HDFC Life reported a steady Q4 FY26 performance, with Total APE at ₹5,254 crore, Value of New Business (VNB) at ₹1,261 crore, VNB margin at 24.0%, and profit after tax at ₹496 crore. These Q4 figures are derived from the company’s FY26 and 9MFY26 disclosures. HDFC Life reported FY26 Total APE of ₹16,641 crore, VNB of ₹4,034 crore and PAT of ₹1,910 crore, while its 9MFY26 disclosures showed Total APE of ₹11,387 crore, VNB of ₹2,773 crore and PAT of ₹1,414 crore.
On a year-on-year basis, Q4 Total APE rose about 1.3% from an implied base of ₹5,186 crore in Q4 FY25, while Q4 PAT increased around 4.2% from about ₹476 crore. However, Q4 VNB declined about 8.4% from an implied ₹1,376 crore a year earlier. Based on these derived numbers, Q4 VNB margin came in at about 24.2%, down from roughly 26.5% in Q4 FY25 but higher than street estimates of 23.8%.
The company said retail protection remained a highlight, with 46% growth in Q4 FY26, while retail sum assured grew 28% year-on-year, reinforcing the quality of the business mix.
For the full year, HDFC Life posted 8% growth in Total APE, with VNB of ₹4,034 crore and new business margins of 24.2%. Profit after tax for FY26 rose 6% to ₹1,910 crore, while embedded value stood at ₹62,139 crore.