Life insurers are expected to face pressure on their Value of New Business (VNB) margins in Q3FY26 due to the loss of Input Tax Credit (ITC) following GST rationalization. While this change is anticipated to impact profitability, analysts suggest that a shift towards non-participating and protection products, along with improved operating efficiencies, may help mitigate the effects. General insurers, however, are projected to benefit from healthy investment income.