ALM Strategy and Insurance Market Opportunities

Industry new business trends 1 Product mix 61% 57% 51% 684 51% 49% 49% 43% 39% 40% 60% Individual WRP in Rs bn 452 401 356 287 291 305 287 245 200 208 FY15 FY17 FY19 FY21 FY22 149 ■Unit Linked ■Conventional Distribution mix 2 9% 10% 14% 5% 3% 3% 16% 15% 3% 5% FY15 FY17 FY19 FY21 FY23 H1 FY24 50% 57% Private players 58% 58% 57% 49% 54% 58% 60% 66% 66% Market share Growth % Private 36% 16% 26% 12% 8% 24% 13% 30% 25% LIC -27% 15% 5% -3% 9% 1% FY15 FY17 FY19 Overall -11% 21% 9% 3% 19% 8% 23% 23% FY21 ■ Direct FY23 37 Private sector remained at higher market share than LIC FY16 onwards Amongst private insurers, insurers with a strong bancassurance platform continue to gain market share Source: IRDAI and Life Insurance Council; 1. Based on Overall WRP (Individual and Group) 2. Based on Individual New business premia for all private players Agency ■Bancassurance ■Brokers Product mix has recently moved towards conventional business for the private players with high focus on non-par savings, protection Banca sourced business continues to dominate the channel mix on the back of increasing reach of banks along with increase in share of direct channel HDFC Life

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