Project Inspire: 'Future Proofing' HDFC Life

Industry new business trends 1 Product mix 61% 57% 51% 684 51% 49% 49% 43% 39% 40% 60% Individual WRP in Rs bn 452 401 287 245 200 208 356 305 291 FY15 FY17 FY19 FY21 FY22 ■Unit Linked ■Conventional 2 Distribution mix 116 63 63 9% 10% 14% 5% 3% 3% 16% 3% 15% 5% FY15 FY17 FY19 FY21 FY23 Q1 FY24 50% 57% Private players Market share 58% 58% 57% 49% 54% 58% 60% 66% 65% Growth % Private 16% 26% 12% 8% 24% 8% 36% 30% 25% 23% 23% LIC -27% 15% 5% -3% 9% -6% FY15 FY17 FY19 Overall -11% 21% 9% 3% 19% 2% Brokers FY21 ■ Direct FY23 36 B ■ Private sector remained at higher market share than LIC FY16 onwards Amongst private insurers, insurers with a strong bancassurance platform continue to gain market share Source: IRDAI and Life Insurance Council; 1. Based on Overall WRP (Individual and Group) 2. Based on Individual New business premia for all private players Agency ■Bancassurance Product mix has recently moved towards conventional business for the private players with high focus on non-par savings, protection Banca sourced business continues to dominate the channel mix on the back of increasing reach of banks along with increase in share of direct channel HDFC Life

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