ALM Strategy and Insurance Market Opportunities

Analysis of change in IEV EVOP 31.1 EVOP%¹ 16.4% (PY²: 16.9%) - 6.5 (3.8) 1.1 14.1 VNB Operating variances Economic variances Dividend & ESOPS Unwind 395.3 15.9 267.4 127.8 Adjusted Net worth (ANW) Value of in-force business (VIF) As at Mar 31, 2023 Operating variance continues to be positive and in line with our assumptions IEV 1. EVOP% calculated as annualised EVOP (Embedded Value Operating Profit) to Opening EV 13 2. H1FY23 EVOP on merged basis. Standalone H1FY23 EVOP was 17.7% Rs bn 429.1 294.4 134.7 Profitable distribution Diversified growth first Customer mix & governance management Risk IEV As at Sep 30, 2023 digital & Technology, Analytics HDFC Life

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