HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹707.25 last close on 9 Oct 2026 +2.17%
Research updated
HDFC Life Insurance Company Limited
NSE: HDFCLIFEFinancial ServicesInsurance - Life
- Last close
- ₹556.65
- Day change
- +₹12.15 (+2.23%)vs
- Market cap
- ₹1.21 lakh crIndian rupees
- Research updated
- 1 report
About HDFC Life Insurance Company
HDFC Life Insurance Company Limited is a life insurance company that provides individual and group insurance solutions across India. HDFC Life offers a broad portfolio of products focused on protection, pension, savings, investment, annuity, and health needs, serving customers through plans designed for different stages of life and financial priorities. Its business combines traditional life cover with savings-oriented and long-term income products, along with optional riders and service features that support policy customization. The company works across retail and group segments and serves individuals, families, and organizations seeking insurance-based financial protection and planning. HDFC Life plays an important role in India’s insurance market as a diversified long-term life insurer with a product mix that addresses mortality, morbidity, and longevity risks.
- Sector
- Financial Services
- Industry
- Insurance - Life
- Listing
- NSE: HDFCLIFE
- Chief executive
- Ms. Vibha U. Padalkar
- Employees
- 38,921
- Headquarters
- Mumbai, India
- ISIN
- INE795G01014
- Website
- hdfclife.com
Public research · Report of
Business model & financial foundation
HDFC Life (NSE: HDFCLIFE), Life Insurance: revenue of ₹77,759 crore in FY26 (+11.3% on FY25) and net profit of ₹1,912 crore.
- Revenue, FY26 (₹ crore)
- 77,759
- consolidated
- Revenue growth, FY26
- +11.3%
- on FY25
- Net profit, FY26 (₹ crore)
- 1,912
- to owners
- Return on equity, FY26
- 11.3%
- on average equity
- Market capitalisation (₹ crore)
- 1,21,504
- at the close of 12 Oct 2026
Company profile
HDFC Life is India's second- or third-largest private life insurer by individual APE, selling savings (participating and non-participating), protection, unit-linked and annuity products through bancassurance (HDFC Bank its largest partner), agency, brokers and direct channels. It is promoted by HDFC Bank. Value is created as new-business value (VNB) on annualised premium equivalent (APE) and the compounding of its Indian embedded value.
| Item | Value |
|---|---|
| Legal name | HDFC Life Insurance Company Limited (formerly HDFC Standard Life Insurance Company Limited) |
| Exchange and ticker | NSE: HDFCLIFE; BSE: 540777 |
| ISIN | INE795G01014 |
| Sector | Financial Services |
| Industry | Life Insurance |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Market capitalisation | ₹1,21,504 crore (12 Oct 2026) |
| Shares outstanding | 215.58 crore shares (FY26) |
| Price | ₹556.7 (close, 12 Oct 2026) |
| 52-week range | ₹508.7 - ₹788.5 (to 12 Oct 2026) |
| Website | https://www.hdfclife.com |
Corporate structure and shareholding
Parent: HDFC Bank Limited (promoter, post HDFC Ltd merger, July 2023).
| Entity | Holding | Business |
|---|---|---|
| HDFC Pension Fund Management Limited | 100% | Pension fund manager under the National Pension System |
| HDFC International Life and Re Company Limited | 100% | Reinsurance, Dubai International Financial Centre |
Holdings per company disclosures; to be confirmed against the FY26 annual report AOC-1.
Business model
HDFC Life is a private life insurer that writes savings (ULIP 44%, par 25%, non-par 18% of FY26 individual APE), protection (7.2%) and annuity (5%) products. Bancassurance sells 58% of individual APE, HDFC Bank being the main partner. Agency sells 18%, non-bank alliances 14% and direct 10%. HDFC Bank owns 50.54% after the June 2026 preferential issue. Value is created two ways: new business, measured as VNB on APE, and the unwind of the in-force book inside the Indian embedded value (IEV). Accounting PAT (FY26 1,912 cr) is a slow release of surplus and is only weakly linked to value.
| Peer | Why the dossier compares them |
|---|---|
| SBI Life Insurance Company (SBILIFE) | Largest private life insurer, bank-led (SBI) distribution; closest scale peer |
| ICICI Prudential Life Insurance (ICICIPRULI) | |
| Max Financial Services (Axis Max Life) (MFSL) | Listed holding of Axis Max Life, private multi-channel life insurer |
| Life Insurance Corporation of India (LICI) | State-owned market leader; anchor of the industry's pricing and share |
| Bajaj Finserv (Bajaj Allianz Life) (BAJAJFINSV) | Parent of Bajaj Allianz Life, fast-growing private competitor |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net premium income | n.r. | n.r. | 62,112 | 69,837 | 77,759 |
| Other operating costs (vendor classification) * | 3,533 | 4,647 | 2,306 | -5,304 | -6,296 |
| EBIT * | 1,395 | 1,395 | 1,682 | 2,020 | 2,191 |
| Finance cost * | 92.1 | 113.3 | 111.9 | 141.9 | 228.6 |
| Profit before tax | 1,303 | 1,282 | 1,570 | 1,878 | 1,962 |
| Tax | -24.2 | -86.1 | -4.41 | 67.1 | 50.0 |
| Profit after tax (vendor: before the non-controlling share is taken out) | 1,327 | 1,368 | 1,574 | 1,811 | 1,912 |
| Diluted EPS (₹) | 6.48 | 6.41 | 7.31 | 8.41 | 8.86 |
| Gross premium income | 63,082 | 71,075 | 79,493 | ||
| First year premium | 11,116 | 13,003 | |||
| Renewal premium | 33,445 | 37,683 | 43,291 | ||
| Single premium | 18,521 | 20,389 | |||
| Income from investments (net, incl. MTM) | 39,370 | 27,085 | |||
| Total income (policyholders' account) | 1,00,956 | 96,184 | |||
| PAT attributable to owners | 1,574 | 1,811 | 1,912 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 15,613 | 12,993 | 14,666 | 16,155 | 17,750 |
| Borrowings * | 600.0 | 950.0 | 950.0 | 2,950 | 3,099 |
| Cash and cash equivalents * | 1,756 | 1,904 | 2,178 | 2,276 | 2,405 |
| Trade receivables * | 1,010 | 988.0 | 1,519 | 1,555 | 1,811 |
| Trade payables * | 2,200 | 1,564 | 1,628 | 1,361 | 1,468 |
| Net property, plant and equipment * | 22.5 | 31.0 | 40.0 | 46.9 | 55.8 |
| Capital work in progress * | 19.7 | 30.8 | 27.7 | 109.2 | 141.8 |
| Total assets * | 3,49,412 | 3,90,502 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Free cash flow (vendor definition) * | 5,886 | 6,796 | 10,585 | 15,296 | 22,338 |
| Capital expenditure (the provider's sign: an outflow is negative) * | -55.6 | -85.9 | -134.4 | -297.1 | |
| Dividends paid (the provider's sign: an outflow is negative) * | -448.5 | -399.2 | -477.1 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 204.47 | 213.33 | 215.01 | 215.19 | 215.58 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Net premium income | 16,614 | 16,832 | 23,843 | 14,539 | 18,871 | 18,351 | 25,998 | 16,728 |
| Other operating costs (vendor classification) * | 942.6 | 726.3 | 1,984 | 508.4 | 987.3 | 1,166 | 828.8 | |
| Profit before tax | 440.5 | 452.4 | 485.9 | 563.6 | 468.0 | 441.0 | 489.7 | 630.2 |
| Tax | 5.28 | 31.1 | 10.6 | 15.2 | 19.8 | 22.8 | -7.79 | 19.0 |
| Profit after tax (vendor: before the non-controlling share is taken out) | 435.2 | 421.3 | 475.4 | 548.4 | 448.3 | 418.2 | 497.5 | 611.2 |
| Diluted EPS (₹) | 2.02 | 1.96 | 2.21 | 2.54 | 2.08 | 1.94 | 2.30 | 2.83 |
| Gross premium income | 16,934 | 17,282 | 24,044 | 14,887 | 19,315 | 18,828 | 26,464 | 17,166 |
| First year premium | 3,260 | 2,975 | 4,406 | 2,559 | 3,600 | |||
| Renewal premium | 8,831 | 9,377 | 13,065 | 7,606 | 10,344 | 9,023 | ||
| Single premium | 4,843 | 4,931 | 6,573 | 4,722 | 5,371 | |||
| Income from investments (net, incl. MTM) | 1,730 | -6,488 | 16,685 | |||||
| Total income (policyholders' account) | 16,979 | 29,158 | ||||||
| PAT attributable to owners | 435.2 | 421.3 | 475.4 | 548.4 | 448.3 | 418.2 | 497.5 | 611.2 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 12.4% | 11.3% | |||
| Net margin | 2.5% | 2.6% | 2.5% | ||
| Return on equity | 11.4% | 11.8% | 11.3% | ||
| Return on assets | 0.5% | 0.5% | |||
| Dividend payout | 30.3% | ||||
| EPS, diluted (₹) | 6.48 | 6.41 | 7.31 | 8.41 | 8.86 |
| Book value per share (₹) | 76.36 | 60.91 | 68.21 | 75.07 | 82.33 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 12 Oct 2026); market data at the close of 12 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on HDFC Life Insurance Company includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on HDFC Life Insurance Company
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Prices are the last close on the NSE, 9 Oct 2026. Research from Mool’s report of 12 Oct 2026; page updated 12 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.