For FY26, VNB stood at ₹2,629 crore, up 10.9% on-year, while VNB margin expanded 190 basis points to 24.7%, aided by an improved new business profile and favourable economic assumptions. This was partly offset by operating assumption changes, including the unavailability of input tax credit.
Profit after tax (PAT) rose sharply in the March quarter to ₹609 crore from ₹386 crore a year ago. For the full year, PAT increased 34.6% to ₹1,600 crore, supported by higher investment income, including a ₹114 crore gain from the sale of its pension fund subsidiary. Excluding this transaction, PAT growth stood at 25%.
Embedded value (EV) rose 10.5% to ₹52,989 crore as of March 31, 2026, while return on embedded value (RoEV) stood at 11.9%.
New business premium grew 30.6% year-on-year in Q4 to ₹9,719 crore, while FY26 premium rose 9.9% to ₹24,810 crore. Annualised premium equivalent (APE) for the year stood at ₹10,641 crore, with protection APE growing 16.4% and retail protection APE rising 32.3%.
Assets under management (AUM) increased to ₹3.14 lakh crore, with a 60:40 debt-equity mix and no non-performing assets (NPAs) since inception. The solvency ratio remained strong at 227.3%.
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The company recommended a final dividend of ₹1.65 per share, subject to shareholder approval at the annual general meeting. Shares closed at ₹547.05 on the NSE ahead of the results.
