Journey Simplification and Business Resilience

Demonstrating resilience in the current environment (2/2) Focus on diversified channel mix¹ Profitable growth New business margin 4% 9% 7% 6% 13% 30% 14% 13% 13% 14% 19% -12% 19% 21% 22% 26.1% 26.4% 64% 61% 60% 25.1% 55% FY19 FY20 Direct FY21 H1 FY22 ■Agency ■Brokers and others Bancassurance Strong growth in renewal premium 18% Improvement 89.2 75.5 in overall persistency H1 FY21 H1 FY22 1. Based on Individual APE 2. 6 Post dividend payout of Rs 4.1 bn in Q2 FY22 FY21 H1 FY21 H1 FY22 I VNB Growth Healthy solvency position Solvency margin² Rs bn VNB growth of 30% on the back of higher volumes and balanced product mix VNB has grown at 24% CAGR between FY17-21 Stable solvency 201% 203% 190% Mar 31, 2021 Jun 30, 2021 Sep 30, 2021 HDFC Life

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