ALM Strategy and Insurance Market Opportunities

25 Improving VNB trajectory 10% 0.2 1.2 0.1 14.1 (0.3) 12.9 H1 FY23 Impact of higher APE Change in assumptions New business profile ' 1 Fixed cost absorption H1 FY24 0.1% 0.4% -0.5% 26.2% NBM% 26.2% VNB Growth 1. Reflects the impact of difference in mix of segment/distribution channel/tenure/age/sum assured multiple etc VNB - Value of New Business; NBM - New Business Margin Rs bn HDFC Life

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