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

8%

26. Performance Highlights: ▪ New Business in terms of Annualized Premium Equivalent (APE) grew 8% year-on-year, translating into a healthy two-year CAGR of 12% ▪ Overall industry market share a

12%

alized Premium Equivalent (APE) grew 8% year-on-year, translating into a healthy two-year CAGR of 12% ▪ Overall industry market share at 11.0% ▪ Value of New Business (VNB) for FY26 stood at ₹ 4,03

11.0%

ear-on-year, translating into a healthy two-year CAGR of 12% ▪ Overall industry market share at 11.0% ▪ Value of New Business (VNB) for FY26 stood at ₹ 4,034 crore, with margins of 24.2%; Excluding

₹ 4,034 crore

of 12% ▪ Overall industry market share at 11.0% ▪ Value of New Business (VNB) for FY26 stood at ₹ 4,034 crore, with margins of 24.2%; Excluding GST and surrender regulation impact, VNB grew broadly in line wi

24.2%

ket share at 11.0% ▪ Value of New Business (VNB) for FY26 stood at ₹ 4,034 crore, with margins of 24.2%; Excluding GST and surrender regulation impact, VNB grew broadly in line with APE; New business m

25.5%

iness margins for FY26, excluding impact of GST and Surrender regulations would have been flat at 25.5% ▪ Retail protection registered robust growth of 46% during Q4FY26, translating to 43% growth for

46%

render regulations would have been flat at 25.5% ▪ Retail protection registered robust growth of 46% during Q4FY26, translating to 43% growth for the period FY26; Retail protection mix expanded by ne

43%

flat at 25.5% ▪ Retail protection registered robust growth of 46% during Q4FY26, translating to 43% growth for the period FY26; Retail protection mix expanded by nearly 200 basis points year-on-year

200 basis point

ng Q4FY26, translating to 43% growth for the period FY26; Retail protection mix expanded by nearly 200 basis points year-on-year to 7.2% in FY26, and including riders, protection now contributes nearly 10% of our

7.2%

th for the period FY26; Retail protection mix expanded by nearly 200 basis points year-on-year to 7.2% in FY26, and including riders, protection now contributes nearly 10% of our retail business ▪ Re

10%

basis points year-on-year to 7.2% in FY26, and including riders, protection now contributes nearly 10% of our retail business ▪ Retail sum assured grew by 28% year-on-year, and we maintained our lead

“Excluding one-time labour code and GST impact, underlying PAT growth for the year stood at 16% ▪ Solvency Ratio was at 177%; We have taken Board approval to raise up to Rs 1,000 crore by way of a preferential issue to our parent, HDFC Bank to augment our solvency position CEO’s Statement: Vibha Padalkar, Managing Director and CEO of HDFC Life, commented: “During FY26, we continued to maintain our position among the top three private insurers by individual WRP.”

“Looking ahead, we expect a gradual shift in the product mix as customers rebalance toward long-term savings and protection in an environment of greater uncertainty.”

“PAT growth excluding GST and labour code impact is 16% for FY26 2.”

“Excluding the impact of GST and surrender regulations, VNB margins stood at 25.5% and VNB grew by 7% in FY26 3.”

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

“mkt rank Overall mkt share #2 10.4% 113.8 FY24 15.7% #2 11.1% 133.6 FY25 15.2% #2 11.0% 143.8 FY26 1 2yr CAGR 12% 3,700 4,349 2yr CAGR 23% 5,563 FY24 FY25 FY26 Balanced product mix Focus on diversified channel mix Total APE 6% 4% 39% 16% 14% Total NBP Individual APE Individual NBP 19% 20% 10% 18% 22% 17% 14% 10% 11% 15% 7% 50% 22% 29% 58% UL Par Non par protection Non par savings Annuity Group retirals Agency Bancassurance 2 Non-bank Alliances Direct 7 7 1.”

“25.6% 24.2% 87% 85% 63% 64% ▪ Persistency movement reflects changes in customer cohort _ 2% ▪ VNB growth impacted by scale and regulatory changes 13th 61st FY25 FY26 39.6 40.3 FY25 FY26 YoY Growth Healthy growth in renewal premium Group assets under management: Rs 5.3 tn1 15% 433 377 FY25 FY26 YoY Growth ▪ Backed by growing backbook Total”

“Other non-operating variance comprises of GST & Labour code impact Steady VNB trajectory 7% Rs bn 2% FY25 Assumption change Higher EPI New Business Profile1 Expenses Prior to SSV & GST impact Impact of Surr Regs2 GST Impact FY26 NBM% 25.6% (0.4%) 0.0% 1.2% (0.9%) 25.5% (0.2%) (1.1%) 24.2% VNB Growth 13 Note: Numbers may not add up due to rounding off 1.”

“FY26 FY25 FY24 361.0 432.9 793.9 146.4 166.4 19.1 7.6 11.5 4.5 3,752 621.4 174.0 46.1 1,288 333.7 376.8 710.5 136.2 154.8 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 36 1.”

“Pertains to 11M FY26 Disclaimer This presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase any securities (“Securities”) of HDFC Life Insurance Company Limited (“HDFC Life” or the “Company”) in India, the United States, Canada, the People’s Republic of China, Japan or any other jurisdiction.”

Performance Highlights

1

NBM

1

AUM

1

Bima Trinity initiative to catalyse growth

1

Performance Highlights

▪ New Business in terms of Annualized Premium Equivalent (APE) grew 8% year-on-year, translating into a healthy two-year CAGR of 12% ▪ Overall industry market share at 11.0% ▪ Value of New Business (VNB) for FY26 stood at ₹ 4,034 crore, with margins of 24.2%; Excluding GST and surrender regulation impact, VNB grew broadly in line with APE; New business margins for FY26, excluding impact of GST and Surrender regulations would have been flat at 25.5% ▪ Retail protection registered robust growth of 46% during Q4FY26, translating to 43% growth for the period FY26; Retail protection mix expanded by nearly 200 basis points year-on-year to 7.2% in FY26, and including riders, protection now contributes nearly 10% of our retail business ▪ Retail sum assured grew by 28% year-on-year, and we maintained our leadership position on overall sum assured, reinforcing the quality of our business mix ▪ Assets under Management (AUM) including that of our wholly owned subsidiary HDFC Pension Fund Managemen

NBM

25.6% 24.2% 87% 85% 63% 64% ▪ Persistency movement reflects changes in customer cohort _ 2% ▪ VNB growth impacted by scale and regulatory changes 13th 61st FY25 FY26 39.6 40.3 FY25 FY26 YoY Growth Healthy growth in renewal premium Group assets under management: Rs 5.3 tn1 15% 433 377 FY25 FY26 YoY Growth ▪ Backed by growing backbook Total

AUM

4,519 5,312 1,156 3,363 1,560 ▪ HDFC Life Debt: Equity mix: 72:28 3,752 31st Mar, 2025 31st Mar, 2026 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) 2. Numbers may not add up due to rounding off 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

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