Journey Simplification and Business Resilience

◉ ◉ ■ ◉ ■ ◉ ◉ ◉ Glossary (Part 2) Operating expense - It includes all expenses that are incurred for the purposes of sourcing new business and expenses incurred for policy servicing (which are known as maintenance costs) including shareholders' expenses. It does not include commission. Operating expense ratio - Ratio of operating expense (including shareholders' expenses) to total premium Proprietary channels - Proprietary channels include agency and direct Protection Share - Share of protection includes annuity and health Persistency - The proportion of business retained from the business underwritten. The ratio is measured in terms of number of policies and premiums underwritten. Renewal premiums - Regular recurring premiums received after the first year Solvency ratio - Ratio of available solvency Margin to required solvency Margins Total premiums - Total received premiums during the year including first year, single and renewal premiums for individual and group business ◉ Weighted received premium (WRP) - The sum of first year premium and 10% weighted single premiums and single premium top-ups HDFC Life 165

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