<ul><li>DRChoksey maintains a positive view on HDFC Life and SBI Life, supported by their strong brand equity, diversified product portfolios, and consistent execution capabilities.</li><li>SBI Life is aiming to sustain VNB margins in the 27.0–29.0% range in FY26E, supported by favorable reinsurance pricing and ongoing product innovation.</li><li>HDFC Life is well-positioned to stabilize or expand margins, driven by improving persistency, higher ULIP attachment rates, and operating leverage.</li><li>ICICI Prudential Life is targeting mid-teen VNB growth, although near-term margin performance remains uncertain.</li></ul>

Life Insurance Q4 Preview— Seasonal Tailwind, Product Mix To Drive Growth: DRChoksey; HDFC Life Among Top Pick

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