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

₹5

77 NSE Code: HDFCLIFE HDFC Life sustains growth trajectory in H1 FY26; Consolidated AUM crosses ₹5 trillion milestone Mumbai, 15th October, 2025: The Board of Directors of HDFC Life approved and a

10%

: ▪ Individual New Business in terms of Annualized Premium Equivalent (APE) recorded growth of 10% year-on-year, translating into 2-year CAGR of 20%. ▪ Market Share gain of 90 basis points at the

20%

ized Premium Equivalent (APE) recorded growth of 10% year-on-year, translating into 2-year CAGR of 20%. ▪ Market Share gain of 90 basis points at the overall level to 11.9% and 30 basis points within

90 basis point

recorded growth of 10% year-on-year, translating into 2-year CAGR of 20%. ▪ Market Share gain of 90 basis points at the overall level to 11.9% and 30 basis points within the private sector, taking our share to

11.9%

anslating into 2-year CAGR of 20%. ▪ Market Share gain of 90 basis points at the overall level to 11.9% and 30 basis points within the private sector, taking our share to 16.6%. ▪ Value of New Busine

30 basis point

into 2-year CAGR of 20%. ▪ Market Share gain of 90 basis points at the overall level to 11.9% and 30 basis points within the private sector, taking our share to 16.6%. ▪ Value of New Business (VNB) for H1 FY2

16.6%

at the overall level to 11.9% and 30 basis points within the private sector, taking our share to 16.6%. ▪ Value of New Business (VNB) for H1 FY26 stood at ₹ 1,818 crore, a growth of 10% YoY and a 2-y

₹ 1,818 crore

the private sector, taking our share to 16.6%. ▪ Value of New Business (VNB) for H1 FY26 stood at ₹ 1,818 crore, a growth of 10% YoY and a 2-year CAGR of 14% while broadly maintaining new business margins simil

14%

of New Business (VNB) for H1 FY26 stood at ₹ 1,818 crore, a growth of 10% YoY and a 2-year CAGR of 14% while broadly maintaining new business margins similar to last year, at 24.5%. ▪ Assets under Ma

24.5%

and a 2-year CAGR of 14% while broadly maintaining new business margins similar to last year, at 24.5%. ▪ Assets under Management (AUM) including that of our wholly owned subsidiary HDFC Pension Fund

86%

our 25-year journey. ▪ Persistency ratios were stable, with 13-month and 61-month persistency at 86% and 62% respectively. These trends reflect the underlying product and tier mix. ▪ Embedded Valu

“▪ Individual New Business in terms of Annualized Premium Equivalent (APE) recorded growth of 10% year-on-year, translating into 2-year CAGR of 20%.”

“▪ Value of New Business (VNB) for H1 FY26 stood at ₹ 1,818 crore, a growth of 10% YoY and a 2-year CAGR of 14% while broadly maintaining new business margins similar to last year, at 24.5%.”

“We plan to raise up to ₹750 crore in subordinated debt in one or more tranches in H2.”

“With product pricing now more attractive to customers across segments, we expect to see stronger demand over the medium to long term.”

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

“24.6% 24.5% 10% ▪ Multiple pools of profitability contributing to VNB accretion 18.2 16.6 H1 FY25 H1 FY26 YoY Growth Steady growth in renewal premium Group assets under management ~ Rs 5 tn1 18% 179 152 H1 FY25 H1 FY26 YoY Growth Total”

“4,273 4,999 ▪ Backed by growing backbook 1,023 3,249 1,399 3,600 ▪ HDFC Life Debt:Equity mix (H1 FY26): 69:31 30th Sep, 2024 30th Sep, 2025 HDFC Life AUM HDFC Pension AUM 8 8 1.”

“H1FY26 H1 FY25 FY25 FY24 162.2 179.4 341.6 64.7 74.1 9.9 4.7 5.2 4.5 3,600 595.4 163.9 22.7 570 145.0 152.4 297.4 58.6 67.2 9.1 4.6 4.5 4.3 3,249 521.1 147.5 25.9 582 333.7 376.8 710.5 136.2 154.8 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.”

“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

Bima Trinity initiative to catalyse growth

1

Performance Highlights

▪ Individual New Business in terms of Annualized Premium Equivalent (APE) recorded growth of 10% year-on-year, translating into 2-year CAGR of 20%. ▪ Market Share gain of 90 basis points at the overall level to 11.9% and 30 basis points within the private sector, taking our share to 16.6%. ▪ Value of New Business (VNB) for H1 FY26 stood at ₹ 1,818 crore, a growth of 10% YoY and a 2-year CAGR of 14% while broadly maintaining new business margins similar to last year, at 24.5%. ▪ Assets under Management (AUM) including that of our wholly owned subsidiary HDFC Pension Fund Management, has crossed the ₹5 trillion milestone; a significant landmark in our 25-year journey. ▪ Persistency ratios were stable, with 13-month and 61-month persistency at 86% and 62% respectively. These trends reflect the underlying product and tier mix. ▪ Embedded Value (EV) stood at ₹59,540 crore, with an operating RoEV of 15.8% on a rolling 12-month basis. ▪ Profit After Tax (PAT) in H1 rose 9% YoY to ₹994 crore.

NBM

24.6% 24.5% 10% ▪ Multiple pools of profitability contributing to VNB accretion 18.2 16.6 H1 FY25 H1 FY26 YoY Growth Steady growth in renewal premium Group assets under management ~ Rs 5 tn1 18% 179 152 H1 FY25 H1 FY26 YoY Growth Total

AUM

4,273 4,999 ▪ Backed by growing backbook 1,023 3,249 1,399 3,600 ▪ HDFC Life Debt:Equity mix (H1 FY26): 69:31 30th Sep, 2024 30th Sep, 2025 HDFC Life AUM 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 10 10 Focus on profitable growth c i m o n o c E g n i t n u

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 Population composition (bn) Household distribution by income 1.4 7% 58% 35% 2021 1.6 10% 61% 29% 2035 1.7 15% 59% 26% 2050 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 FY12 E FY17 E FY22 E FY30 P from semi-urban and rural areas 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) 1. Penetration as measured by premiums as % of GDP, 2. Density defined as the ratio of premium underwritten in a given year to