ALM Strategy and Insurance Market Opportunities

33 33 Hong Kong Taiwan Singapore 19.2% 14.0% 7.6% Japan 5.8% 4.0% 3.4% 3.2% Malaysia Thailand India China 2.4% 8,433 Growth opportunity: Under-penetration and favorable demographics 1 Life Insurance penetration ¹ (FY 2022) Life Insurance density US$ 2 (FY 2022) Hong Kong Singapore Taiwan 5,414 3,772 Population composition (bn) 1.4 Household distribution by income 1.6 1.7 256 286 321 385 7% 10% 15% 1% 2% 3% 9% 16% 21% 32% 47% Japan 58% 61% 59% 83% 76% 65% 35% 29% 26% 44% 2021 2035 2050 FY12 E FY17 E FY22 E FY30 P Less than 20 years 20-64 years ■65 years and above <Rs 0.2 mn Rs 0.21 mn > Rs 1 mn Number of Households (In mn) 1. Penetration as measured by premiums as % of GDP, 2. Density defined as the ratio of premium underwritten in a given year to the total population Source: Swiss Re, MOSPI, United Nations World Populations Prospects Report (2022), CRISIL "The big shift in financialisation" report 2022 2,347 444 246 253 69 Malaysia Thailand China India India remains vastly under-insured, both in terms of penetration and density Huge opportunity to penetrate the underserviced segments, with evolution of the life insurance distribution model India's insurable population estimated to be at 1 bn by 2035 Number of middle income households is expected to almost double to 181 mn between FY22 and FY30 o High proportion of this increase is expected to come from semi-urban and rural areas HDFC Life

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