Multi-Pronged Risk Management and Protection Philosophy

Improving VNB trajectory 40% 0.31 0.10 4.08 0.11 0.88 2.91 Q1 FY21 Impact of higher APE Change in assumptions New Business Profile¹ Fixed cost absorption Q1 FY22 I VNB Growth NBM% 24.3% 0.0% -0.7% 31 2.0% 0.6% 26.2% 1. Reflects the impact of difference in mix of segment/distribution channel/tenure/age/sum assured multiple etc VNB - Value of New Business; NBM - New Business Margin Rs bn Actuarial Financial ESG HDFC Life

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