ALM Strategy and Insurance Market Opportunities

4 Consistent, predictable, sustained performance Holistic growth Consistent track record over multiple periods 55 New business premium >25x ~2X 291 150 Renewal premium 1.5x 2x 284 93 142 FY15 FY19 FY23 FY15 FY19 FY23 Protection new business¹ Annuity new business VNB FY19-23 >2X FY18-22 FY17-21 >2x >2x 36.7 26.8 21.9 15.4 12.8 9.2 84.4 >6x 40.4 2x 6.6 FY17 FY18 FY19 FY21 >2x 57.7 FY22 FY23 >8x 25.9 3.2 FY15 FY19 FY23 FY15 FY19 FY23 Embedded Value AUM 13M persistency² FY17-21 ~2X FY18-22 ~2X FY19-23 >2x 395 330 266 2,388 ~2X ~7PP ~2X ~7pp 87% 80% 183 1,256 152 73% 125 670 FY15 FY19 FY23 FY17 FY18 FY19 FY21 FY22 FY23 Mar 31, 2015 Mar 31, 2019 Mar 31, 2023 12 1. 2. Based on Overall NBP Excluding single premium Rs bn HDFC Life

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