Q4FY26 performance: HDFC Life reported a muted Q4FY26 performance, with moderation in growth and margins amid GST-led disruption and banca channel weakness. Individual APE growth remained subdued at ~7% YoY at 14,635 crore in FY26, reflecting slowdown in Q4, while retail protection continued to see strong traction (~43% YoY), supporting overall business quality. VNB stood at 4,034 crore (2% YoY) with VNB margin declining ~140 bps YoY to 24.2%, impacted by GST, surrender norms and slower growth weighing on fixed cost, though margins were partly supported by favourable product mix. PAT increased by 6% YoY to...