Preview: BUZZ-India's HDFC Life new business growth to decline in Q1, analysts say

Sbi Life Insurance

15/07/2026 05:21

** HDFC Life Insurance Company's shares HDFL.NS up about 2% at 565.3 rupees ahead of Q1 results     
** Analysts expect insurer to post slower new business growth than peers due to weakness in banking channel sales     
** Systematix expects HDFL's new business premium and annualised premium equivalent (APE) to grow at 9% each, below industry rate
** Emkay Global expects 10% APE rise vs 12.5% yr-ago, citing slowdown in HDFC Bank channel
** Says value of new business margin to shrink around 100 bps from year-ago quarter, due to unavailability of tax credit following tax cuts
** Demand for term life insurance plans strong; growth hindered by higher competition in high-margin non-participating products, analysts said
** YTD, stock down about 25.5% vs ICICI Prudential Life Insurance's ICIR.NS 24% fall, SBI Life Insurance SBIL.NS 9.5% decline

(Reporting by Nishit Navin and Mridula Kumar in Bengaluru)
((nishit.navin@thomsonreuters.com))