HDFC Life Insurance reported APE of Rs 32.3 billion (in-line) in Q1 FY26, up 13% YoY, driven by 13%/12% YoY growth in individual/group APE. For Q1 FY26, HDFC Life reported a 14% YoY growth in shareholders' PAT to Rs 5.5 billion, (11% beat), supported by a 15% increase in back-book profits.
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Motilal Oswal Report
HDFC Life Insurance Company Ltd. continues to focus on enhancing channel economics through a multipronged strategy—diversifying the product mix, driving cross-sell and upsell, leveraging the bank's digital assets, and improving customer experience.
We have trimmed our value of new business margin assumptions by 50bp each for FY26/27 to reflect the Q1 FY26 performance and management's guidance of flattish margins.
We reiterate Buy with a target price of Rs 910 (based on 2.6x FY27E embedded value).
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