HDFC Life reported robust FY26 results, with individual annual premium equivalent (APE) at Rs 146.4 billion (bn), up seven per cent year-on-year, and renewal premium of Rs 432.9 bn, up 15 per cent. Profit after tax stood at Rs 19.1 bn, reflecting six per cent growth, while the value of new business was Rs 40.3 bn, up two per cent. The solvency ratio was 177 per cent at March 2026 and claim settlement ratios remained high across portfolios. Assets under management were Rs 3,752 bn, a 12 per cent increase, and group assets including the pension business reached Rs 5.312 trillion (tn). Embedded value at the period end was Rs 621.4 bn and embedded value operating profit (EVOP) was 15.0 per cent, underscoring sustained value compounding. The company reported an operating ROEV of 15.0 per cent. New business margin on a calendar year basis was 24.2 per cent while total expense ratio rose to 21.2 per cent. 13th month persistency was 85 per cent compared with 87 per cent in the prior period. Complaints per 10K policies increased to 43 from 31, excluding survival and death claims. The business mix shifted towards protection and unit-linked offerings, with protection comprising around 30 per cent of new business premium and retail protection recording strong growth in the second half. Distribution remained diversified across agency, bancassurance and non-bank alliances, with proprietary agency reaching about 0.27 million (mn) agents following gross additions. Continued product innovation and digital tools supported higher sum assured and first-time buyer penetration. Management highlighted ongoing investments in technology, distribution expansion and risk management to sustain profitable growth. A proposed Rs 10 bn preferential issue is expected to increase solvency by about nine per cent to approximately 186 per cent, providing headroom for additional sub-debt if required. The company intends to balance scale, margin and capital efficiency going forward.