HDFC Life Insurance Company Limited — Investor Meet, 24-10-2025: Analysts/Institutional Investor Meet/Con. Call Updates

H1FY26 saw HDFC Life's individual APE grow 10% YoY, increasing market share to 11.9% overall and 16.6% private. PAT rose 9% to ₹994 Cr. New business margin (NBM) settled at 24.5% post-GST, with VNB up 10%. AUM crossed ₹5 trillion, with HDFC Pension AUM reaching ₹1,40,000 Cr. Solvency stands at 175%, with a planned ₹750 Cr sub-debt raise. Management views GST reform as structurally positive for long-term demand, aiming to neutralize the 3% annualized VNB margin impact within 2-3 quarters. Growth in retail protection jumped 27%, and agency channels saw robust expansion. Management is confident in maintaining early teens growth and outperforming the industry.