ALM Strategy and Insurance Market Opportunities

17 Protection Product mix across key channels¹ Direct/ Online³ Banca 2 Segment !UL FY21 FY23 H1 FY23 H1 FY24 27% 24% 26% 33% I Segment !UL I Par 37% 27% 29% 29% Non par savings 30% 42% 37% 27% Term 4% 3% I Agency 3% 4% I Annuity 2% 4% 4% 6% ¡UL 33% 27% I 25% 34% Par 10% 13% I 15% 12% I Non par savings 22% 35% 32% 23% I ¡Term 15% 5% 4% 6% Brokers !Annuity 20% 20% 23% 26% FY21 FY23 H1 FY23 H1 FY24 10% 10% 11% 17% Par 37% 33% 39% 34% Non par savings 39% 49% 39% 36% Term 11% 6% 7% 8% Annuity 3% 3% I 4% 5% 7 ¡UL 1% 1% I 1% 3% ¡Par 53% 31% 51% 46% I Non par savings 42% 62% I 39% 31% I ¡Term 4% 5% 6% 16% I ¡Annuity 0% 2% | 3% 4% Segment FY21 FY23 H1 FY23 H1 FY24 Company UL 24% 19% I 21% 28% I I I ¦Par 34% 27% I 31% 30% | I I Non par savings 31% 45% 37% 28% I ¦Term I 7% 4% 4% 6% I Annuity 5% 5% 6% 8% FY21 FY23 H1 FY23 H1 FY24 Based on Total APE 13% 13% 16% 17% I Based on NBP 20% 29% 32% 35% L 1. Based on Individual APE, Term includes health business. Percentages are rounded off 2. Includes banks, other corporate agents and online business sourced through banks / corporate agents 3. Includes business sourced through own website and web aggregators Annuity Profitable distribution Diversified growth first Customer management Risk mix & governance FY21 FY23 H1 FY23 H1 FY24 Based on Total APE 5% 6% I 7% 8% Analytics I digital & Technology, Based on NBP 20% 20% 23% 18% HDFC Life

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