Journey Simplification and Business Resilience

Improving VNB trajectory 30% 0.7 0.1 10.9 2.0 0.3 8.4 H1 FY21 Impact of higher APE Change in assumptions New Business Profile Fixed cost absorption H1 FY22 VNB Growth NBM% 25.1% 0.0% -0.7% 1.7% 0.3% 26.4% 37 1. Reflects the impact of difference in mix of segment/distribution channel/tenure/age/sum assured multiple etc VNB - Value of New Business; NBM - New Business Margin Rs bn Actuarial Financial ESG HDFC Life

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