Investor Presentaiton

Sensitivity analysis Analysis based on key metrics Scenario Change in Change in VNB Margin 1 % Change in EV Increase by 1% -0.9% -1.5% Reference rate Decrease by 1% 0.2% 0.7% Equity Market movement Decrease by 10% -0.1% -1.3% Increase by 10% -0.3% -0.7% Persistency (Lapse rates) Decrease by 10% 0.2% 0.7% Increase by 10% -0.6% -0.8% Maintenance expenses Decrease by 10% 0.6% 0.8% Acquisition Increase by 10% -2.9% ΝΑ Expenses Decrease by 10% 2.9% ΝΑ Increase by 5% -0.7% -0.8% Mortality / Morbidity Decrease by 5% 0.7% 0.8% Tax rate² Increased to 25% -5.0% -7.9% Actuarial Financial ESG 32 1. Post overrun total VNB for Individual and Group business 2. The tax rate is assumed to increase from 14.56% to 25% and hence all the currently taxed profits in policyholder/shareholder segments are taxed at a higher rate. It does not allow for the benefit of policyholder surplus being tax-exempt as was envisaged in the DTC Bill. HDFC Life

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