Protection business boosts HDFC Life, ICICI Pru Life Q1 earnings
HDFC Life reported a 12% year-on-year rise in net profit to ₹611 crore, while ICICI Prudential Life’s profit after tax increased 27.8% to ₹386 crore.
HDFC Life’s VNB grew 9% to ₹879 crore, with its VNB margin remaining stable at 25.0% versus 25.1% a year earlier. Excluding the GST impact, underlying profit rose 17% and the VNB margin improved to 25.6%.
ICICI Prudential outpaced HDFC Life on profitability, with VNB rising 24.9% to ₹571 crore and the VNB margin expanding 220 basis points to 26.7% from 24.5%. Annualised premium equivalent (APE) grew 14.6%.
AgenciesHDFC Life said growth was supported by strong customer acquisition, with policy volumes rising in double digits and ahead of the industry. Total APE increased 9%. “In Q1FY27, while our proprietary channels led by agency and non-bank alliances channels grew by 17%, faster than the industry, business through our bancassurance channel saw moderate growth,” said Vibha Padalkar, managing director and chief executive officer, HDFC Life.
Padalkar added that the company saw improving counter share at partner banks during the quarter and expects further normalisation in the coming months.
At ICICI Prudential, retail protection APE surged 60.4%, the fastest-growing segment, while overall protection and annuity businesses also posted strong growth. Management said product mix would continue to be guided by customer demand rather than margin targets.
