ALM Strategy and Insurance Market Opportunities

Government bond auctions Government Bonds - Tenorwise Issuance 21% 29% 27% 28% 29% 38% 35% 35% 34% 79% 71% 73% 72% 71% 65% 65% 66% 62% FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 H1FY24 ■<=15 yrs ■>15 yrs FY16 FY17 FY18 FY19 FY20 <=15 yrs 3,66,500 3,73,525 4,97,579 3,82,941 4,44,000 FY21 10,01,835 FY22 FY23 H1 FY24 8,48,000 10,04,000 5,62,000 >15 yrs 2,25,000 1,54,520 Total 5,91,500 5,28,045 1,80,529 6,78,108 2,04,000 5,86,941 2,38,000 6,82,000 2,65,575 3,31,000 4,01,000 2,87,000 12,67,410 11,79,000 14,05,000 8,49,000 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 36 Rs cr HDFC Life

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