Life,Holistic Living: Delivering Superior Customer Experience

Financial risk management framework Natural hedges Protection and longevity businesses Unit linked and non par savings products 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 Product design & mix monitoring ■ Prudent assumptions and pricing approach Return of premium annuity products (>95% of annuity); Average age at entry ~59 years ■ Deferred as % of total annuity business < 30% with average deferment period <4 yrs ☐ Regular monitoring of interest rates and business mix Residual strategy External hedging instruments such as FRAS, IRFS, swaps amongst others Reinsurance FY22 H1 FY23* I Sensitivity Overall Non par 1 Overall Non par 1 Sensitivity remains range-bound on the back of calibrated risk management Scenario Interest Rate +1% Interest Rate -1% 1. VNB Margin (2.0%) (1.4%) (2.1%) 1.6% 0.8% 1.4% Comprises Non par savings (incl Annuity) plus Protection EV EV EV VNB VNB VNB Margin Margin Margin (2.5%) (2.3%) (1.4%) (2.0%) (2.2%) 1.5% 1.9% 0.7% 1.3% 0.9% EV HDFC Life * 22 22 Pre-Merger basis sensitivities shown

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