HDFCLIFE

HDFC Life posted 14% YoY growth in new business premium in Q1 FY26, supported by strong demand for protection and annuity products. VNB margins improved to 27%, reflecting better product mix. Regulatory environment remains supportive. At ~50x FY26 EPS, valuations look expensive, but HDFC Life’s brand and consistent execution make it a core play in India’s underpenetrated insurance sector. Long-term investors can hold with confidence.