Investor Presentaiton

Improving VNB trajectory 25% Rs bn 0.2 0.4 0.1 5.1 0.9 4.1 -0.6% 26.8% Q1 FY22 Impact of higher APE Change in assumptions New Business Profile ¹ Fixed cost absorption Q1 FY23 VNB Growth NBM% 26.2% 44 -0.8% 2.0% 1. Reflects the impact of difference in mix of segment/distribution channel/tenure/age/sum assured multiple etc VNB - Value of New Business; NBM - New Business Margin Actuarial Financial ESG HDFC Life

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