HDFC Life Insurance is working on revising its commission structures to offset the impact of input tax credit (ITC) loss. Niraj Shah, executive director and CFO, tells Narayanan V about the company’s growth prospects after GST rate cut and the demand for ULIPs. Excerpts:

Q1 net profit grew by only 3%.

The GST rate rationalisation has its impact on the profit after tax (PAT) growth. Excluding that, our PAT growth would have been 15%. I think it’s a fairly-strong quarter across all parameters. Our top line grew 9%, overall market share grew by 90 bps to 11.9% and 30 bps within the private sector to 16.6%. New business margin was similar to last year at 24.5% in H1FY26. We have quantified GST rate-cut impact across four elements: Embedded value will have an impact of 50 bps, value o

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