Mumbai, April 18 -- The trailing impact of disruptions related to goods and services tax (GST) and recent policy changes dulled the March quarter for life insurers. HDFC Life Insurance and ICICI Prudential Life Insurance, India's second and third largest private life insurers respectively, reporting softer growth and lower margins in what is usually their strongest premium season. Analysts expect the pressure to spill into the first half of the current fiscal year.

HDFC Life and ICICI Pru Life posted their earnings on 16 April and 14 April, respectively. Life Insurance Corporation (LIC) of India and SBI Life Insurance are yet to do so.

HDFC Life's value of new business (VNB) margin moderated to 24.2% in FY26 from 25.6% in the previous y...