Interim report
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January 15, 2026 Ref. No: HDFC Life/CA/2025-26/57 Listing Department Listing Department National Stock Exchange of India Limited BSE Limited Exchange Plaza, Plot No C/1, Block G, Sir PJ Towers, Bandra-Kurla Complex, Dalal Street, Bandra (East), Fort, Mumbai- 400 051 Mumbai – 400 001 NSE Symbol: HDFCLIFE BSE Security Code: 540777 Dear Sir/ Madam, Sub: Outcome of the Board Meeting held on January 15, 2026 We wish to inform that the Board of Directors of the Company (“Board”) at their meeting held today i.e. Thursday, January 15, 2026, have inter‐alia approved the following: 1. Financial Results The un -audited standalone and consolidated financial results for the quarter and nine - months ended December 31, 2025, which have been subject to limited review by M/s G.M. Kapadia & Co. and M/s BSR & Co. LLP, Chartered Accountants, Joint Statutory Auditors of the Company. In terms of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), please find enclosed herewith above-mentioned financial results along with the Limited Review reports for the quarter and nine-months ended December 31, 2025. 2. Change in One of the Joint Statutory Auditors Pursuant to the recommendation of the Audit Committee, the Board ha s considered and recommended for the approval of t he members at the ensuing Annual General Meeting (“AGM”) of the Company, the appointment of KKC & Associates LLP (Formerly Khimji Kunverji & Co LLP), Chartered Accountants, (Firm Registration no.: 105146W/W100621) as one of the Joint Statutory Auditor s of the Company, for a period of four (4) consecutive years , commencing from the conclusion of the 26th AGM until the conclusion of the 30th AGM. It may be noted that the Company currently has M/s G. M. Kapadia & Co. (Firm Registration no. 104767W) and M/s BSR & Co. LLP, (Firm Registration no. 101248W/W -100022), as its Joint Statutory Auditors. M/s G. M. Kapadia & Co. will be completing their tenure of ten (10) years at the ensuing AGM of the Company.
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Relevant disclosures pursuant to Regulation 30 of SEBI Listing Regulations is enclosed as Annexure - I. The meeting of the Board commenced at 1.15 p.m. and concluded at 3.40 p.m. (IST) This is for your information and appropriate dissemination. For HDFC Life Insurance Company Limited Nagesh Pai Company Secretary & Compliance Officer Encl.: As above
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Annexure – 1 Particulars Details Name of one of the Joint Statutory Auditor Name: KKC & Associates LLP (Formerly Khimji Kunverji & Co LLP) Firm’s Registration no: 105146W/W100621 Reason for change Appointment as one of the Joint Statutory Auditors of the Company. The term of one of the Joint Statutory Auditors i.e. M/s G.M. Kapadia & Co. will be expiring at the conclusion of the 26 th AGM. Hence it is proposed to appoint M/s. KKC & Associates, LLP, as one of the Joint Statutory Auditors of the Company in place of M/s G.M. Kapadia & Co. Date of appointment (proposed) For a period of four (4) consecutive years , starting from the conclusion of 26th AGM up to the conclusion of the 30th AGM of the Company Brief Profile M/s. KKC & Associates LLP was established in 1936 in Mumbai. Currently it has presence in 4 cities and is led by 17 partners, supported by a team size of over 400+ dedicated professionals. M/s. KKC & Associates LLP caters to a wide spectrum of clients, including multinational companies, large corporations, small and medium-sized enterprises (SMEs) and owner managed businesses. The firm has rich experience in the areas of insurance, banking, financial services, manufacturing / service and infrastructure. Disclosure of relationships between directors Not applicable
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Year ended / As at December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 March 31, 2025 (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Audited) POLICYHOLDERS' A/C Gross premium income First Year Premium 332,449 357,946 296,877 945,415 858,012 1,297,607 Renewal Premium 1,047,452 1,033,711 937,562 2,841,459 2,461,727 3,767,961 Single Premium 500,436 536,995 493,062 1,509,622 1,381,595 2,038,923 2 Net premium income1 1,824,239 1,877,731 1,677,126 5,148,579 4,585,058 6,961,614 3 Income from investments (net)2 1,065,074 141,005 19,209 2,665,578 2,592,727 2,594,529 4 Other income 9,092 7,946 7,064 24,425 20,623 28,300 5 3 5,394 4,846 (11,992) 16,896 7,771 10,041 6 Total (2 to 5) 2,903,799 2,031,528 1,691,407 7,855,478 7,206,179 9,594,484 Commission on First Year Premium 114,514 130,780 160,001 387,793 370,435 586,032 Renewal Premium 17,591 15,518 14,464 46,057 38,993 58,957 Single Premium 95,065 85,788 18,783 200,327 115,961 138,540 8 Net Commission 227,170 232,086 193,248 634,177 525,389 783,529 Operating Expenses related to insurance business (a+b) Employees remuneration and welfare expenses 110,472 98,581 83,020 296,528 233,641 319,803 Other operating expenses 115,626 79,414 72,313 258,555 216,551 302,375 10 Expenses of Management (8+9) 453,268 410,081 348,581 1,189,260 975,581 1,405,707 11 Provisions for doubtful debts (including bad debts written off)- - - - - - 12 Provisions for diminution in value of investments4 463 (4,599) 5,285 (4,560) 5,349 8,234 13 Goods & Services Tax on ULIP charges 745 12,114 12,292 25,528 35,037 48,920 14 Provision for taxes 419 344 (3,364) 4,785 (60,269) (58,820) 15 Benefits Paid5 (Net1) 916,377 932,891 917,916 2,717,247 2,830,556 3,934,593 16 Change in actuarial liability 1,533,753 697,918 430,046 3,933,322 3,331,963 4,151,555 17 Total (10+11+12+13+14+15+16) 2,905,025 2,048,749 1,710,756 7,865,582 7,118,217 9,490,189 18 Surplus/(Deficit) (6-17) (1,226) (17,221) (19,349) (10,104) 87,962 104,295 Appropriations Transferred to Shareholders A/c 14,090 21,522 9,824 72,246 75,011 99,678 Funds for Future Appropriations (15,316) (38,743) (29,173) (82,350) 12,951 4,617 Details of Surplus / Deficit Interim bonus paid 79,097 71,731 66,009 201,236 167,424 243,500 Terminal bonus paid 17,538 13,985 15,963 40,958 48,955 66,438 Allocation of bonus to policyholders - - - - - 87,056 Surplus/(Deficit) shown in the Revenue Account (1,226) (17,221) (19,349) (10,104) 87,962 104,295 Total Surplus 95,409 68,495 62,623 232,090 304,341 501,289 9 20 (a) (d) Sr. No. 1 Three Months ended / As at Particulars (a) (b) Nine Months ended / As at (c) 7 (c) (a) (a) (c) (b) (b) HDFC Life Insurance Company Limited Statement of Standalone Reviewed Results for the Quarter and Nine Months ended December 31, 2025 (a) 19 (b) (b)
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Year ended / As at December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 March 31, 2025 (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Audited) Sr. No. Three Months ended / As at Particulars Nine Months ended / As at HDFC Life Insurance Company Limited Statement of Standalone Reviewed Results for the Quarter and Nine Months ended December 31, 2025 21 Transfer from Policyholders' Account 14,090 21,522 9,824 72,246 75,011 99,678 Investment Income (net)2 41,868 36,087 27,181 109,977 79,774 112,509 Other income 8 - 4 12 11 14 23 Expenses other than those related to insurance business6 6,082 6,375 4,451 18,612 8,970 14,294 24 5,394 4,846 (11,992) 16,896 7,771 10,041 25 Provisions for doubtful debts (including write off) - - - - - - 26 Provisions for diminution in value of investments4 213 (153) 68 (156) 68 1,258 27 Profit before tax 44,277 46,541 44,482 146,883 137,987 186,608 28 Provisions for tax 2,204 1,826 2,988 5,449 5,429 6,396 29 Profit after tax and before Extraordinary items 42,073 44,715 41,494 141,434 132,558 180,212 30 Profit after tax and Extraordinary items7 42,073 44,715 41,494 141,434 132,558 180,212 Interim Dividend - - - - - - Final Dividend - - - - - 2.1 32 Profit carried to Balance Sheet8 1,059,233 1,017,160 915,396 1,059,233 915,396 963,048 33 Paid up equity share capital 215,762 215,609 215,280 215,762 215,280 215,299 34 Reserve & Surplus (excluding Revaluation Reserve) 1,473,133 1,422,949 1,304,042 1,473,133 1,304,042 1,352,599 35 67,120 53,790 58,322 67,120 58,322 44,598 Total Assets: Investments: - Shareholders' 2,007,672 1,867,882 1,701,764 2,007,672 1,701,764 1,838,633 - Policyholders Fund excluding Linked Assets 24,396,629 23,349,186 20,705,322 24,396,629 20,705,322 21,626,705 - Assets held to cover Linked Liabilities (Linked Assets)11,360,900 10,782,850 10,461,310 11,360,900 10,461,310 10,162,815 Other Assets (Net of current liabilities and provisions) 262,240 268,106 187,925 262,240 187,925 325,263 1. Net of reinsurance 2. Net of amortisation and losses (including capital gains) 3. 4. Inclusive of provision for standard and non-standard assets 5. Inclusive of interim and terminal bonus 6. Includes Interest on subordinated debt & penalties if any. 7. Underwriting profits : Existing business surplus (i) 164,621 151,092 148,341 478,689 423,052 614,221 New business strain (ii) (155,665) (134,157) (126,784) (422,418) (355,812) (523,603) Shareholders' surplus (iii) 33,117 27,780 19,937 85,163 65,318 89,594 8. Represents accumulated surplus (a) (b) 22 (b) Profit after tax comprises: (a) (b) Includes contribution of funds from shareholders accounts towards excess EOM and remuneration of MD/CEOs/WTD/Other KMPs (i) Represents profit emerging during current period from business written in prior years (ii) Insurance contracts being long term in nature revenue is recognised over the period of the contract as against costs being recognised in the period in which they are incurred, leading to New business strain. (iii) Represents investment and other income arising on shareholders' funds, net of expenses and tax. (a) (b) Foot notes : 36 31 (a) Fair Value Change Account and Revaluation Reserve (Shareholders)
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Year ended/ As at December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 March 31, 2025 (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Audited) Analytical Ratios: 1 (i) Solvency Ratio 180% 175% 188% 180% 188% 194% (ii)Expenses of Management Ratio 24.1% 21.3% 20.2% 22.5% 20.8% 19.8% (iii) 2047.9% 2028.3% 1982.9% 2047.9% 1982.9% 1987.3% a) Basic EPS before and after extraordinary items (net of tax expense) for the period (not annualized for three/nine months) 1.95 2.08 1.93 6.56 6.16 8.37 b) Diluted EPS before and after extraordinary items (net of tax expense) for the period (not annualized for three/nine months) 1.95 2.07 1.93 6.55 6.15 8.37 NPA ratios: (for Policyholders' fund) a) Gross NPAs - Non Linked Par 922 922 1,086 922 1,086 922 Non Par 800 800 933 800 933 800 - Linked Non Par 5,990 5,990 7,002 5,990 7,002 5,990 Net NPAs - Non Linked Par NIL NIL NIL NIL NIL NIL Non Par NIL NIL NIL NIL NIL NIL - Linked Non Par NIL NIL NIL NIL NIL NIL b) % of Gross NPAs - Non Linked Par 0.01% 0.01% 0.02% 0.01% 0.02% 0.01% Non Par 0.00% 0.01% 0.01% 0.00% 0.01% 0.01% - Linked Non Par 0.05% 0.06% 0.07% 0.05% 0.07% 0.06% % of Net NPA - Non Linked Par NIL NIL NIL NIL NIL NIL Non Par NIL NIL NIL NIL NIL NIL - Linked Non Par NIL NIL NIL NIL NIL NIL Yield on Investments (on Policyholders' fund) A. Without unrealised gains - Non Linked Par 2.3% 2.2% 1.9% 6.4% 6.3% 8.2% Non Par 2.3% 2.3% 2.4% 7.1% 7.2% 9.7% - Linked Non Par 2.3% 3.0% 2.6% 8.5% 15.1% 17.7% B. With unrealised gains - Non Linked Par 3.1% -0.7% -1.7% 6.5% 7.6% 8.9% Non Par 0.6% -0.9% 0.2% -0.5% 7.2% 10.8% - Linked Non Par 4.7% -3.6% -4.2% 10.5% 12.8% 7.7% (vi) (iv) (v) Three Months ended / As at Particulars Nine Months ended / As at HDFC Life Insurance Company Limited Statement of Standalone Reviewed Results for the Quarter and Nine Months ended December 31, 2025
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Year ended/ As at December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 March 31, 2025 (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Audited) Three Months ended / As at Particulars Nine Months ended / As at HDFC Life Insurance Company Limited Statement of Standalone Reviewed Results for the Quarter and Nine Months ended December 31, 2025 NPA ratios: (for Shareholders' fund) a) Gross NPAs 1,344 1,344 1,579 1,344 1,579 1,344 Net NPAs NIL NIL NIL NIL NIL NIL b) % of Gross NPAs 0.07% 0.07% 0.09% 0.07% 0.09% 0.07% % of Net NPAs NIL NIL NIL NIL NIL NIL Yield on Investments (on Shareholders' fund) A. Without unrealised gains 2.2% 2.0% 1.7% 6.0% 5.2% 7.2% B. With unrealised gains 2.8% 0.5% 0.0% 7.0% 7.0% 8.9% Persistency Ratio ( Regular Premium/Limited Premium Payment) 2 Premium Basis 13th month 79.5% 80.8% 81.9% 84.9% 87.3% 86.9% 25th month 72.9% 72.1% 75.4% 78.0% 77.9% 78.1% 37th month 70.2% 70.2% 71.8% 71.9% 74.3% 73.6% 49th month 69.1% 70.1% 68.1% 71.2% 69.7% 70.2% 61st month 62.4% 62.9% 57.8% 63.3% 61.4% 63.5% Number of Policy basis 13th month 77.4% 78.2% 78.0% 81.5% 80.9% 81.2% 25th month 69.5% 69.1% 67.7% 71.0% 71.3% 70.6% 37th month 62.2% 63.0% 65.2% 65.2% 67.6% 67.7% 49th month 62.2% 63.8% 59.1% 64.3% 60.2% 61.1% 61st month 53.7% 53.2% 49.1% 54.5% 50.9% 52.4% Conservation Ratio Participating Life- Individual & group 85.0% 85.9% 85.6% 85.3% 85.2% 85.0% Participating Pension- Individual & group 77.0% 80.5% 87.0% 80.3% 84.4% 84.3% Non Participating Life - Individual & group 85.9% 86.4% 86.5% 86.8% 85.9% 86.6% Non Participating Pension - Individual & Group 72.2% 86.8% 70.8% 77.8% 76.2% 79.1% Non Participating - Life Group Variable NA NA NA NA NA NA Non Participating - Individual & Group Pension Variable 73.9% 69.3% 56.5% 73.0% 58.5% 59.6% Non Participating Fund - Annuity 88.4% 83.4% 86.8% 86.3% 87.6% 86.0% Non Participating Fund - Individual & Group Health 102.7% 91.7% 94.8% 91.5% 95.1% 94.5% Unit Linked - Individual Life 83.8% 84.2% 81.3% 84.5% 81.7% 81.3% Unit Linked - Individual Pension 66.3% 75.6% 67.4% 74.9% 70.0% 68.8% Unit Linked - Group Life NA NA NA NA NA NA Unit Linked - Group Pension NA NA NA NA NA NA Notes : 1. 2. 2.1 2.2 2.3 2.4 2.5 Rural business policies issued from FY 2018-19 onwards are included 2.6 (vii) (x) The persistency ratios for the quarter ended December 31, 2025 have been calculated for the policies issued in the September to November period of the relevant years.E.g.: the 13th month persistency for the current quarter is calculated for the policies issued from September 2024 to November 2024. The persistency ratios for quarterended December 31, 2024 have been calculated in a similar manner. The persistency ratios for the year ended December 31, 2025 have been calculated for the policies issued in the December to November period of the relevant years. Foreg: the 13th month persistency for current year is calculated for the policies issued from December 2023 to November 2024.The persistency ratios for year ended December31, 2024 have been calculated in a similar manner. Definition revised in accordance with IRDAI circular on 'Public Disclosures by Insurers' dated September 30, 2021; persistency for individual policies. The persistency ratios for the year ended March 31, 2025 have been calculated for the policies issued in the March to February period of the relevant years. For eg: the 13th month persistency for current year is calculated for the policies issued from March 2023 to February 2024 . The persistency ratios for the quarter ended September 30, 2025 have been calculated for the policies issued in the June to August period of the relevant years. E.g.: the 13th month persistency for the current quarter is calculated for the policies issued from June 2024 to August 2024. Analytical ratios have been calculated as per definition given in IRDAI Analytical ratios disclosure. Persistency Ratio The persistency ratios are calculated in accordance with the IRDAI circular no. IRDAI/F&A/CIR/MISC/256/09/2021 dated September 30, 2021 and hence are with a lag ofone month. (viii) (ix)
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Year ended / As at December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 March 31, 2025 (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Audited) 1 Segment Income A)Policyholders : Segment A - Participating - Individual & Group Life : Net Premium 378,560 366,813 365,919 983,120 918,093 1,369,912 Income from Investments2 158,870 148,659 115,966 424,845 374,575 481,893 Transfer of Funds from shareholders' account 23 70 50 214 102 255 Other Income 5,503 4,957 4,495 15,108 12,763 17,490 Segment B - Participating - Individual & Group Pension : Net Premium 13,142 27,949 7,875 74,231 21,470 30,098 Income from Investments2 4,453 5,223 4,785 15,547 15,156 25,217 Transfer of Funds from shareholders' account 6 21 2 36 4 8 Other Income 81 47 52 173 135 248 Segment C - Non Participating - Individual & Group Life : Net Premium 698,460 703,205 644,578 1,961,218 1,890,470 2,819,876 Income from Investments2 280,336 272,655 237,745 807,780 681,770 929,617 Transfer of Funds from shareholders' account 153 87 (11,862) 402 6,827 515 Other Income 3,353 2,770 2,417 8,687 6,613 9,174 Segment D - Non Participating - Life Group Variable : Net Premium 21,262 18,284 18,248 60,924 47,640 90,349 Income from Investments2 4,150 4,456 3,756 12,454 11,277 15,012 Transfer of Funds from shareholders' account 1 - - 1 - - Other Income 1 - - 2 1 2 Segment E - Non Participating - Individual & Group Pension : Net Premium 9,015 16,994 18,536 36,909 66,580 97,161 Income from Investments2 5,444 5,422 5,793 16,437 16,717 23,372 Transfer of Funds from shareholders' account 3,921 (78) (389) 6,421 414 9,070 Other Income 7 11 3 25 13 24 Segment F - Non Participating - Individual & Group Pension Variable : Net Premium 7,552 6,981 9,639 52,296 29,738 46,197 Income from Investments2 3,297 3,967 3,755 12,235 11,446 15,102 Transfer of Funds from shareholders' account 1 - (169) 1 - - Other Income (1) - - 1 1 1 Segment G - Non Participating - Individual & Group Annuity : Net Premium 129,167 151,457 136,998 419,078 382,946 536,134 Income from Investments2 66,260 63,788 57,148 191,779 165,207 225,235 Transfer of Funds from shareholders' account 6 9 16 28 27 52 Other Income 65 58 51 194 154 207 Segment H - Non Participating - Individual & Group Health : Net Premium 1,049 711 439 1,944 2,038 2,923 Income from Investments2 53 68 72 190 266 334 Transfer of Funds from shareholders' account (101) 113 307 262 307 2 Other Income - 1 1 1 2 2 Segment I - Unit Linked - Individual Life : Net Premium 452,392 435,440 365,478 1,202,382 968,540 1,516,165 Income from Investments2 474,613 (341,860) (372,687) 1,048,210 1,174,768 716,056 Transfer of Funds from shareholders' account 60 61 51 203 87 128 Other Income 84 96 40 225 930 1,126 Segment J - Unit Linked - Individual Pension : Net Premium 24,408 31,504 17,484 79,193 44,111 79,143 Income from Investments2 30,593 (11,991) (32,492) 59,325 50,461 46,490 Transfer of Funds from shareholders' account 1,320 4,563 2 9,324 3 11 Other Income (2) 3 4 1 6 18 Segment K - Unit Linked - Group Life : Net Premium 84,505 111,017 75,909 252,503 159,375 311,375 Income from Investments2 31,121 (3,853) (7,836) 69,421 74,616 93,544 Transfer of Funds from shareholders' account 4 - - 4 - - Other Income 1 3 1 7 4 7 Segment L - Unit Linked - Group Pension : Net Premium 4,727 7,376 16,023 24,781 54,057 62,281 Income from Investments2 5,436 (862) (1,652) 12,055 11,661 14,739 Transfer of Funds from shareholders' account - - - - - - Other Income - - - 1 1 1 Total 2,903,351 2,036,195 1,686,551 7,860,178 7,201,372 9,586,566 B)Shareholders : Income from Investments2 41,655 36,240 27,113 110,133 79,706 111,179 Other Income 8 - 4 12 11 14 Total 41,663 36,240 27,117 110,145 79,717 111,193 Grand Total 2,945,014 2,072,435 1,713,668 7,970,323 7,281,089 9,697,759 Three Months ended / As at ParticularsSr. No. Nine Months ended / As at HDFC Life Insurance Company Limited Segment Reporting (Standalone) for the Quarter and Nine Months ended December 31, 2025
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HDFC Life Insurance Company Limited Segment Reporting (Standalone) for the Quarter and Nine Months ended December 31, 2025 Year ended / As at December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 March 31, 2025 (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Audited) 2 Segment A - Participating - Individual & Group Life 9,472 (19,127) (21,066) (25,857) 32,744 43,136 Segment B - Participating - Individual & Group Pension (14,164) (10,310) 775 (30,282) 724 2,388 Segment C - Non Participating - Individual & Group Life 326 2,556 11,682 24,944 (5,432) 24,607 Segment D - Non Participating - Life Group Variable 6 173 686 460 1,443 1,264 Segment E - Non Participating - Individual & Group Pension (3,919) 82 388 (6,409) (414) (9,060) Segment F - Non Participating - Individual & Group Pension Variable 43 237 898 1,173 729 1,272 Segment G - Non Participating - Individual & Group Annuity 3,477 4,058 (260) 8,603 3,912 5,845 Segment H - Non Participating - Individual & Group Health 101 (113) (346) (261) (10) 1,030 Segment I - Unit Linked - Individual Life (178) 3,616 (1,474) 7,878 39,554 18,991 Segment J - Unit Linked - Individual Pension (1,307) (4,552) (475) (9,281) 2,246 810 Segment K - Unit Linked - Group Life (446) 1,233 1,284 2,315 4,013 4,111 Segment L - Unit Linked - Group Pension 229 339 292 638 682 841 Total (6,360) (21,808) (7,616) (26,079) 80,191 95,235 Shareholders 33,117 27,780 19,937 85,163 65,318 89,594 Grand Total 26,757 5,972 12,321 59,084 145,509 184,829 3 Segment Assets: Segment A - Participating - Individual & Group Life 7,866,402 7,496,518 6,930,649 7,866,402 6,930,649 7,072,606 Segment B - Participating - Individual & Group Pension 298,695 303,209 284,712 298,695 284,712 281,414 Segment C - Non Participating - Individual & Group Life 11,938,303 11,390,216 9,634,987 11,938,303 9,634,987 10,384,117 Segment D - Non Participating - Life Group Variable 191,476 184,799 196,979 191,476 196,979 200,896 Segment E - Non Participating - Individual & Group Pension 300,747 302,489 306,971 300,747 306,971 321,000 Segment F - Non Participating - Individual & Group Pension Variable186,385 189,063 213,031 186,385 213,031 209,474 Segment G - Non Participating - Individual & Group Annuity 3,681,803 3,558,221 3,139,000 3,681,803 3,139,000 3,275,009 Segment H - Non Participating - Individual & Group Health 2,365 2,348 3,355 2,365 3,355 2,315 Segment I - Unit Linked - Individual Life 9,124,493 8,673,330 8,605,208 9,124,493 8,605,208 8,249,123 Segment J - Unit Linked - Individual Pension 592,722 559,985 560,214 592,722 560,214 548,104 Segment K - Unit Linked - Group Life 1,437,861 1,349,033 1,103,807 1,437,861 1,103,807 1,191,305 Segment L - Unit Linked - Group Pension 232,474 226,037 201,205 232,474 201,205 208,304 Total 35,853,726 34,235,248 31,180,118 35,853,726 31,180,118 31,943,667 Shareholder 2,076,845 1,939,742 1,785,689 2,076,845 1,785,689 1,921,178 Unallocated 3 96,870 93,034 90,514 96,870 90,514 88,574 Grand Total 38,027,441 36,268,024 33,056,321 38,027,441 33,056,321 33,953,419 4 Segment Policy Liabilities4 : Segment A - Participating - Individual & Group Life 7,319,536 7,055,407 6,463,268 7,319,536 6,463,268 6,681,542 Segment B - Participating - Individual & Group Pension 268,449 279,134 256,094 268,449 256,094 259,241 Segment C - Non Participating - Individual & Group Life 11,872,623 11,314,169 9,503,190 11,872,623 9,503,190 10,215,008 Segment D - Non Participating - Life Group Variable 194,188 187,451 196,574 194,188 196,574 200,521 Segment E - Non Participating - Individual & Group Pension 282,091 283,966 288,580 282,091 288,580 302,602 Segment F - Non Participating - Individual & Group Pension Variable184,996 187,844 211,977 184,996 211,977 208,404 Segment G - Non Participating - Individual & Group Annuity 3,660,853 3,537,072 3,121,887 3,660,853 3,121,887 3,256,703 Segment H - Non Participating - Individual & Group Health 2,810 2,793 3,840 2,810 3,840 2,675 Segment I - Unit Linked - Individual Life 9,167,183 8,714,903 8,643,449 9,167,183 8,643,449 8,290,951 Segment J - Unit Linked - Individual Pension 592,722 559,985 560,214 592,722 560,214 548,105 Segment K - Unit Linked - Group Life 1,439,406 1,350,131 1,104,822 1,439,406 1,104,822 1,192,303 Segment L - Unit Linked - Group Pension 232,474 226,038 201,205 232,474 201,205 208,303 Total 35,217,331 33,698,893 30,555,100 35,217,331 30,555,100 31,366,358 Shareholders 2,065,915 1,928,030 1,772,644 2,065,915 1,772,644 1,907,560 Unallocated - - - - - - Grand Total 37,283,246 35,626,923 32,327,744 37,283,246 32,327,744 33,273,918 Note: 1.Segments include: b. Non-Linked: c. Variable insurance shall be further segregated into Life and Pension. 2.Net of provisions for diminution in value of investment. 3. 4. 2. Participating Policies: (i) Life (ii) General Annuity and Pension (iii) Health (iv) Variable a. Linked Policies: (i) Life (ii) General Annuity and Pension (iii) Health (iv) Variable 1. Non-Participating Policies: (i) Life (ii) General Annuity and Pension (iii) Health (iv) Variable Includes income tax deposited with tax authorities which is contested by the company and Advance Tax (net of provision for taxation). As per Accounting Standard 17 -Segment Reporting, income tax asset and liabilities cannot be allocated across reporting segments. Segment policy liabilities includes fund for future appropriations and excludes Credit / (Debit) Fair Value Change Account on Policyholders' funds. Three Months ended / As at ParticularsSr No. Nine Months ended / As at
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Year ended / As at December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 March 31, 2025 (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Audited) 1 Debt Equity Ratio1 (no of times) 0.18 0.14 0.12 0.18 0.12 0.18 2 Debt service coverage ratio (DSCR)2 (no of times) (not annualised for three/nine months) 4.58 3.85 9.50 15.70 25.31 18.65 3 Interest service coverage ratio (ISCR)3 (no of times) (not annualised for three/nine months) 4.58 3.85 9.50 15.70 25.31 18.65 4 309,900 235,000 195,000 309,900 195,000 295,000 5 Outstanding redeemable preference shares (quantity and value) NA NA NA NA NA NA 6 Capital redemption reserve / debenture redemption reserve4 NA NA NA NA NA NA 7 Net Worth5 1,756,015 1,693,030 1,577,644 1,756,015 1,577,644 1,612,560 8 Net profit/ loss after tax6 42,073 44,715 41,494 141,434 132,558 180,212 Earnings per share a) Basic EPS before and after extraordinary items (net of tax expense) for the period (not annualised for three/nine months) 1.95 2.08 1.93 6.56 6.16 8.37 b) Diluted EPS before and after extraordinary items (net of tax expense) for the period (not annualised for three/nine months) 1.95 2.07 1.93 6.55 6.15 8.37 10 Current ratio7 0.90 0.92 0.89 0.90 0.89 1.03 11 Long term debt to working capital10 NA NA NA NA NA NA 12 Bad debts to Account receivable ratio10 NA NA NA NA NA NA 13 Current liability ratio8 0.02 0.02 0.03 0.02 0.03 0.03 14 Total debts to total assets9 0.008 0.006 0.006 0.008 0.006 0.009 15 Debtors turnover10 NA NA NA NA NA NA 16 Inventory turnover10 NA NA NA NA NA NA 17 Operating margin (%)10 NA NA NA NA NA NA 18 Net profit margin (%)10 NA NA NA NA NA NA Notes : 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 9 Particulars Nine Months ended / As atThree Months ended / As at Not applicable to insurance companies. Sector specific equivalent ratios are as disclosed in Analytical ratios forming part of Standalone reviewed financial SEBI results. ISCR is computed as Profit before interest and tax divided by interest expense due. Tax for the purpose of this ratio includes tax of the company reduced bytax pertaining to par segment. Capital redemption reserve / debenture redemption reserve is not required to be created as per Companies (Share Capital & Debenture) Amendment Rules,2019 dated August 16, 2019. Net worth represents shareholder's funds excluding redeemable preference shares, if any. Net profit/ loss after tax is the profit after tax as per shareholders account. Current ratio is computed as Current assets divided by Current Liabilities. Current Liabilities includes provisions. Current liability ratio is computed as Current Liabilities divided by Total Liabilities. Total Liabilities for the purpose of this ratio includes Borrowings,Policyholder's liabilities,Funds for future appropriation and Current liabilities. Current Liabilities includes provisions. Total debt to total assets is computed as Borrowings divided by Total Assets. HDFC Life Insurance Company Limited Statement of disclosures as per Regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time, for the Quarter and Nine Months ended December 31, 2025 Debt-Equity Ratio is computed as Total borrowings divided by Equity. Equity is calculated as shareholder's funds excluding redeemable preference shares, if any. DSCR is computed as Profit before interest and tax divided by interest expense due together with principal repayments of long-term debt during the period. Taxfor the purpose of this ratio includes tax of the company reduced by tax pertaining to par segment.
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Other disclosures : Status of Shareholders Complaints as on December 31, 2025 Sr No. Particulars Number of Complaints 1 Investor complaints pending at the begining of the quarter 0 2 Investor complaints received during the quarter ended December 31, 2025 2 3 Investor complaints disposed of during the quarter ended December 31, 2025 2 4 Investor complaints remaining unresolved as on December 31, 2025 0 HDFC Life Insurance Company Limited
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Other disclosures : Status of Investor Complaints as on December 31, 2025 Sr No. Particulars Number of Complaints 1 Investor complaints pending at the begining of the quarter 0 2 Investor complaints received during the quarter ended December 31, 2025 0 3 Investor complaints disposed of during the quarter ended December 31, 2025 0 4 Investor complaints remaining unresolved as on December 31, 2025 0 HDFC Life Insurance Company Limited
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December 31, 2025 December 31, 2024 March 31, 2025 (Reviewed) (Reviewed) (Audited) SOURCES OF FUNDS SHAREHOLDERS' FUNDS: Share Capital 215,762 215,280 215,299 Share application money - - 64 Reserves and Surplus 1,473,133 1,304,042 1,352,599 Credit / (Debit) Fair Value Change Account 67,120 58,322 44,598 Sub-Total (A) 1,756,015 1,577,644 1,612,560 BORROWINGS 309,900 195,000 295,000 POLICYHOLDERS' FUNDS: Credit / (Debit) Fair Value Change Account 744,195 728,577 679,498 Policy Liabilities 23,813,016 19,959,692 21,077,779 Insurance Reserve - - - Provision for Linked Liabilities 8,065,638 7,018,994 7,357,779 Add: Fair value change 2,829,973 3,066,465 2,416,558 Provision for Linked Liabilities 10,895,611 10,085,459 9,774,337 Funds for discontinued policies (i) Discontinued on account of non-payment of premium 464,200 375,063 387,802 (ii) Others 1,089 788 676 Total Provision for Linked & Discontinued Policyholders Liabilities11,360,900 10,461,310 10,162,815 Sub-Total (B) 35,918,111 31,149,579 31,920,092 Funds for Future Appropriations - Linked 3,900 3,419 3,200 - Non Linked 39,515 130,679 122,564 Sub-Total (C) 43,415 134,098 125,764 TOTAL (A+B+C) 38,027,441 33,056,321 33,953,416 APPLICATION OF FUNDS INVESTMENTS: Shareholders' 2,007,672 1,701,764 1,838,633 Policyholders' 24,396,629 20,705,322 21,626,705 Asset held to cover Linked Liabilities 11,360,900 10,461,310 10,162,815 LOANS 272,100 226,123 237,830 FIXED ASSETS 70,235 53,412 60,107 Deferred Tax Assets - - - CURRENT ASSETS Cash and Bank Balances 48,574 58,490 176,970 Advances and Other Assets 711,394 701,077 810,274 Sub-Total (A) 759,968 759,567 987,244 CURRENT LIABILITIES 817,541 841,677 948,424 PROVISIONS 22,522 9,500 11,494 Sub-Total (B) 840,063 851,177 959,918 NET CURRENT ASSETS (C) = (A - B) (80,095) (91,610) 27,326 Miscellaneous Expenditure (to the extent not written off or adjusted) - - - Debit Balance in Profit and Loss Account (Shareholders' Account) - - - TOTAL 38,027,441 33,056,321 33,953,416 Contingent liabilities 240,272 249,839 238,605 Notes 1. Statement of Assets and Liabilities is given below: Particulars As at
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2. 3. 4. 5. 6. 7. 8. 9. 10. 11. Mumbai January 15, 2026 The Central Government has notified the Code on Wages, 2019, the Code on Social Security, 2020,the Industrial Relations Code, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020, collectively referred to as the Based on legal opinions obtained by the Company, the Company is in the process of reassessing and implementing policy changes to its existing employee benefit policies, it has ascertained its estimated obligations under the New Labour Codes. Accordingly, the Company has recognised incremental estimated obligations on the account of employees past services, based on actuarial valuation and best estimate in accordance with AS 15 - 'Employee Benefits' consistent with guidance provided by the Institute of Chartered Accountants of India. This incremental estimate amounts to Lakh and has been charged to the Revenue Account for the quarter and nine months ended December 31, The Company continues to monitor the finalisation of Central and State Rules and clarifications from the Governmenton other aspects of the New Labour Codes and would provide appropriate accounting effect on the basis ofsuch developments, as needed. The above standalone financial results have been reviewed by the joint statutory auditors of the Company, B S R & Co. LLP (Firm Registration No. 101248W/W-100022) and G. M. Kapadia & Co (Firm Registration No.104767W). (DIN: 01682810) Figures of the previous period have been regrouped wherever necessary, in order to make them comparable. For and on behalf of the Board of Directors The joint statutory auditors have digitally signed this statement for identification Vibha Padalkar Managing Director & CEO The standalone financial results of the Company for the quarter and nine months ended December 31, 2025were reviewed by the Audit Committee and subsequently approved by the Board of Directors at its meeting held on January 15, 2026 The standalone financial results have been prepared in accordance with the requirements of Regulation 33 andRegulation 52 read with regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, asamended from time to time, to the extent applicable, and IRDAI Circular IRDA/F&I/REG/CIR/208/10/2016 dated October25, 2016 on publication of financial results for Life Insurance companies. In view of seasonality of industry, the results of interim period are not necessarily indicative of the results that maybe expected of any other interim periods or for the full year. The amounts for the quarter ended December 31, 2025 are balancing amount between the amount as perfinancial results for the nine months ended December 31, 2025 and the amount as per financial results for the six months endedSeptember 30, 2025. The same also applies for the amount for the quarter ended December 31, 2024. During the quarter ended December 31, 2025, the Company has allotted 1,529,513 equity shares of face value ofeach pursuant to exercise of employee stock options. In accordance with the requirements of IRDAI circular on 'Public Disclosures by Insurers' dated September 30, 2021,the During the quarter ended December 31, 2025, the Company hasissued 74,900 unsecured, rated, listed, redeemable, fully paid-up, non-cumulative, non-convertible debentures (NCDs) in the nature ofin accordance with the IRDAI (Registration, Capital Structure, Transfer of Shares and Amalgamation of Insurers) Regulations, 2024,each having a face value of100,000 (Rupees one lakh only), for an aggregate nominal value of74,900 lakh (Rupees Seventy Four Thousand Nine Hundred Lakh only) at a fixed coupon rate of 7.63% per annum. These NCDs have been ratedAAA The said NCDs were allotted on December 15, 2025, and are redeemable at the end of 10 years from the date ofallotment, with a call option with the Company to redeem the NCDs post completion of 5 years from the date of allotment andevery year thereafter.
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Year ended / As at December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 March 31, 2025 (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Audited) POLICYHOLDERS' A/C Gross premium income First Year Premium 334,360 359,958 297,496 950,267 859,663 1,300,303 Renewal Premium 1,047,998 1,034,362 937,662 2,842,962 2,461,835 3,768,288 Single Premium 500,474 537,082 493,062 1,509,747 1,381,595 2,038,923 2 Net premium income1 1,835,142 1,887,123 1,683,184 5,176,207 4,599,398 6,983,697 3 Income from investments (Net)2 1,065,629 141,736 19,542 2,667,593 2,593,581 2,595,480 4 Other income 9,170 7,945 7,090 24,503 20,700 28,493 5 3 5,818 5,404 (11,888) 18,159 8,184 10,730 6 Total (2 to 5) 2,915,759 2,042,208 1,697,928 7,886,462 7,221,863 9,618,400 Commission on First Year Premium 114,590 132,869 160,001 390,104 370,597 586,290 Renewal Premium 17,591 15,518 14,464 46,057 38,993 58,957 Single Premium 95,065 85,788 18,783 200,327 115,961 138,540 8 Net Commission1 227,516 234,434 193,413 637,132 526,057 784,447 Operating Expenses related to insurance business (a+b) Employees remuneration and welfare expenses 111,074 99,171 83,403 298,292 234,720 321,339 Other operating expenses 116,205 80,141 72,765 260,348 217,660 303,738 10 Expenses of Management (8+9) 454,795 413,746 349,581 1,195,772 978,437 1,409,524 11 Provisions for doubtful debts (including bad debts written off) - - - - - - 12 Provisions for diminution in value of investments5 463 (4,599) 5,285 (4,560) 5,349 8,234 13 Goods & Services Tax on ULIP charges 745 12,114 12,292 25,528 35,037 48,920 14 Provision for taxes 419 344 (3,364) 4,785 (60,269) (58,820) 15 Benefits Paid4 (Net)1 922,900 937,978 920,887 2,732,949 2,840,121 3,949,773 16 Change in actuarial liability 1,537,767 699,658 432,208 3,941,885 3,334,495 4,155,458 17 Total (10+11+12+13+14+15+16) 2,917,089 2,059,241 1,716,889 7,896,359 7,133,170 9,513,089 18 Surplus/(Deficit) (6-17) (1,330) (17,033) (18,961) (9,897) 88,693 105,311 Appropriations Transferred to Shareholders A/c 13,986 21,710 10,212 72,453 75,742 100,694 Funds for Future Appropriations (15,316) (38,743) (29,173) (82,350) 12,951 4,617 Details of Surplus / (Deficit) Interim bonus paid 79,097 71,731 66,009 201,236 167,424 243,500 Terminal bonus paid 17,538 13,985 15,963 40,958 48,955 66,438 Allocation of bonus to policyholders - - - - - 87,056 Surplus shown in the Revenue Account (1,330) (17,033) (18,961) (9,897) 88,693 105,311 Total Surplus 95,305 68,683 63,011 232,297 305,072 502,305 9 (a) (b) 19 (a) (b) 20 (a) (b) (c) (d) 1 (a) (b) (c) 7 (a) (b) (c) HDFC Life Insurance Company Limited Statement of Consolidated Reviewed Results for the Quarter and Nine months ended December 31, 2025 Sr. No. Particulars Three Months ended / As at Nine Months ended / As at
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Year ended / As at December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 March 31, 2025 (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Audited) HDFC Life Insurance Company Limited Statement of Consolidated Reviewed Results for the Quarter and Nine months ended December 31, 2025 Sr. No. Particulars Three Months ended / As at Nine Months ended / As at 21 Transfer from Policyholders' Account 13,986 21,710 10,212 72,453 75,742 100,694 Investment Income2 (net) 41,990 36,209 27,301 110,347 80,130 112,997 Other income 2,454 2,333 1,868 6,910 5,096 7,113 23 Expenses other than those related to insurance business5 8,298 8,197 5,964 24,444 13,516 21,022 24 5,818 5,404 (11,888) 18,159 8,184 10,730 25 Provisions for doubtful debts (including write off) - - - - - - 26 Provisions for diminution in value of investments6 213 (153) 68 (156) 68 1,258 27 Profit before tax 44,101 46,804 45,237 147,263 139,200 187,794 28 Provisions for tax 2,282 1,975 3,106 5,780 5,654 6,712 29 Profit after tax and before Extraordinary items 41,819 44,829 42,131 141,483 133,546 181,082 30 Profit after tax and Extraordinary items 41,819 44,829 42,131 141,483 133,546 181,082 Interim Dividend - - - - - - Final Dividend - - - - - 2.1 32 Profit carried to Balance Sheet7 1,058,377 1,016,558 914,606 1,058,377 914,606 962,143 33 Paid up equity share capital 215,762 215,609 215,280 215,762 215,280 215,299 34 Reserve & Surplus (excluding Revaluation Reserve) 1,477,181 1,426,970 1,307,070 1,477,181 1,307,070 1,355,501 35 67,120 53,790 58,322 67,120 58,322 44,598 Total Assets: Investments: - Shareholders' 1,989,116 1,848,847 1,682,433 1,989,116 1,682,433 1,819,429 - Policyholders Fund excluding Linked Assests 24,426,279 23,377,994 20,734,026 24,426,279 20,734,02621,654,345 - Assets held to cover Linked Liabilities (Linked Assets)11,371,311 10,790,529 10,463,606 11,371,311 10,463,60610,166,107 Other Assets (Net of current liabilities and provisions)268,620 274,181 192,221 268,620 192,221 330,734 1 Net of reinsurance ceded and accepted including HDFC Re (wholly owned subsidiary) 2 Net of amortisation and losses (including capital gains) 3 Includes contribution of funds from shareholders accounts towards excess EOM and remuneration of MD/CEOs/WTD/Other KMPs 4 Inclusive of interim and terminal bonus 5 Includes Interest on subordinated debt & penalties if any 6 Inclusive of provision for standard and non-standard assets 7 Represents accumulated surplus 22 (a) (b) Foot notes : Fair Value Change Account and Revaluation Reserve (Shareholders) 36 (a) (b) 31 (a) (b)
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Year ended / As at December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 March 31, 2025 (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Audited) Analytical Ratios: 1 (i)Solvency Ratio2 180% 175% 188% 180% 188% 194% (ii) Expenses of Management Ratio 24.1% 21.3% 20.2% 22.5% 20.8% 19.8% (iii) 2044.5% 2024.7% 1980.0% 2044.5% 1980.0% 2026.6% a) Basic EPS before and after extraordinary items (net of tax expense) for the period (not annualized for three / nine months) 1.94 2.08 1.96 6.56 6.21 8.41 b) Diluted EPS before and after extraordinary items (net of tax expense) for the period (not annualized for three / nine months) 1.94 2.08 1.96 6.56 6.20 8.41 NPA ratios: (for Policyholders' fund)2 a) Gross NPAs - Non Linked Par 922 922 1,086 922 1,086 922 Non Par 800 800 933 800 933 800 - Linked Non Par 5,990 5,990 7,002 5,990 7,002 5,990 Net NPAs - Non Linked Par NIL NIL NIL NIL NIL NIL Non Par NIL NIL NIL NIL NIL NIL - Linked Non Par NIL NIL NIL NIL NIL NIL b) % of Gross NPAs - Non Linked Par 0.01% 0.01% 0.02% 0.01% 0.02% 0.01% Non Par 0.00% 0.01% 0.01% 0.00% 0.01% 0.01% - Linked Non Par 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% % of Net NPA - Non Linked Par NIL NIL NIL NIL NIL NIL Non Par NIL NIL NIL NIL NIL NIL - Linked Non Par NIL NIL NIL NIL NIL NIL Yield on Investments (on Policyholders' fund)2 A. Without unrealised gains - Non Linked Par 2.3% 2.2% 1.9% 6.4% 6.3% 8.2% Non Par 2.3% 2.3% 2.4% 7.1% 7.2% 9.7% - Linked Non Par 2.3% 3.0% 2.6% 8.5% 15.1% 17.7% B. With unrealised gains - Non Linked Par 3.1% -0.7% -1.7% 6.5% 7.6% 8.9% Non Par 0.6% -0.9% 0.2% -0.5% 7.2% 10.8% - Linked Non Par 4.7% -3.6% -4.2% 10.5% 12.8% 7.7% (iv) (v) (vi) HDFC Life Insurance Company Limited Statement of Consolidated Reviewed Results for the Quarter and Nine months ended December 31, 2025 Particulars Three Months ended / As at Nine Months ended / As at
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Year ended / As at December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 March 31, 2025 (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Audited) HDFC Life Insurance Company Limited Statement of Consolidated Reviewed Results for the Quarter and Nine months ended December 31, 2025 Particulars Three Months ended / As at Nine Months ended / As at NPA ratios: (for Shareholders' fund)2 a) Gross NPAs 1,344 1,344 1,579 1,344 1,579 1,344 Net NPAs NIL NIL NIL NIL NIL NIL b) % of Gross NPAs 0.07% 0.07% 0.09% 0.07% 0.09% 0.07% % of Net NPAs NIL NIL NIL NIL NIL NIL Yield on Investments (on Shareholders' fund)2 A. Without unrealised gains 2.2% 2.0% 1.7% 6.0% 5.2% 7.2% B. With unrealised gains 2.8% 0.5% 0.0% 7.0% 7.0% 8.9% Persistency Ratio (Regular Premium/Limited Premium Payment) 2 Premium basis 13th month 79.5% 80.8% 81.9% 84.9% 87.3% 86.9% 25th month 72.9% 72.1% 75.4% 78.0% 77.9% 78.1% 37th month 70.2% 70.2% 71.8% 71.9% 74.3% 73.6% 49th month 69.1% 70.1% 68.1% 71.2% 69.7% 70.2% 61st month 62.4% 62.9% 57.8% 63.3% 61.4% 63.5% Number of Policy basis 13th month 77.4% 78.2% 78.0% 81.5% 80.9% 81.2% 25th month 69.5% 69.1% 67.7% 71.0% 71.3% 70.6% 37th month 62.2% 63.0% 65.2% 65.2% 67.6% 67.7% 49th month 62.2% 63.8% 59.1% 64.3% 60.2% 61.1% 61st month 53.7% 53.2% 49.1% 54.5% 50.9% 52.4% Conservation Ratio2 Participating life- Individual & Group 85.0% 85.9% 85.6% 85.3% 85.2% 85.0% Participating pension- Individual & Group 77.0% 80.5% 87.0% 80.3% 84.4% 84.3% Non Participating life - Individual & Group 85.9% 86.4% 86.5% 86.8% 85.9% 86.6% Non Participating pension - Individual & Group 72.2% 86.8% 70.8% 77.8% 76.2% 79.1% Non Participating - Life Group Variable NA NA NA NA NA NA Non Participating - Individual & Group Pension variable 73.9% 69.3% 56.5% 73.0% 58.5% 59.6% Non Participating fund - Individual & Group Annuity 88.4% 83.4% 86.8% 86.3% 87.6% 86.0% Non Participating fund - Individual & Group Health 102.7% 91.7% 94.8% 91.5% 95.1% 94.5% Unit Linked - Individual life 83.8% 84.2% 81.3% 84.5% 81.7% 81.3% Unit Linked - Individual pension 66.3% 75.6% 67.4% 74.9% 70.0% 68.8% Unit Linked - Group life NA NA NA NA NA NA Unit Linked - Group pension NA NA NA NA NA NA Notes : 1. 2. 3. 4. 5. 6.The persistency ratios for the year ended December 31, 2025 have been calculated for the policies issued in the December to November period of the relevant years. For eg: the 13th month persistency for current year is calculated for the policies issued from December 2023 to November 2024.The persistency ratios for year ended December 31, 2024 have been calculated in a similar manner. The persistency ratios for the quarter ended September 30, 2025 have been calculated for the policies issued in the June to August period of the relevant years. E.g.: the 13th month persistency for the current quarter is calculated for the policies issued from June 2024 to August 2024. (vii) (viii) (ix) (x) Analytical ratios have been calculated as per definition given in IRDAI Analytical ratios disclosure. The ratios are calculated on the basis of the Standalone Financial Statements. The persistency ratios are calculated in accordance with the IRDAI circular no. IRDAI/F&A/CIR/MISC/256/09/2021 dated September 30, 2021 and hence are with a lag The persistency ratios for the quarter ended December 31, 2025 have been calculated for the policies issued in the September to November period of the relevant years. E.g.: the 13th month persistency for the current quarter is calculated for the policies issued from September 2024 to November 2024. The persistency ratios for quarter ended December 31, 2024 have been calculated in a similar manner.
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Year ended / As at December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 March 31, 2025 (Reviewed) (Reviewed) (Reviewed) (Reviewed)(Reviewed) (Audited) 1 Segment Income A)Policyholders : Segment A - Participating - Individual & Group Life : Net Premium 378,560 366,813 365,919 983,120 918,093 1,369,912 Income from Investments2 158,870 148,659 115,966 424,845 374,575 481,893 Transfer of Funds from shareholders' account 23 70 50 214 102 255 Other Income 5,503 4,957 4,495 15,108 12,763 17,490 Segment B - Participating - Individual & Group Pension : Net Premium 13,142 27,949 7,875 74,231 21,470 30,098 Income from Investments2 4,453 5,223 4,785 15,547 15,156 25,217 Transfer of Funds from shareholders' account 6 21 2 36 4 8 Other Income 81 47 52 173 135 248 Segment C - Non Participating - Individual & Group Life : Net Premium 698,459 703,191 644,580 1,961,217 1,890,896 2,820,307 Income from Investments2 280,336 272,655 237,745 807,780 681,770 929,617 Transfer of Funds from shareholders' account 153 87 (11,862) 402 6,827 515 Other Income 3,353 2,770 2,417 8,687 6,613 9,174 Segment D - Non Participating - Life Group Variable : Net Premium 21,262 18,284 18,248 60,924 47,640 90,349 Income from Investments2 4,150 4,456 3,756 12,454 11,277 15,012 Transfer of Funds from shareholders' account 1 - - 1 - - Other Income 1 - - 2 1 2 Segment E - Non Participating - Individual & Group Pension : Net Premium 9,015 16,994 18,536 36,909 66,580 97,161 Income from Investments2 5,444 5,422 5,793 16,437 16,717 23,372 Transfer of Funds from shareholders' account 3,921 (78) (389) 6,421 414 9,070 Other Income 7 11 3 25 13 24 Segment F - Non Participating - Individual & Group Pension Variable : Net Premium 7,552 6,981 9,639 52,296 29,738 46,197 Income from Investments2 3,297 3,967 3,755 12,235 11,446 15,102 Transfer of Funds from shareholders' account 1 - (169) 1 - - Other Income (1) - - 1 1 1 Segment G - Non Participating - Individual & Group Annuity : Net Premium 129,167 151,457 136,998 419,078 382,946 536,134 Income from Investments2 66,260 63,788 57,148 191,779 165,207 225,235 Transfer of Funds from shareholders' account 6 9 16 28 27 52 Other Income 65 58 51 194 154 207 Segment H - Non Participating - Individual & Group Health : Net Premium 1,049 711 439 1,944 2,038 2,923 Income from Investments2 53 68 72 190 266 334 Transfer of Funds from shareholders' account (101) 113 307 262 307 2 Other Income - 1 1 1 2 2 Segment I - Unit Linked - Individual Life : Net Premium 454,887 438,174 366,188 1,208,842 970,290 1,519,171 Income from Investments2 475,023 (341,392) (372,603) 1,049,549 1,174,916 716,045 Transfer of Funds from shareholders' account 484 619 155 1,466 500 817 Other Income 84 96 40 225 930 1,126 Segment J - Unit Linked - Individual Pension : Net Premium 24,408 31,504 17,484 79,193 44,111 79,143 Income from Investments2 30,593 (11,991) (32,492) 59,325 50,461 46,490 Transfer of Funds from shareholders' account 1,320 4,563 2 9,324 3 11 Other Income (2) 3 4 1 6 18 Segment K - Unit Linked - Group Life : Net Premium 84,505 111,017 75,909 252,503 159,375 311,375 Income from Investments2 31,121 (3,853) (7,836) 69,421 74,616 93,544 Transfer of Funds from shareholders' account 4 - - 4 - - Other Income 1 3 1 7 4 7 Segment L - Unit Linked - Group Pension : Net Premium 4,727 7,376 16,023 24,781 54,057 62,281 Income from Investments2 5,436 (862) (1,652) 12,055 11,661 14,739 Transfer of Funds from shareholders' account - - - - - - Other Income - - - 1 1 1 Total 2,906,679 2,039,941 1,687,451 7,869,239 7,204,109 9,590,681 B)Segment M - Reinsurance: Net Premium 8,409 6,672 5,346 21,169 12,164 18,646 Income from Investments2 145 263 249 676 706 962 Transfer of Funds from shareholders' account - - - - - - Other Income 78 (1) 26 78 77 193 Shareholders : Income from Investments2 41,777 36,362 27,233 110,503 80,062 111,667 Other Income 2,454 2,333 1,868 6,910 5,096 7,113 Total 52,863 45,629 34,722 139,336 98,105 138,581 Grand Total 2,959,542 2,085,570 1,722,173 8,008,575 7,302,214 9,729,262 HDFC Life Insurance Company Limited Consolidated Segment Reporting for the Quarter and Nine months ended December 31, 2025 Sr. No.Particulars Three Months ended / As at Nine Months ended / As at
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HDFC Life Insurance Company Limited Consolidated Segment Reporting for the Quarter and Nine months ended December 31, 2025 Year ended / As at December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 March 31, 2025 (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Audited) 2 Segment A - Participating - Individual & Group Life 9,472 (19,127) (21,066) (25,857) 32,744 43,136 Segment B - Participating - Individual & Group Pension (14,164) (10,310) 775 (30,282) 724 2,388 Segment C - Non Participating - Individual & Group Life 325 2,582 11,535 24,876 (5,462) 24,376 Segment D - Non Participating - Life Group Variable 6 173 686 460 1,443 1,264 Segment E - Non Participating - Individual & Group Pension (3,919) 82 388 (6,409) (414) (9,060) Segment F - Non Participating - Individual & Group Pension Variable 43 237 898 1,173 729 1,272 Segment G - Non Participating - Individual & Group Annuity 3,477 4,058 (260) 8,603 3,912 5,845 Segment H - Non Participating - Individual & Group Health 101 (113) (346) (261) (10) 1,030 Segment I - Unit Linked - Individual Life (602) 3,058 (1,578) 6,615 39,141 18,302 Segment J - Unit Linked - Individual Pension (1,307) (4,552) (475) (9,281) 2,246 810 Segment K - Unit Linked - Group Life (446) 1,233 1,284 2,315 4,013 4,111 Segment L - Unit Linked - Group Pension 229 339 292 638 682 841 Segment M - Reinsurance (103) 122 535 275 761 1,247 Total (6,888) (22,218) (7,332) (27,135) 80,509 95,562 Shareholders 33,391 28,304 20,286 86,268 65,984 90,134 Grand Total 26,503 6,086 12,954 59,133 146,493 185,696 3 Segment Assets: Segment A - Participating - Individual & Group Life 7,866,402 7,496,518 6,930,649 7,866,402 6,930,649 7,072,606 Segment B - Participating - Individual & Group Pension 298,695 303,209 284,712 298,695 284,712 281,414 Segment C - Non Participating - Individual & Group Life 11,938,153 11,390,076 9,634,917 11,938,153 9,634,917 10,383,785 Segment D - Non Participating - Life Group Variable 191,476 184,799 196,979 191,476 196,979 200,896 Segment E - Non Participating - Individual & Group Pension 300,747 302,489 306,971 300,747 306,971 321,000 Segment F - Non Participating - Individual & Group Pension Variable186,385 189,063 213,031 186,385 213,031 209,474 Segment G - Non Participating - Individual & Group Annuity 3,681,803 3,558,221 3,139,000 3,681,803 3,139,000 3,275,009 Segment H - Non Participating - Individual & Group Health 2,365 2,348 3,355 2,365 3,355 2,315 Segment I - Unit Linked - Individual Life 9,124,495 8,673,330 8,605,208 9,124,495 8,605,208 8,249,123 Segment J - Unit Linked - Individual Pension 592,722 559,985 560,214 592,722 560,214 548,104 Segment K - Unit Linked - Group Life 1,437,859 1,349,033 1,103,807 1,437,859 1,103,807 1,191,305 Segment L - Unit Linked - Group Pension 232,474 226,037 201,205 232,474 201,205 208,304 Segment M - Reinsurance 25,686 21,546 14,546 25,686 14,546 16,163 Total 35,879,262 34,256,654 31,194,594 35,879,262 31,194,594 31,959,498 Shareholders 2,079,196 1,941,859 1,787,185 2,079,196 1,787,185 89,941 Unallocated 3 96,870 93,034 90,514 96,870 90,514 1,921,178 Grant Total 38,055,328 33,072,293 38,055,328 33,072,293 33,970,617 4 Segment Policy Liabilities4: Segment A - Participating - Individual & Group Life 7,319,536 7,055,407 6,463,268 7,319,536 6,463,268 7,133,122 Segment B - Participating - Individual & Group Pension 268,449 279,134 256,094 268,449 256,094 281,414 Segment C - Non Participating - Individual & Group Life 11,872,623 11,314,169 9,503,190 11,872,623 9,503,190 10,400,517 Segment D - Non Participating - Life Group Variable 194,188 187,451 196,574 194,188 196,574 200,521 Segment E - Non Participating - Individual & Group Pension 282,091 283,966 288,580 282,091 288,580 303,463 Segment F - Non Participating - Individual & Group Pension Variable184,996 187,844 211,977 184,996 211,977 209,473 Segment G - Non Participating - Individual & Group Annuity 3,660,853 3,537,072 3,121,887 3,660,853 3,121,887 3,275,009 Segment H - Non Participating - Individual & Group Health 2,810 2,793 3,840 2,810 3,840 2,675 Segment I - Unit Linked - Individual Life 9,167,183 8,714,903 8,643,449 9,167,183 8,643,449 8,290,951 Segment J - Unit Linked - Individual Pension 592,722 559,985 560,214 592,722 560,214 548,105 Segment K - Unit Linked - Group Life 1,439,406 1,350,131 1,104,822 1,439,406 1,104,822 1,192,303 Segment L - Unit Linked - Group Pension 232,474 226,038 201,205 232,474 201,205 208,303 Segment M - Reinsurance 23,837 19,506 12,937 23,837 12,937 14,298 Total 35,241,168 33,718,399 30,568,037 35,241,168 30,568,037 32,060,154 Shareholders 2,069,960 1,932,048 1,775,671 2,069,960 1,775,671 1,910,459 Unallocated - - - - - - Grand Total 37,311,128 35,650,447 32,343,708 37,311,128 32,343,708 33,970,613 Note: 1. Segments include: a. Linked Policies: (i) Life (ii) General Annuity and Pension (iii) Health (iv) Variable b. Non-Linked: 2. Participating Policies: (i) Life (ii) General Annuity and Pension (iii) Health (iv) Variable c. Variable insurance shall be further segregated into Life and Pension. 2. Net of provisions for diminution in value of investment. 3. 4. Includes income tax deposited with tax authorities which is contested by the company and Advance Tax (net of provision for taxation). As per Accounting Standard 17 - Segment Reporting, income tax asset and liabilities cannot be allocated across reporting segments. Segment policy liabilities includes fund for future appropriations and excludes Credit / (Debit) Fair Value Change Account on Policyholders' funds. Sr No.Particulars Three Months ended / As at Nine Months ended / As at 1. Non-Participating Policies: (i) Life (ii) General Annuity and Pension (iii) Health (iv) Variable
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Other disclosures : Status of Shareholders Complaints as on December 31, 2025 Sr No. Particulars Number of Complaints 1 Investor complaints pending at the begining of the quarter 0 2 Investor complaints received during the quarter ended December 31, 2025 2 3 Investor complaints disposed of during the quarter ended December 31, 2025 2 4 Investor complaints remaining unresolved as on December 31, 2025 0 HDFC Life Insurance Company Limited
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Other disclosures : Status of Investor Complaints as on December 31, 2025 Sr No. Particulars Number of Complaints 1 Investor complaints pending at the begining of the quarter 0 2 Investor complaints received during the quarter ended December 31, 2025 0 3 Investor complaints disposed of during the quarter ended December 31, 2025 0 4 Investor complaints remaining unresolved as on December 31, 2025 0 HDFC Life Insurance Company Limited
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1. Statement of Assets and Liabilities is given below: December 31, 2025 March 31, 2025 December 31, 2024 (Reviewed) (Audited) (Reviewed) SOURCES OF FUNDS SHAREHOLDERS' FUNDS: Share Capital 215,762 215,299 215,280 Share application money pending allotment - 64 - Reserves and Surplus 1,477,181 1,355,501 1,307,070 Credit / (Debit) Fair Value Change Account 67,120 44,598 58,322 Sub-Total 1,760,063 1,615,462 1,580,672 BORROWINGS 309,900 295,000 195,000 POLICYHOLDERS' FUNDS: Credit / (Debit) Fair Value Change Account 744,195 679,498 728,577 Policy Liabilities 23,826,442 21,088,784 19,970,333 Insurance Reserve - - - Provision for Linked Liabilities 8,076,049 7,361,071 7,021,290 Add: Fair value change 2,829,973 2,416,558 3,066,465 Provision for Linked Liabilities 10,906,022 9,777,629 10,087,755 Funds for discontinued policies (a) Discontinued on account of non-payment of premium 464,200 387,802 375,063 (b) Others 1,089 676 788 Total Provision for Linked & Discontinued Policyholders Liabilities11,371,311 10,166,107 10,463,606 Sub-Total 35,941,948 31,934,389 31,162,516 Funds for Future Appropriations: Linked 3,900 3,200 3,419 Non Linked 39,515 122,564 130,679 Sub-Total 43,415 125,764 134,098 TOTAL 38,055,326 33,970,615 33,072,286 APPLICATION OF FUNDS INVESTMENTS: Shareholders' 1,989,116 1,819,429 1,682,433 Policyholders' 24,426,279 21,654,345 20,734,026 Asset held to cover Linked Liabilities 11,371,311 10,166,107 10,463,606 LOANS 272,100 237,830 226,123 FIXED ASSETS 71,002 60,860 54,206 Deferred Tax Asset - - - CURRENT ASSETS Cash and Bank Balances 58,841 182,095 63,431 Advances and Other Assets 723,957 820,492 710,645 Sub-Total (A) 782,798 1,002,587 774,076 CURRENT LIABILITIES 834,325 958,787 852,364 PROVISIONS 22,955 11,756 9,820 Sub-Total (B) 857,280 970,543 862,184 NET CURRENT ASSETS (C) = (A - B) (74,482) 32,044 (88,108) Miscellaneous Expenditure (to the extent not written off or adjusted) - - - Debit Balance in Profit and Loss Account (Shareholders' Account) - - - TOTAL 38,055,326 33,970,615 33,072,286 Contingent liabilities 240,580 238,759 250,062 Notes Particulars As at
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Notes: Mumbai January 15, 2026 (DIN: 01682810) For and on behalf of the Board of Directors Vibha Padalkar Managing Director & CEO 10. Figures of the previous period have been regrouped wherever necessary, in order to make them comparable. 7. During the quarter ended December 31, 2025, the Holding Company hasissued 74,900 unsecured, rated, listed, redeemable, fully paid-up, non-cumulative, non-convertible debentures (NCDs) in the nature of in accordance with the IRDAI (Registration, Capital Structure, Transfer of Sharesand Amalgamation of Insurers) Regulations, 2024, each having a face value of100,000 (Rupees one lakh only), for an aggregate nominal value of74,900 lakh (Rupees Seventy Four Thousand Nine Hundred Lakh only) at a fixed coupon rate of 7.63% per annum. These NCDs have been ratedAAA by The said NCDs were allotted on December 15, 2025, and are redeemable at the end of 10 years from the date ofallotment, with a call option with the Holding Company to redeem the NCDs post completion of 5 years from the date of allotment and every year thereafter. 8. The Central Government has notified the Code on Wages, 2019, the Code on Social Security, 2020, the Industrial Relations Code, 2020, andthe Based on legal opinions obtained by the Group, the Group is in the process of reassessing and implementing policy changes to its existing employee benefit policies, it has ascertained its estimated obligations under the New Labour Codes. Accordingly, the Group has recognised incremental estimated obligations on the account of employees past services, based on actuarial valuation andbest estimate in accordance with AS 15 - 'Employee Benefits' consistent with guidance provided by the Institute of Chartered Accountants of India. This incremental estimate amounts toLakh and has been charged to the Consolidated Revenue Account for the quarter and nine months ended December 31, 2025. The Group continues to monitor the finalisation of State Rules and clarifications from the Government on other aspects of the Labour Code andwould provide appropriate accounting effect on the basis of such developments, as needed 9. The above consolidated financial results have been reviewed by the joint statutory auditors of the Company, B S R & Co. LLP(Firm Registration No. 101248W/W-100022) and G. M. Kapadia & Co (Firm Registration No.104767W). 2. The consolidated financial results of the Holding Company for the quarter and nine months ended December 31, 2025 were reviewed bythe Audit Committee and subsequently approved by the Board of Directors at its meeting held on January 15, 2026 3. The consolidated financial results have been prepared in accordance with the requirements of Regulation 33 and Regulation 52 read with regulation 63 ofthe SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time, to the extent applicable, andIRDAI Circular IRDA/F&I/REG/CIR/208/10/2016 dated October 25, 2016 on publication of financial results for Life Insurance companies. 4. In view of seasonality of industry, the results of interim period are not necessarily indicative of the results that may be expected of any other interim periodsor for the full year. 5. The amounts for the quarter ended December 31, 2025 are balancing amount between the amount as per financial results for the nine monthsended December 31, 2025 and the amount as per financial results for the six months ended September 30, 2025.The same also applies for the amount for the quarter ended December 31, 2024. 6. During the quarter ended December 31, 2025, the Holding Company has allotted 1,529,513 equity shares of face value ofeach pursuant to exerciseof employee stock options.