Project Inspire: 'Future Proofing' HDFC Life

Government bond auctions Government Bonds - Tenorwise Issuance 21% 29% 27% 28% 29% 38% 35% 35% 34% 79% 71% 73% 72% 71% 66% 65% 65% 62% FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 Q1FY24 <=15 yrs ■>15 yrs FY16 FY17 FY18 <=15 yrs 3,66,500 3,73,525 >15 yrs 2,25,000 1,54,520 Total 5,91,500 5,28,045 4,97,579 1,80,529 6,78,108 FY19 3,82,941 FY20 2,04,000 5,86,941 4,44,000 2,38,000 6,82,000 FY21 10,01,835 FY22 FY23 Q1FY24 8,48,000 10,04,000 3,19,000 2,65,575 3,31,000 4,01,000 1,61,000 12,67,410 11,79,000 14,05,000 4,80,000 Auction of >15 year maturity bonds has been ~25-30% on an average which facilitates writing annuity business at scale Budget estimate of gross government borrowing for FY24 is at Rs 15.4 trillion Source: CCIL & National Statistics Office, Union Budget, RBI 35 Rs cr HDFC Life

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