Reimagining Growth with Resilience

58 2020 69.3 2040 Hong Kong Taiwan Singapore 14.0% 7.6% Japan 5.8% 4.0% 3.4% 3.2% 2.4% Malaysia Thailand 8,983 Growth opportunity: Under-penetration and favorable demographics 19.2% Life Insurance penetration (FY 2021) 1 Life Insurance density US$ ² (FY 2021) Life expectancy (Years) India China Hong Kong Singapore 4,528 Taiwan 3,861 Japan 2,329 415 244 241 59 Malaysia 1.4 1.6 1.7 76.1 7% 11% 17% 73.1 2060 Population composition (bn) 58% 61% 60% 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 (Based on respective financial year of the countries), MOSPI, United Nations World Populations Prospects Report (2017) 35% 28% 23% 2020 2040 2060 Less than 20 years 20-64 years ■65 years and above 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 Emergence of nuclear families and advancement in healthcare facilities lead to increase in life expectancy thus facilitating need for pension and protection based products HDFC Life

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