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Investor Presentaiton

Financial risk management framework Natural hedges Protection and longevity businesses Unit linked and non par savings products Broad-basing of counter-parties for FRAS Product design & mix monitoring Prudent assumptions and pricing approach Return of premium annuity products (>95% of annuity); Average age at entry ~58 years Deferred as % of total annuity business < 30% with average deferment period <4 yrs Regular monitoring of interest rates and business mix ALM approach Target cash flow matching for non par savings plus group protection portfolio to manage non parallel shifts and convexity ■ Immunise overall portfolio to manage parallel shifts in yield curve (duration matching) Managing Risk Residual strategy External hedging instruments such as FRAS, IRFs, swaps amongst others Reinsurance FY23 9M FY24 Sensitivity Scenario Overall Non par 1 Overall Non par 1 EV VNB Margin EV Interest Rate +1% Interest Rate -1% (2.4%) 2.1% VNB Margin (1.5%) (2.2%) (2.2%) 0.7% 1.4% 0.9% EV -2.7% VNB Margin -1.4% EV -2.7% VNB Margin -2.4% 2.6% 0.8% 2.3% 1.0% 19 1. Comprises Non par savings (incl annuity) plus protection Sensitivity remains range-bound on the back of calibrated risk management ~99% of debt investments in Government bonds and AAA rated securities as on Dec 31, 2023 Profitable distribution Diversified Customer growth first management Risk Technology, digital & mix & governance Analytics HDFC Life

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