Reimagining Growth with Resilience

Analysis of change in IEV EVOP - 50.5 EVOP1% 19.0% - Rs bn 29.1 329.6 1.5 -6.5 26.8 -0.5 23.0 -0.7 Operating variances 266.2 Covid impact Economic variances Change in -2.0 Dividend & ESOPS 307.7 -7.3 300.5 Cash Exide Life VNB Unwind operating payout for acquisition EV assumptions 176.3 89.8 IEV at Mar 31, 2021 Post-EMR2 EVOP1% 16.6% Adjusted Net worth (ANW) Value of in-force business (VIF) 211.9 95.8 211.9 88.6 IEV before cash payout for acquisition IEV at Mar 31, 20223 Operating variance continues to be positive and in line with our assumptions 1. EVOP% calculated as annualised EVOP (Embedded Value Operating Profit) to Opening EV 2. EMR: Excess mortality reserve 3. HDFC Life EV excluding Exide Life EV reviewed by Milliman Advisors LLP; Exide Life EV reviewed by Willis Towers Watson 11 228.3 101.3 Consolidated IEV at Mar 31, 20223 growth Profitable distribution mix Diversified leading Market- Quality of insurance Reimagining Board and innovation management HDFC Life

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