Reimagining Growth with Resilience

Demonstrating resilience in the current environment (2/2) Focus on diversified channel mix¹ Steady expansion in New Business Margins Rs bn 4% 9% 7% 6% 13% 14% 13% 14% 19% 19% 19% 22% 20% 25% 14% 22% VNB has 27.4% 25.9% 26.1% grown at 24% CAGR between FY17-22 64% 61% 60% 55% 24.6% FY19 FY20 Direct FY19 FY20 FY21 FY22 FY21 FY22 VNB Growth ■Agency ■Brokers and others Solvency position Bancassurance Strong growth in renewal premium 1. 17 18% 218.1 184.8 FY21 FY22 Based on Individual APE ■ Backed by consistent improvement in overall persistency 190% 176% Dec 31, 2021 Mar 31, 2022_1 ■ Includes impact of cash payout of Rs 7.3 bn for acquisition of Exide Life, impacting solvency by 13% ■ Sub debt raise of Rs 3.5 bn approved by Board, amounting to 6% of solvency HDFC Life

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