Investor Presentaiton

11 Emergence of Existing Business (EB) Surplus Profit Emergence EB Surplus emergence as a % of VIF Traditional Savings (Longer Tenure) Protection (Ind+Grp) ULIP 0%-1% 20%-25% 20%-25% 30%-35% 55% - 60% 30%-35% 65%-70% 15%-20% 40%-45% ■0-5 years ■5-15 years ■> 15 years 25% 25 24% 24% 30 30 20% 19% 45 32 35 32 Shift in product profile to longer term savings over last 3-4 years ■ Profit emergence is higher for longer tenure products, albeit over a longer time frame 2 О 3/4th of profits emerge after 5 years FY19 FY20 FY21 EB (In Bn) FY22 EB as a % of VIF FY23 Higher mix of long term profitable products to result in profit emergence over longer time horizon Track record of positive operating variance indicates high likelihood of profit emergence as per assumptions Profitable distribution Diversified growth first Customer management Risk Technology, mix & governance Analytics digital & HDFC Life

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