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

70 bps

NE 30, 2025 BSE Code: 540777 NSE Code: HDFCLIFE Strong All-Round Performance: Market Share Up 70 bps, 12.5% APE Growth with VNB growth in line, PAT growth of 14% Mumbai, 15th July, 2025: The Board

12.5%

025 BSE Code: 540777 NSE Code: HDFCLIFE Strong All-Round Performance: Market Share Up 70 bps, 12.5% APE Growth with VNB growth in line, PAT growth of 14% Mumbai, 15th July, 2025: The Board of Dire

14%

Round Performance: Market Share Up 70 bps, 12.5% APE Growth with VNB growth in line, PAT growth of 14% Mumbai, 15th July, 2025: The Board of Directors of HDFC Life approved and adopted the reviewed s

21%

zed Premium Equivalent (APE) grew by 12.5% year-on-year, translating into a robust 2-year CAGR of 21% ▪ Market Share: Outperformed the overall industry and private sector, resulting in a 70 bps incr

12.1%

try and private sector, resulting in a 70 bps increase in our market share at the overall level to 12.1%, a new milestone for us, and a 40 bps gain within the private sector, taking our share to 17.5%

40 bps

a 70 bps increase in our market share at the overall level to 12.1%, a new milestone for us, and a 40 bps gain within the private sector, taking our share to 17.5% ▪ Value of New Business (VNB) for Q1 F

17.5%

to 12.1%, a new milestone for us, and a 40 bps gain within the private sector, taking our share to 17.5% ▪ Value of New Business (VNB) for Q1 FY26 stood at ₹ 809 crore, a growth of 12.7% YoY and a 2-y

₹ 809 crore

the private sector, taking our share to 17.5% ▪ Value of New Business (VNB) for Q1 FY26 stood at ₹ 809 crore, a growth of 12.7% YoY and a 2-year CAGR of 15% with new business margins improving to 25.1% ▪

12.7%

ng our share to 17.5% ▪ Value of New Business (VNB) for Q1 FY26 stood at ₹ 809 crore, a growth of 12.7% YoY and a 2-year CAGR of 15% with new business margins improving to 25.1% ▪ Assets under Manage

15%

f New Business (VNB) for Q1 FY26 stood at ₹ 809 crore, a growth of 12.7% YoY and a 2-year CAGR of 15% with new business margins improving to 25.1% ▪ Assets under Management (AUM) stood at ₹ 3,55,897

25.1%

809 crore, a growth of 12.7% YoY and a 2-year CAGR of 15% with new business margins improving to 25.1% ▪ Assets under Management (AUM) stood at ₹ 3,55,897 lakh crore as on 30th June 2025, an increas

“Individual Annualized Premium Equivalent (APE) grew by 12.5% year-on-year, translating into a robust 2-year CAGR of 21%.”

“We anticipate a gradual shift, rather than a sharp swing in favour of traditional products over the course of the year.”

“Retail protection continued to grow faster than the company average, delivering a robust growth of 19% on a YoY basis and a strong 2-year CAGR of 23%.”

“Retail sum assured grew in double digits and registered a 30% CAGR over two years.”

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

“FY23 VNB was elevated due to budget changes in FY23, 2 year CAGR for FY24 VNB stands at 13% FY22 operating variance includes excess mortality impact due to Covid-19 3.”

“On a like-to-like basis, Direct business grew 11% over the comparable period Robust delivery across key metrics (2/2) Significant improvement in 61st month persistency Healthy VNB growth Rs bn 88% 86% 64% 56% ▪ Focus on quality of business and providing superior customer experience _ 13th 61st Q1 FY25 Q1 FY26”

“25.0% 25.1% 12.7% ▪ Multiple pools of profitability contributing to VNB accretion 7.2 8.1 Q1 FY25 Q1 FY26 YoY Growth Strong growth in renewal premium Group assets under management > Rs 4.8 tn1 19% 76 64 Q1 FY25 Q1 FY26 YoY Growth Total”

“3,987 4,877 ▪ Backed by strong persistency and growing backbook 884 3,102 1,318 3,559 ▪ HDFC Life Debt:Equity mix (Q1 FY26): 68:32 ▪ HDFC Pension’s AUM crossed Rs 1.3 Tn 30th June, 2024 HDFC Life AUM 30th June, 2025 HDFC Pension AUM 8 8 1.”

“Q1FY26 Q1FY25 FY25 FY24 72.7 76.0 64.0 64.1 148.8 128.1 27.8 32.3 5.5 3.0 2.4 - 3,559 583.6 163.2 11.6 249 24.7 28.7 4.8 2.6 2.2 - 3,102 496.1 146.8 13.9 253 333.7 376.8 710.5 136.2 154.8 18.0 9.1 9.0 4.3 3,363 554.2 156.8 49.7 1,267 296.3 334.5 630.8 115.1 132.9 15.7 6.7 8.9 4.1 2,922 474.7 142.0 66.0 1,166 FY23 290.9 284.5 575.3 114.0 133.4 13.6 5.9 7.7 3.6 2,388 395.3 129.7 68.5 1,054 Rs bn.”

Performance Highlights

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NBM

1

AUM

1

Governance Committee

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Bima Trinity initiative to catalyse growth

1

Performance Highlights

▪ Topline Growth: Individual Annualized Premium Equivalent (APE) grew by 12.5% year-on-year, translating into a robust 2-year CAGR of 21% ▪ Market Share: Outperformed the overall industry and private sector, resulting in a 70 bps increase in our market share at the overall level to 12.1%, a new milestone for us, and a 40 bps gain within the private sector, taking our share to 17.5% ▪ Value of New Business (VNB) for Q1 FY26 stood at ₹ 809 crore, a growth of 12.7% YoY and a 2-year CAGR of 15% with new business margins improving to 25.1% ▪ Assets under Management (AUM) stood at ₹ 3,55,897 lakh crore as on 30th June 2025, an increase of 15% YoY ▪ Persistency: Persistency metrics remained healthy, with 13th and 61st month persistency at 86% and 64% respectively. 61st month persistency improved across cohorts, supported by stronger retention in long-term savings products ▪ Embedded Value (EV) increased to ₹ 58,355 crore, with an operating RoEV of 16.3% on a rolling 12-month basis ▪ Profit Af

NBM

25.0% 25.1% 12.7% ▪ Multiple pools of profitability contributing to VNB accretion 7.2 8.1 Q1 FY25 Q1 FY26 YoY Growth Strong growth in renewal premium Group assets under management > Rs 4.8 tn1 19% 76 64 Q1 FY25 Q1 FY26 YoY Growth Total

AUM

3,987 4,877 ▪ Backed by strong persistency and growing backbook 884 3,102 1,318 3,559 ▪ HDFC Life Debt:Equity mix (Q1 FY26): 68:32 ▪ HDFC Pension’s AUM crossed Rs 1.3 Tn 30th June, 2024 HDFC Life AUM 30th June, 2025 HDFC Pension AUM 8 8 1. Group assets under management (AUM) includes AUM of HDFC Life and HDFC Pension (wholly owned subsidiary) Agenda 1 2 3 4 Performance Snapshot Business Overview Other Business Highlights Life insurance in India 9 Key elements of our strategy Profitable growth Ensuring sustainable and profitable growth by identifying and tapping new profit pools Diversified distribution mix Developing multiple channels of growth to drive need-based selling & deepening penetration Customer first Creating superior product propositions and customer journeys, through consistent innovation Risk management & board governance Maintaining focus on risk management guided by an independent and competent Board Future ready organisation: Leveraging technology, digital and analytics

Governance Committee

• Sustainable Equity Fund grew over 30% in FY 2024-25 • Assigned ESG ratings to 96.27% active listed equity AUM and 69% of corporate fixed income AUM • Submitted second UN-PRI Report, building on voluntary reporting initiated in FY 2022-23. 31 Financial and operational snapshot (1/2) New Business Premium (Indl. + Group) Renewal Premium (Indl. + 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) NB (Individual and Group segment) lives insured (Mn.) No. of Individual Policies (NB) sold (In ‘000s) 32 1. Comprises share capital, share premium and accumulated profits/(losses) Note: Numbers may not add up due to rounding off Rs bn. Q1FY26 Q1FY25 FY25 FY24 72.7 76.0 64.0 64.1 148.8 128.1 27.8 32.3 5.5 3.0 2.4 - 3,559 583.6 163.2 11.6 249 24.7 28.7 4.8 2.6 2.2 - 3,102 496.1 146.8 13.9 253 333.7 376.8 710.5 136.2 154.8 18.0 9.1 9.0 4.3 3,363 554.2 156.8 49.7 1,267

Bima Trinity initiative to catalyse growth

o o o Bima Sugam: Unified digital insurance platform Bima Vistaar: Affordable bundled insurance product Bima Vahak: Women led rural distribution system n a w a T i n a p a J a i s y a a M l d n a l i a h T i a n h C 70 i a d n I Household distribution by income e r o p a g n S i 256 1% 16% 286 2% 21% 83% 76% 321 3% 32% 65% 385 9% 47% 44% ▪ Over the next decade, life insurance premiums are projected to grow at 9% annually (real terms), making India the 5th largest LI market globally ▪ ▪ ▪ 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 High proportion of this increase is expected to come e r o p a g n S i n a w a T i n a p a J a i s y a a M l d n a l i a h T i a d n I i a n h C Population composition (bn) 1.4 7% 58% 35% 2021 1.6 10% 61% 29% 2035 1.7 15% 59% 26% 2050 Less than 20 years 20-64 years 65 years and above < Rs 0.2 mn Rs 0.2 - 1 mn > Rs 1 mn Number of Households (In mn)