Investor Presentaiton

Analysis of change in IEV 300.5 5.9 211.9 88.6 IEV at Mar 31, 2022 EVOP - 11.7 EVOP1% 16.5% 5.1 0.7 11.7 3.4 VNB Unwind Operating variances Economic variances Dividend & ESOP exercises Adjusted Net worth (ANW) Value of in-force business (VIF) ■ Operating variance continues to be positive and in line with our assumptions 1. EVOP% calculated as annualised EVOP (Embedded Value Operating Profit) to Opening EV 10 297.1 211.3 85.8 Rs bn IEV at Jun 30, 2022 Profitable growth distribution mix Diversified innovation leading Market- insurance Reimagining management Board and Quality of HDFC Life

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