Reimagining Growth with Resilience

a multiple of Income is <1x Low levels of penetration - Life protection 1.7 mn 172 mn 68 mn 83.0% 76.0% 74.0% 71.0% 70.0% 61.0% India Indonesia Malaysia Urban Working Population Addressable Market (excl blue collared) Annual Policy Sales Only 1 out of 40 people (2.5%) who can afford it, is buying a policy every year¹ 24 17 12 Even within the current set, Sum Assured as 8 3. Kotak institutional equities 59 1. Goldman Sachs Report, March 2019 2. Swiss Re (Based on respective financial year of the countries) Thailand China Japan Protection gap 2 (2019) Singapore South Korea Trend of retail loans 3 (Rs Tn.) FY10 FY12 FY14 FY16 FY18 FY20 34 4 42 Australia 55.0% 55.0% 54.0% 41.0% India has the highest protection gap in the region, as growth in savings and life insurance coverage has lagged behind economic and wage growth Protection gap growth rate is predicted to grow at 4% per annum Hong Kong Retail credit has grown at a CAGR of 18% over last 10 years Increasing retail indebtedness to spur need for credit life products ■ Immense opportunity given: Increasing adoption of credit Enhancement of attachment rates Improvement in value penetration Widening lines of businesses ◉ HDFC Life

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