Journey Simplification and Business Resilience

47 2015 67.6 Taiwan 2035 Hong Kong 16.5% Singapore 18.3% (2019) 6.0% 6.7% 3.3% Japan 3.4% Growth opportunity: Under-penetration and favorable demographics Life Insurance penetration 1 Life Insurance density US$ 2 Thailand Life expectancy (Years) 71.9 2055 Malaysia India 2.8% 2.3% China Hong Kong Taiwan 8,979 4,129 Singapore 3,244 (2019) 2,691 380 256 230 58 Japan Malaysia Thailand Population composition (bn) 1.3 1.6 1.7 6% 9% 75.0 15% 56% 61% 60% 38% 30% 25% 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) 2015 2035 2055 Less than 20 years 20-64 years ■65 years and above 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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