ALM Strategy and Insurance Market Opportunities

Consistent performance across business cycles Change in ULIP regulation Cap on charges No surrender charges Open architecture ■ Banks allowed to tie up with 3 insurers Loss of exclusivity at HDFC Bank Covid-19 pandemic Lockdown - Face to face communication disrupted Rise in claims I Change in ULIP tax exemption limit Tax exemption removed for policies Rs 2.5 lakh I Change in traditional savings tax exemption limit Tax exemption removed for policies Rs 5 lakh 112.6 29.6 FY11 NBM¹ 10.0% Indl WRP² growth 18% Overall industry growth -8% Note: Indl WRP in Rs bn 59.7 81.5 47.5 Diversified distribution Increase in new tie-ups 33.3 Shift to diversified product mix strategy • Growing proprietary - Scaling up of CP business Agency/Direct Consistent product innovation • • • Tech enablement - for faster claim settlement & policy issuance Prudent risk management Distribution expansion for tapping new markets - Exide Life M&A, increasing market share in new partnerships 5 1. New Business Margin 2. WRP: Weighted Received Premium FY16 FY18 19.9% 23.2% 12% 31% 8% 19% FY20 FY22 FY23 25.9% 27.4% 27.6% 19% 16% 27% 6% 16% 19% Grew ~2 times industry between FY11-FY23 while sustaining profitability HDFC Life

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