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HDFC Life Insurance Q2FY27 first cut

• Total APE grew 12.9% y-o-y to Rs. 4,730 crore, about 2% ahead of our estimate, as the HDFC Bank channel got back on track.
• VNB margin improved 40 bps y-o-y to 24.5%. For H1, margin stood at 24.7% (24.5% in H1FY26), helped by a better product mix. The GST hit is now fully absorbed; excluding it, H1 margin would have been 25.2%.
• PAT grew 13.6% y-o-y to Rs. 508 crore. It was lower q-o-q as stronger sales meant higher new business strain.
• Bancassurance contributed 58% of individual APE. HDFC Bank grew 12% in Q2, slightly faster than the company, and other banks grew 13%. Agency grew 13% in H1 and held its 18% share.
• EV rose 11.6% y-o-y to Rs. 66,461 crore and operating RoEV eased to 14.9% from 15.8%. Weak equity returns and higher yields led to a negative investment variance. 

Result table