HDFC Life Insurance Company Limited

rs,

andra-Kurla Complex, Bandra (East), Mumbai- 400 051 Listing Department BSE Limited Sir PJ Towers, Dalal Street, Fort, Mumbai – 400 001 NSE Symbol: HDFCLIFE BSE Security Code: 540777 Dear Sir

24%

1, 2024 BSE Code: 540777 NSE Code: HDFCLIFE HDFC Life records strong individual APE growth of 24%; New Business Margin of 25.1%, delivers value of new business growth of 14% Mumbai, 15th Jan, 20

25.1%

NSE Code: HDFCLIFE HDFC Life records strong individual APE growth of 24%; New Business Margin of 25.1%, delivers value of new business growth of 14% Mumbai, 15th Jan, 2025: The Board of Directors of

14%

dividual APE growth of 24%; New Business Margin of 25.1%, delivers value of new business growth of 14% Mumbai, 15th Jan, 2025: The Board of Directors of HDFC Life approved and adopted the reviewed st

15%

mance Highlights: ▪ Topline Growth: Delivered strong individual APE growth of 24%, supported by a 15% increase in number of policies sold and a balanced product mix ▪ Market Share: Overall market s

70 bps

old and a balanced product mix ▪ Market Share: Overall market share (individual WRP) increased by 70 bps to 10.8%. Private sector market share stood at 15.3% ▪ Value of New Business (VNB) grew by 14%

10.8%

balanced product mix ▪ Market Share: Overall market share (individual WRP) increased by 70 bps to 10.8%. Private sector market share stood at 15.3% ▪ Value of New Business (VNB) grew by 14% to ₹2,586

15.3%

market share (individual WRP) increased by 70 bps to 10.8%. Private sector market share stood at 15.3% ▪ Value of New Business (VNB) grew by 14% to ₹2,586 crore, reflecting strong growth in profitab

₹2,586 crore

10.8%. Private sector market share stood at 15.3% ▪ Value of New Business (VNB) grew by 14% to ₹2,586 crore, reflecting strong growth in profitable business ▪ Assets under Management (AUM): AUM stood at

₹3.3 lakh crore

, reflecting strong growth in profitable business ▪ Assets under Management (AUM): AUM stood at ₹3.3 lakh crore as on 31st December 2024, an increase of 18% YoY ▪ Persistency: 13th and 61st month persistency

18%

ets under Management (AUM): AUM stood at ₹3.3 lakh crore as on 31st December 2024, an increase of 18% YoY ▪ Persistency: 13th and 61st month persistency stood at 87% and 61%, an increase of 110 and

87%

t December 2024, an increase of 18% YoY ▪ Persistency: 13th and 61st month persistency stood at 87% and 61%, an increase of 110 and 780 bps respectively, demonstrating the company's strong customer

“Although Company believes that such forward- looking statements are based on reasonable assumptions, it can give no assurance that such expectations will be met.”

“1 Executive summary: 9M FY25 Revenue & Scale Profitability & Cost Customer & Capital Individual APE Rs.”

“26.5% 25.1% 14% 25.9 ▪ Multiple pools of profitability contributing to VNB accretion 13th 61st 9M FY24 9M FY25 22.7 9M FY24 9M FY25 VNB growth Steady growth in renewal premium Group assets under management > Rs 4.0 tn1 ▪ Backed by strong persistency and growing back-book 12% 246 220 9M FY24 9M FY25 YoY Growth Total”

“3,232 669 2,797 4,349 1,062 3,287 9M FY24 HDFC Life AUM 9M FY25 HDFC Pension AUM ▪ HDFC Life Debt:Equity mix (9M FY25): 67:33 ▪ HDFC Pension’s AUM crossed Rs 1.0 Tn 7 7 1.”

“+ Group) Total Premium Individual APE Overall APE Profit after Tax - Policyholder Surplus - Shareholder Surplus Dividend Paid Assets Under Management Indian Embedded Value Net Worth (1) 9M FY25 9M FY24 Growth FY24 FY23 FY22* Rs bn.”

“The Company does not intend to register any securities in the United States.”

“Although Company believes that such forward‐looking statements are based on reasonable assumptions, it can give no assurance that your expectations will be met.”

Performance Highlights

1

NBM

1

AUM

1

Performance Highlights

▪ Topline Growth: Delivered strong individual APE growth of 24%, supported by a 15% increase in number of policies sold and a balanced product mix ▪ Market Share: Overall market share (individual WRP) increased by 70 bps to 10.8%. Private sector market share stood at 15.3% ▪ Value of New Business (VNB) grew by 14% to ₹2,586 crore, reflecting strong growth in profitable business ▪ Assets under Management (AUM): AUM stood at ₹3.3 lakh crore as on 31st December 2024, an increase of 18% YoY ▪ Persistency: 13th and 61st month persistency stood at 87% and 61%, an increase of 110 and 780 bps respectively, demonstrating the company's strong customer engagement and retention ▪ Embedded Value (EV) grew by 18% and stood at ₹ 53,246 crore, with 16.0% operating return on EV, showcasing sustained long-term value creation for both policyholders and shareholders ▪ Profit After Tax (PAT) of ₹ 1,326 crore was achieved in 9M FY25, clocking a steady growth of 15% year-on-year, helped by an 18% increase in

NBM

26.5% 25.1% 14% 25.9 ▪ Multiple pools of profitability contributing to VNB accretion 13th 61st 9M FY24 9M FY25 22.7 9M FY24 9M FY25 VNB growth Steady growth in renewal premium Group assets under management > Rs 4.0 tn1 ▪ Backed by strong persistency and growing back-book 12% 246 220 9M FY24 9M FY25 YoY Growth Total

AUM

3,232 669 2,797 4,349 1,062 3,287 9M FY24 HDFC Life AUM 9M FY25 HDFC Pension AUM ▪ HDFC Life Debt:Equity mix (9M FY25): 67:33 ▪ HDFC Pension’s AUM crossed Rs 1.0 Tn 7 7 1. Group assets under management (AUM) includes AUM of HDFC Life and HDFC Pension (wholly owned subsidiary) Delivering customer value with a balanced approach Negligible surrenders in traditional policies2 Our balanced approach to business Non-par savings 92% 92% 6% 91% 11% 90% Par 90% 8% 92% 86% 80% 90% 82% 89% 15% 74% Calibrated pricing strategy Conservative assumptions with zero surrenders assumed from Year 2 - in line with our actual experience Strong and improving persistency across cohorts and geographies Year 2 Year 3 Year 4 Year 2 Year 3 Year 4 1 % of customers continuing in the policy Prudent approach to risk management ▪ Customers prefer to continue their policies in paid-up status rather than surrendering ▪ Paid-up policies have pro-rated benefits and risk cover ensuring continued protection and value retenti