Project Inspire: 'Future Proofing' HDFC Life

32 32 7% Hong Kong Taiwan 19.2% 14.0% 7.6% Singapore Japan 5.8% 4.0% 3.4% 3.2% Malaysia 8,433 Growth opportunity: Under-penetration and favorable demographics 1 Life Insurance penetration ¹ (FY 2022) Life Insurance density US$ 2 (FY 2022) Thailand Population composition (bn) 1.4 India China 2.4% Hong Kong Singapore 5,414 3,772 Taiwan Japan 2,347 444 246 253 69 Malaysia Thailand 1.6 1.7 256 286 321 385 10% 15% 1% 2% 3% 9% 16% 21% 32% 47% 58% 61% 59% 83% 76% 65% 44% Household distribution by income 35% 29% 26% 2021 2035 2050 FY12 E FY17 E FY22 E FY30 P Less than 20 years 20-64 years ■65 years and above <Rs 0.2 mn Rs 0.21 mn > Rs 1 mn Number of Households (In mn) 1. Penetration as measured by premiums as % of GDP, 2. Density defined as the ratio of premium underwritten in a given year to the total population Source: Swiss Re, MOSPI, United Nations World Populations Prospects Report (2022), CRISIL "The big shift in financialisation" report 2022 India remains vastly under-insured, both in terms of penetration and density Huge opportunity to penetrate the underserviced segments, with evolution of the life insurance distribution model India's insurable population estimated to be at 1 bn by 2035 Number of middle income households is expected to almost double to 181 mn between FY22 and FY30 o High proportion of this increase is expected to come from semi-urban and rural areas HDFC Life

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