HDFC Life Reports Steady Q3 Growth Amid Margin Pressure from GST and Regulatory Changes

HDFC Life Insurance reported steady growth in Q3 FY26, with new business premium rising 10-13% year-on-year and retail protection products showing strong momentum following GST exemption. Despite a 7% increase in profit after tax to around Rs 421-1,414 crore, margins declined by about 1.5-2 percentage points due to GST-related input tax credit removal, higher employee costs, and regulatory changes. The company aims to neutralize these impacts through cost rationalization and product mix adjustments, maintaining confidence in future growth and margin recovery.