HDFC Life Insurance
HDFC Life Insurance
Insurance F&OKey Fundamentals
LargecapLife InsuranceInsuranceTapetide Score
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Key Insights
Strengths
1- Company has been maintaining a healthy dividend payout of 25.3%
Weaknesses
5- Stock is trading at 5.89 times its book value
- The company has delivered a poor sales growth of 6.81% over past five years.
- Tax rate seems low
- Company has a low return on equity of 11.1% over last 3 years.
- Earnings include an other income of Rs.931 Cr.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoHDFC Life Insurance commands a market cap of ₹1,12,623 Cr at a PE of 57.8x and PB of 5.83x, with 3-year compounded profit growth of 12% and ROE steady at 11%. The stock has declined 32% over the past year while TTM sales growth has slowed to 4%, placing it at a valuation crossroads relative to its growth trajectory.
- Strong brand parentage and market position with a market cap of ₹1,12,623 Cr, making it one of India's largest private life insurers
- Consistent 3-year compounded profit growth of 12%, indicating steady earnings expansion over medium term
- 10-year compounded sales CAGR of 19% demonstrates a long runway of sustained business scaling
- Healthy dividend payout ratio of 25.3%, providing regular cash returns to shareholders in a sector where many peers retain all earnings
- 10-year ROE of 14% shows the business has historically generated above-average returns on equity over a full cycle
- 5-year compounded profit growth of 7% remains positive even through pandemic disruptions and regulatory changes
- Insurance penetration in India remains low at roughly 3-4% of GDP, offering a long structural growth tailwind for established players
- PE of 57.8x is elevated, pricing in significant future growth that may not materialize given slowing TTM sales growth of just 4%
- Stock trades at 5.84x book value, well above the sector average, leaving limited margin of safety
- Stock price has declined 32% over the past 1 year and posted a negative 7% CAGR over 3 and 5 years, reflecting sustained underperformance
- ROE has stagnated at 11% over the last 1, 3, and 5 years, down from the 10-year average of 14%, suggesting declining capital efficiency
- 5-year compounded sales growth of only 7% is poor for a company commanding a 57.8x PE multiple
- Earnings include other income of ₹931 Cr, raising questions about the quality and sustainability of core operating profit
- TTM sales growth has decelerated sharply to 4% from a 3-year CAGR of 12%, signaling a potential growth slowdown
- Tax rate appears low, which if normalized could compress reported earnings going forward
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- ₹2,423 crore GST penalty confirmed Sep 11
GST appeal order confirms ₹2,422.97 crore penalty and tax demand covering July 2017 to March 2022. HDFC Life plans to contest at GST Appellate Tribunal but the overhang persists.
- Key leadership re-appointed for 5 years Aug 19
IRDAI approved five-year re-appointment of MD & CEO Vibha Padalkar and ED & CFO Niraj Shah, ensuring leadership continuity following board and shareholder approval at the July 2026 AGM.
- Investor conferences in September Aug 31
Senior management will participate in three investor conferences in September 2026 hosted by UBS, Jefferies, and JP Morgan, signalling active engagement with institutional investors.
TL;DR: HDFC Life benefits from confirmed leadership stability with key re-appointments for five years, and is actively engaging institutional investors through multiple conferences. The main risk is a ₹2,423 crore GST penalty confirmed on appeal, though the company intends to contest it at the Appellate Tribunal and sees no material financial impact. The outlook is steady, with the GST litigation timeline worth monitoring as a potential overhang.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 23,371 | 23,142 | 26,927 | 28,041 | 26,934 | 28,497 | 17,300 | 24,191 | 29,463 | 20,651 | 29,428 | 19,890 | 33,759 |
| Expenses | 23,045 | 23,557 | 26,663 | 27,766 | 26,623 | 28,807 | 16,852 | 23,814 | 29,024 | 20,336 | 29,157 | 19,782 | 33,253 |
| Operating Profit | 326 | -415 | 264 | 275 | 311 | -310 | 448 | 377 | 439 | 315 | 271 | 108 | 506 |
| OPM % | 1.4% | -1.8% | 1% | 1% | 1.2% | -1.1% | 2.6% | 1.6% | 1.5% | 1.5% | 0.9% | 0.6% | 1.5% |
| Other Income | 114 | 136 | 103 | 174 | 90 | 279 | -29 | 124 | 164 | 157 | 174 | 428 | 171 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PBT | 440 | -279 | 367 | 450 | 401 | -30 | 419 | 500 | 604 | 471 | 445 | 537 | 677 |
| Tax % | 5% | -235% | 0% | 8% | -20% | -1541% | -1% | 5% | 9% | 5% | 6% | 7% | 10% |
| Net Profit | 417 | 378 | 368 | 412 | 479 | 435 | 421 | 475 | 548 | 448 | 418 | 497 | 611 |
| EPS in Rs | 1.94 | 1.76 | 1.71 | 1.91 | 2.23 | 2.02 | 1.96 | 2.21 | 2.54 | 2.08 | 1.94 | 2.31 | 2.81 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 27,215 | 18,141 | 30,647 | 32,260 | 38,855 | 29,380 | 71,528 | 67,126 | 70,207 | 1,01,482 | 96,922 | 99,432 | 1,03,727 |
| Expenses | 26,341 | 17,187 | 29,674 | 31,186 | 37,640 | 28,239 | 70,294 | 66,348 | 70,127 | 1,00,836 | 95,894 | 97,679 | 1,02,527 |
| Operating Profit | 874 | 953 | 972 | 1,074 | 1,215 | 1,141 | 1,235 | 778 | 80 | 646 | 1,028 | 1,753 | 1,200 |
| OPM % | 3.2% | 5% | 3.2% | 3.3% | 3.1% | 3.9% | 1.7% | 1.2% | 0.1% | 0.6% | 1.1% | 1.8% | 1.2% |
| Other Income | 79 | 108 | 139 | 282 | 136 | 369 | 445 | 766 | 1,437 | 410 | 366 | 465 | 931 |
| Interest | -14 | 8 | 9 | 11 | 14 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 43 | 45 | 41 | 44 | 45 | 47 | 51 | 56 | 76 | 79 | 104 | 161 | 0 |
| PBT | 924 | 1,008 | 1,061 | 1,300 | 1,291 | 1,463 | 1,629 | 1,487 | 1,441 | 977 | 1,290 | 2,057 | 2,130 |
| Tax % | 15% | 19% | 16% | 15% | 1% | 11% | 16% | 11% | 5% | -61% | -40% | 7% | — |
| Net Profit | 786 | 817 | 887 | 1,107 | 1,278 | 1,297 | 1,361 | 1,327 | 1,368 | 1,574 | 1,811 | 1,912 | 1,975 |
| EPS in Rs | 3.94 | 4.09 | 4.44 | 5.5 | 6.33 | 6.43 | 6.73 | 6.28 | 6.37 | 7.32 | 8.41 | 8.86 | 9.14 |
| Div. Payout % | 18% | 22% | 25% | 25% | 26% | 0% | 30% | 27% | 30% | 27% | 25% | 24% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1,995 | 1,995 | 1,998 | 2,012 | 2,017 | 2,019 | 2,021 | 2,113 | 2,149 | 2,151 | 2,153 | 2,158 |
| Reserves | 546 | 1,108 | 1,828 | 2,693 | 3,625 | 4,788 | 6,619 | 13,501 | 10,844 | 12,515 | 14,002 | 15,592 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 600 | 600 | 950 | 950 | 2,950 | 3,099 |
| Other Liabilities | 66,767 | 73,441 | 91,270 | 1,05,778 | 1,24,378 | 1,25,417 | 1,70,415 | 2,14,521 | 2,34,126 | 2,87,071 | 3,30,307 | 3,69,654 |
| Total Liabilities | 69,309 | 76,544 | 95,097 | 1,10,483 | 1,30,020 | 1,32,224 | 1,79,655 | 2,30,734 | 2,48,069 | 3,02,687 | 3,49,412 | 3,90,502 |
| Fixed Assets | 346 | 335 | 337 | 336 | 370 | 322 | 585 | 6,605 | 997 | 1,549 | 2,143 | 2,716 |
| CWIP | 6 | 12 | 16 | 5 | 10 | 8 | 14 | 20 | 31 | 28 | 109 | 139 |
| Investments | 67,024 | 74,144 | 91,723 | 1,06,590 | 1,24,958 | 1,27,256 | 1,73,564 | 2,16,551 | 2,38,197 | 2,91,128 | 3,34,756 | 3,73,340 |
| Other Assets | 1,932 | 2,053 | 3,020 | 3,551 | 4,682 | 4,637 | 5,493 | 7,559 | 8,844 | 9,982 | 12,404 | 14,308 |
| Total Assets | 69,309 | 76,544 | 95,097 | 1,10,483 | 1,30,020 | 1,32,224 | 1,79,655 | 2,30,734 | 2,48,069 | 3,02,687 | 3,49,412 | 3,90,502 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 4,459 | 5,687 | 6,230 | 6,739 | 9,868 | 7,388 | 9,703 | 5,943 | 6,883 | 10,721 | 15,597 | 22,625 |
| Investing | -3,514 | -3,962 | -5,177 | -4,421 | -10,182 | -7,789 | -8,952 | -801 | -10,071 | -13,622 | -13,633 | -23,849 |
| Financing | -168 | -212 | -236 | -196 | -337 | 38 | 678 | -238 | 1,985 | -403 | 1,607 | -275 |
| Net Cash Flow | 777 | 1,513 | 817 | 2,122 | -651 | -364 | 1,429 | 4,904 | -1,203 | -3,304 | 3,572 | -1,499 |
| Free Cash Flow | 4,352 | 5,654 | 6,183 | 6,706 | 9,825 | 7,351 | 9,643 | 5,887 | 6,797 | 10,587 | 15,300 | 22,341 |
| CFO/OP | 510 | 597 | 641 | 627 | 813 | 672 | 806 | 789 | 9,190 | 1,444 | 1,543 | 1,302 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 0 | 0 | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Conversion Cycle | 0 | 0 | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Working Capital Days | -11 | -27 | -20 | -25 | -16 | -17 | -13 | -11 | -12 | -8 | -6 | -6 |
| ROCE % | 41% | 36% | 31% | 31% | 23% | 24% | 20% | 12% | 10% | 5% | 7% | 10% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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51 extracted metrics + investor summaries across FY07–FY27.
Documents
Frequently Asked Questions about HDFC Life Insurance
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What is the Return on Equity (ROE) of HDFC Life Insurance Company Ltd?
Company Information
HDFC Life Insurance Company is engaged in carrying on the business of life insurance. The Company offers a range of individual and group insurance solutions. The portfolio comprises of various insurance and investment products such as Protection, Pension, Savings,(Source : 202003 Annual Report Page No: 175)
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