurance Company Ltd.Q2 individual premium +11%, VNB +12%, persistency soft | H1 FY27

HDFC Life's H1 FY27 call, held on 15 October 2026, reported individual weighted received premium up 11% in Q2 against 10% for private peers, H1 overall APE up 11%, value of new business of ₹2,037 crore, up 12%, and a margin of 24.7%.

HDFC Bank-sourced APE grew 12% as incentives withdrawn a year ago lapped, agency grew 13%, and annuity mix tripled to 12% on variable annuities. Thirteenth-month persistency fell to 83%, below the 84% to 85% promised, with recovery hoped by year-end. Solvency stands at 180%, and the Board approved ₹500 crore of subordinated debt that adds about 4 points. Most questions were on IRDAI's distribution consultation: management said agency is least affected, brokers most, the expense ratio could mathematically reach 15%, and implementation before 1 April looks unlikely.

Of 15 promises from the last call, 13 are on track or met, persistency is delayed and the risk-based capital timeline is not yet visible. No VNB impact of the proposed caps was given.