HDFC Life’s management reaffirmed its early-teens growth guidance for FY26, saying that the company remains on track despite macroeconomic and sectoral headwinds, as well as near-term regulatory cost pressures like GST.

“If you look at protection, it has grown at nearly three times the overall company pace. That has played a significant role in improving the margin profile,” said HDFC Life in post-results analyst concall, noting that annuities and high-charge unit-linked products are also contributing positively to profitability. About one-fourth of unit-linked business now carries higher charges, significantly enhancing margins for the category.

Management highlighted that disciplined pricing and favourable interest rate movements have further supported margins, even as the non-par mix

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