Multi-Pronged Risk Management and Protection Philosophy

Executive summary: Q1 FY22 Revenue trends Individual WRP HDFC Life 22% growth% Industry 16% $ Individual WRP Rank Market share 2 17.8% Profitability New Business Margin (%) Q1 FY22 26.2% Q1 FY21 24.3% FY21 26.1% Rs bn 4.1 VNB growth 40% Claims ■ Settled over 70,000 claims in Q1. Gross and net claims provided for amounted to Rs 16 bn and Rs 10 bn respectively ■ Peak claims in Wave 2 (Q1 FY22) at 3-4X of the peak claim volumes in Wave 1 (Q3 FY21) + Renewal premium Rs bn 3.0 growth 20% (₹) PAT growth -33% Reserves as on Mar 31, 2021 were sufficient to cover claims received in Q1 % Q1 FY22 90% Jun 30 203% 13M Persistency Solvency¹ (2021) Q1 FY21 87% Mar 31 201% Excess mortality reserve (EMR) of Rs 7 bn created based on current expectation of extra claims to be received in future Protection/Annuity 1. 2 Annuity growth% HDFC Life 61% Industry 22% Credit protect growth% Q1 FY22 204% Q1 FY21 -74% Excludes impact of proposed final dividend of Rs 4.1 bn, to be paid in Q2 FY22 (subject to shareholders' approval) HDFC Life

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