Slides
Page 2
2 Executive summary: H1 FY27 Operating & Customer Metrics Individual APE Rs (Bn.) 70.8 Growth 9% Renewal premium Rs (Bn.) 204.4 Growth 14% Profit After Tax (PAT) Rs (Bn.) 11.2 Growth 13% Value of New Business (VNB) Rs (Bn.) 20.4 Growth 12% AUM Rs (Bn.) 4,097 Growth 14% New Business Margin (NBM) CY 24.7% PY 24.5% IEV Rs (Bn.) 664.6 EVOP2 14.9% Total exp. ratio1 CY 22.3% PY 21.6% 2 1. Total Expense Ratio is calculated as total expenses (including commission) divided by total premium 2. 12 month rolling EVOP Number of policies (000’s) 621 Growth 9% Solvency Sep’26 180% Jun’26 185% Persistency (13M/61M) CY 83%/66% PY 86%/62% Individual Sum Assured Rs (Bn.) 2,769 Growth 21% Revenue & Cost Profitability & Scale
Page 4
4 152 207 300 475 621 FY18 FY20 FY22 FY24 FY26 12.8 19.2 26.8 35.0 40.3 FY18 FY20 FY22 FY24 FY26 Rs bnConsistent, predictable, sustained performance 1. Based on Overall NBP 48.9 81.7 146.4 FY18 FY22 FY26 Individual APE 29.4 58.1 104.9 FY18 FY22 FY26 Protection new business1 1,066 2,042 3,752 Mar 31, 2018 Mar 31, 2022 Mar 31, 2026 Assets under management Holistic growth 122 218 433 FY18 FY22 FY26 Renewal premium 1.1 5.2 9.3 FY18 FY22 FY26 Annuity APE 7.5% 9.3% 10.8% FY18 FY22 FY26 Overall market share Consistent track record over multiple periods Embedded value Value of new business 4
Page 5
5 FY16 FY18 FY20 FY22 FY24 FY25 FY26 Change in traditional savings tax exemption limit Grew ~1.4x industry during last decade while sustaining profitability Covid-19 pandemic Change in ULIP tax exemption limit • Tech enablement – faster claim settlement & policy issuance • Prudent risk management • Distribution expansion for tapping new markets – Exide Life M&A, increasing market share in new partnerships NBM1 Indl WRP2 growth Overall industry growth Steady performance across business cycles • Focus on broadening customer base • Upfront investments in distribution infrastructure, technology and manpower to capitalize on the long-term opportunity Consistent product innovation 1. New Business Margin 2. WRP: Weighted Received Premium 3. Adjusting for one-off business due to budget changes in FY23, normalized growth was 11% in FY24. FY24 2-year CAGR stands at 13% • Diversified distribution – Increase in new tie- ups • Growing proprietary – Agency/Direct Surrender value (SV) regulation 19.9% 23.2% 25.9% 12% 31% 19% 8% 19% 6% 27.4% 16% 16% 26.3% 1%3 5% 24.2% 8% 10% • Restructuring of distributor commercials • Lower impact on relative basis 25.6% 17% 10% Nil GST on individual LI products • Leveraged GST led demand growth in protection • Improved product profile • Significant cost initiatives Open Architecture 5
Page 6
Consistent track record of maximising shareholder value 1. FY23 VNB was elevated due to budget changes in FY23, 2 year CAGR for FY24 VNB stands at 13% 2. FY22 operating variance includes excess mortality impact due to Covid-19 3. Closing EV for the respective fiscal year 4. Operating ROEV is calculated as annual EVOP (Embedded Value Operating Profit) to Opening EV Healthy VNB accretion driven by strong top-line growth and margin expansion Significant value creation through consistent compounding of EV and VIF across multiple time periods Predictable outcomes over longer time frames Experience in-line with assumptions, resulting in negligible operating variances Steady EVOP across multiple time periods, reflecting sustainable performance Strong focus on balancing profitability and risk management Rs bn Metrics FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 5 year CAGR (FY21-26) 10 year CAGR (FY16-26) Value of new business (VNB) 7.4 9.2 12.8 15.4 19.2 21.9 26.8 36.7 35.01 39.6 40.3 13% 18% Operating variances 3.1 2.1 2.0 1.4 1.5 0.8 (4.9)2 1.6 1.5 1.0 (0.1) Embedded Value3 102 125 152 183 207 266 300 395 475 554 621 18% 20% EVOP 18 22 27 31 33 38 51 65 69 79 83 17% 17% Value in-force (VIF) 70 83 104 124 135 176 212 268 329 391 448 21% 20% Operating ROEV4 20.7% 21.7% 21.5% 20.1% 18.1% 18.5% 16.6%2 19.7% 17.5% 16.7% 15.0% 6
Page 7
7 46 21 FY26 H1 FY27 133.6 143.9 FY25 FY26 Maintained No. 2 position basis individual WRP Overall mkt share Pvt. mkt share 11.1% 15.7% #2Pvt. mkt rank 10.8% 15.1% #2 Sustained focus on expansion of customer base Robust delivery across key metrics (1/2) 18% 4% 30% 8% 17% 23% UL Par Non par protection Non par savings Annuity Group retirals 39% 11%15% 19% 11% 5% Balanced product mix Focus on diversified channel mix 18% 58% 15% 9% Agency Bancassurance Non-bank Alliances Direct 17% 50% 13% 20% Individual APE Individual NBPTotal APE Total NBP 64.0 69.9 H1 FY26 H1 FY27 11.9% 16.6% #2 11.5% 16.2% #2 570 621 H1 FY26 H1 FY27 Note: Non-bank Alliances include brokers and other non-bank corporate agents Number of policies (000’s) FY23 to FY26 CAGR Number of lives covered (in mn) 7% 7
Page 8
8 179 204 H1 FY26 H1 FY27 86% 62% 83% 66% 13th 61st H1 FY26 H1 FY27 _ Persistency broadly in line with expectations Group assets under management > Rs 5.8 tn1 Rs bn Steady VNB growth Strong growth in renewal premium ▪ Supported by a growing in-force book and expanding renewal premium base across cohorts ▪ HDFC Life AUM surpassed ₹4 tn mark ▪ Debt: Equity mix: 70:30 ▪ Persistency shifts are driven by changes in customer cohorts, product mix and equity-market conditions ▪ Sustained improvement in 61st month persistency ▪ VNB growth faster than APE growth 18.2 20.4 H1 FY26 H1 FY27 YoY Growth 3,600 4,097 1,399 1,795 30th Sep, 2025 30th Sep, 2026 HDFC Life AUM HDFC Pension AUM 1. Group assets under management (AUM) includes AUM of HDFC Life and HDFC Pension (wholly owned subsidiary) 4,999Total AUM: 5,892 24.5% 24.7%NBM: YoY Growth Robust delivery across key metrics (2/2) 12% 8 14%
Page 9
9 Healthy momentum across all channels H1FY27 H1FY26 YoY growth 2yr CAGR H1FY27 H1FY26 APE Mix Agency 13.0 11.5 13% 13% 18% 18% Channel 82.5 Bancassaurance Non-bank Alliances Direct Individual APE Group Total APE 41.0 10.4 6.4 70.8 11.6 38.3 7% 8% 58% 59% 5.6 13% 14% 9% 9% 9.2 13% 13% 15% 14% 9.4 24% 16% 64.7 9% 10% 100% 100% 74.1 11% 11% Rs bn Note: Numbers may not add up due to rounding off9
Page 11
11 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 Key elements of our strategy 11
Page 12
12 Focus on profitable growth Rs bn Underwriting profits breakup 15.7 8.9 6.7 26.3% FY24 FY26 35.0 Profit after tax (PAT) Shareholders’ surplus Underwriting profits New business Margin Value of new business Economic Profit Accounting Profit 19.1 11.5 7.6 24.2% 40.3 52.2 61.4 69.9 31.4 36.3 -45.5 -52.4 -62.3 -26.7 -30.9 FY24 FY25 FY26 H1FY26 H1FY27 Backbook Surplus New Business Strain 18.0 9.0 9.1 25.6% FY25 39.6 Profitable growth Diversified distribution mix Customer first Risk management & governance Technology, digital & Analytics 15% YoY Growth Note: Numbers may not add up due to rounding off 9.9 5.2 4.7 24.5% H1FY26 18.2 11.2 5.8 5.4 24.7% H1FY27 20.4 12
Page 13
13 Analysis of change in IEV Rs bn IEV as at Mar 31, 2026 Unwind VNB Net Capital movement IEV as at Sep 30, 2026 Operating Variance Value of in-force business (VIF)Adjusted Net worth (ANW) 448.1 173.3 476.2 188.4 Investment Variance Note: Numbers may not add up due to rounding off EVOP: 45.1 Rolling EVOP%: 14.9% Profitable growth Diversified distribution mix Customer first Risk management & governance Technology, digital & Analytics 13
Page 14
Rs bn Steady VNB trajectory 12% Note: Numbers may not add up due to rounding off 1. Reflects the impact of difference in mix of segment/distribution channel/tenure/age/sum assured multiple, amongst others NBM% 0.0%24.5% VNB Growth (0.4%) 24.7% H1 FY26 Higher EPI New Business Profile1 Expenses GST Impact H1 FY27 1.8% (0.7%) Prior to GST impact 25.2%(0.4%) Assumption change 14% Profitable growth Diversified distribution mix Customer first Risk management & governance Technology, digital & Analytics 14
Page 15
Profitable growth Diversified distribution mix Customer first Risk management & governance Technology, digital & Analytics 700+ Total branches Existing branches New branches 260+ opened since FY24 Agency channel maintains strong momentum, powered by four focused productivity-led growth drivers 17% New branch APE share Term + Annuity mix +8% Agent activation +13% Growth1 NEW BRANCHES • 80% new branches opened in Tier 2/3 markets • 60%+ growth in new branches FRONTLINE SALES • Launched industry’s first gamified, points-based performance system • 8% FLS2 productivity improvement AGENTS • 20% growth in new agent addition , Ranked #2 basis agent count • Revamped lifecycle with segmented value propositions for top agents BUSINESS QUALITY • Favorable product mix supported by stronger protection & balanced savings contributions • 13M persistency at 85% 30% Diversified distribution – Agency 15 1. Based on individual APE for H1 FY27 2. FLS: Front line sales
Page 16
16 Profitable growth Diversified distribution mix Customer first Risk management & governance Technology, digital & Analytics Diversified partnerships Physical presence Partner ecosystem Customer access 500+ Partners across Banks and Non-Bank alliances 46K+ Partner branches Partnerships with Banks, NBFCs, SFBs, brokers, aggregators & digital ecosystems allow entry into new market segments Distribution architecture balances scale, diversification and differentiated customer access Bancassurance Non-bank alliances Diversified distribution – Partnerships 16
Page 17
17 Banca Agency Direct Non-bank alliances Company Protection Segment FY25 FY26 H1FY26 H1FY27 UL 43% 53% 50% 58% Par 19% 23% 29% 11% Non par savings 33% 17% 16% 21% Term 2% 3% 3% 4% Annuity 3% 3% 2% 7% FY25 FY26 H1FY26 H1FY27 Based on Total APE 11% 14% 14% 15% Based on NBP 27% 29% 29% 30% Annuity Segment FY25 FY26 H1 FY26 H1FY27 UL 26% 25% 25% 19% Par 26% 38% 39% 21% Non par savings 33% 21% 21% 30% Term 10% 11% 11% 11% Annuity 5% 5% 4% 18% UL 37% 36% 33% 33% Par 14% 20% 24% 8% Non par savings 19% 12% 12% 13% Term 8% 8% 8% 12% Annuity 22% 23% 24% 33% UL 37% 37% 39% 33% Par 15% 17% 16% 11% Non par savings 35% 25% 28% 25% Term 11% 19% 15% 19% Annuity 2% 2% 2% 12% Segment FY25 FY26 H1FY26 H1FY27 UL 39% 44% 42% 45% Par 19% 25% 29% 13% Non par savings 32% 18% 18% 22% Term 5% 7% 7% 8% Annuity 5% 5% 4% 12% FY25 FY26 H1FY26 H1FY27 Based on Total APE 5% 6% 5% 11% Based on NBP 14% 15% 16% 17% Product mix across key channels 1 1. Based on Individual APE, Term includes health business. Percentages are rounded off Profitable growth Diversified distribution mix Customer first Risk management & governance Technology, digital & Analytics 17
Page 18
18 Profitable growth Diversified distribution mix Customer first Risk management & governance Technology, digital & Analytics Rs Bn. Healthy growth in protection ▪ Retail protection mix (including riders) increased to 11% in H1 o First-time buyers accounted for close to 80%, with a shift towards higher sum assured ▪ Secular growth in retail protection across Tier I, II and III geographies ▪ Credit Protect registered healthy growth of 19% in H1 ▪ We continue to innovate in product offerings across segments 4.3 5.7 H1 FY26 H1 FY27 7.4 10.6 FY25 FY26 17.7 23.2 FY25 FY26 10.3 12.7 H1 FY26 H1 FY27 Overall protection1 14% 15%11% 14% 29% 30%27% 29% Retail Sum assured 4,349 5,563 FY25 FY26 2,281 2,769 H1 FY26 H1 FY27 #2#2 Pvt Industry rank Retail protection1 Product mix APE2 7% 8%5% 7% Product mix NBP 1. Based on APE 2. Overall protection product mix is basis Total APE, Retail protection product mix is basis Individual APE Know more about our latest protection offering 18
Page 19
19 Before 2015 2015 - 2018 2026 Profitable growth Diversified distribution mix Customer first Risk management & governance Technology, digital & Analytics Key product innovations over the years 2023 - 20252019 - 2022 Pension Guaranteed Plan Deferred annuity Click 2 Retire Low cost ULIP (Zero allocation & admin charges) Sanchay Aajeevan Guaranteed Advantage Non-participating pension with guaranteed income & rate lock-in at inception Click 2 Protect Comprehensive protection plan with in-built flexibility Sanchay Legacy Whole-life cover with designed for long-term legacy creation Sanchay Par Advantage Long term participating solution with cash payouts Sanchay Plus Non-par savings with long term guarantees up to 99 years Aajeevan Growth Nivesh & Income Align retirement income with market performance Click 2 Achieve Savings plan with flexibility to choose payout schedule Cancer Care Fixed benefit cancer cover Click 2 Protect Supreme Plus Comprehensive modular term plan with accelerated, life-stage-aligned benefits Learn more about HDFC Life products Smart Protect Plus High Cover ULIP blending protection with market-linked growth Click 2 Protect Elite Pro Comprehensive term plan for HNIs with wellness benefits 19
Page 20
20 Profitable growth Diversified distribution mix Customer first Risk management & governance Technology, digital & Analytics Addressing customer needs at every stage of life Product Offerings <25 years 25-35 years 36 – 50 years 50+ years Objective Simple Savings Borrowing Investments Asset Drawdown Needs First Job Buy new car Get married Buy Home Child’s education Plan for retirement Pay off mortgage Medical care Medical care Medical care Net Worth Medical care Retire UL 53% 48% 49% 35% Par Savings 16% 14% 13% 10% Non par Savings 24% 25% 23% 19% Protection 7% 13% 9% 3% Annuity 0% 0% 6% 33% Product mix across age categories1 Risks Addressed Mortality Morbidity Longevity Interest Rate 20 1. Based on Individual APE
Page 21
21 Risk management & board governance Audit Committee Risk Management Committee Investment Committee Policyholder Protection, Grievance Redressal & Claims Monitoring Committee With Profits Committee Corporate Social Responsibility & ESG Committee Nomination & Remuneration Committee Stakeholder’s Relationship Committee Compliance Council Information Security Risk Management Committee Investment Council Claims Review Committee Fraud Monitoring Committee Prevention of Sexual Harassment Whistleblower Committee Board Committees Management Committees/Councils Standalone committees Additional governance through internal, concurrent and statutory auditors Credit Council Asset Liability Management Council Risk Management Council Capital Raising Committee Board of Directors Independent and experienced Board Note: The above list of committees is illustrative and not exhaustive Profitable growth Diversified distribution mix Customer first Risk management & governance Technology, digital & AnalyticsOperation Risk Management Council Product Management Committee Outsourcing committee AI Council Grievance Redressal Committee Learn more about our leadership Learn more about our committee charters 21
Page 22
Sensitivity Overall Non par 1 Overall Non par 1 Scenario EV VNB Margin EV VNB Margin EV VNB Margin EV VNB Margin Interest Rate +1% (2.3%) (1.2%) (2.4%) (1.6%) (2.1%) (1.2%) (2.2%) (1.6%) Interest Rate -1% 2.2% 0.8% 2.4% 0.8% 1.9% 0.8% 2.2% 0.7% Sensitivity remains range-bound on the back of calibrated risk management FY26 H1FY27 ▪ ~98% of debt investments in Government bonds and AAA rated securities as on Sep 30, 2026 Financial risk management framework 1. Comprises Non par savings (incl annuity) plus protection Profitable growth Diversified distribution mix Customer first Risk management & governance Technology, digital & Analytics Natural hedges ▪ Protection and longevity businesses ▪ Unit linked and non par savings products ▪ Broad-basing of counter-parties for FRAs ALM approach ▪ Target cash flow matching for non par savings plus group protection portfolio to manage non parallel shifts and convexity ▪ Immunise overall portfolio to manage parallel shifts in yield curve (duration matching) Product design & mix monitoring ▪ Prudent assumptions and pricing approach ▪ Average entry age for annuity segment is ~60 years ▪ Deferred as % of total annuity business less than 50% with average deferment period <5 yrs ▪ Regular monitoring of interest rates and business mix Partnership approach ▪ External hedging instruments such as FRAs, IRFs, swaps amongst others ▪ Reinsurance 22
Page 23
Give me a simple journey from purchase to payout Give me an integrated experience Give me frictionless service Personalize my experiences DATA-DRIVEN ECOSYSTEM for decision making OMNI-CHANNEL SERVICE to customers In-sync with PARTNER INTEGRATION digitally Nudge me in my world 1 2 3 4 5 Strengthen Cyber Security and Data Compliance Employee facing Virtual Office Unified and intelligent customer Communication 7 8 9 Connecting with startups through Futurance1 6 Building resilience.. Future ready organisation: Leveraging technology, digital and analytics HYPER- PERSONALISATION for customers PLATFORMISATION approach to tech architecture Profitable growth Diversified distribution mix Customer first Risk management & governance Technology, digital & Analytics 1. Futurance: A program to collaborate with startups for harnessing cutting -edge technology23
Page 24
Deploying AI as part of an organization-wide initiative Profitable growth Diversified distribution mix Customer first Risk management & governance Technology, digital & Analytics Build scalable AI foundation and deliver high-impact use cases across New Business Operations, Customer servicing, Distribution and Risk Management AI Vision AI Philosophy Customer experience AI Architecture Distribution productivity Cost efficiency Targeted AI deployment across value chain to improve 24
Page 25
Moving towards a GenAI-enabled organization Profitable growth Diversified distribution mix Customer first Risk management & governance Technology, digital & AnalyticsData and Tech Architecture Customers • Multi-lingual voice bots • AI-led 24x7 self-service chatbot • AI-enabled email bot • Digital video check for verifying customer identity efficiently 60L+ conversations managed annually Support functions • Facial-recognition onboarding with secure, automated ID verification • GenAI-driven marketing campaigns & collateral generation • Auto-coder for faster app releases 52% higher click rate in email Partners • AI Sales Agent providing insights, quotes, offers, and recommendations • Personalized sales pitches & nudges for distributors • Co-branded collaterals 31% higher FLS productivity Policy servicing • AI-driven underwriting (UW) engine enabling faster policy issuance • Voice assistant for lead warming, renewals, and servicing calls • AI-led investigation summarization 60% UW cases automated 30+ GenAI use cases deployed till now Partnered with hyperscalers Dedicated GPUs Upgraded knowledge management system Vector databases In-house Agentic AI platform 25
Page 27
83% 83% 91% 86% 73% 77% 84% 78%75% 69% 79% 72%71% 66% 81% 71%70% 47% 81% 62% Savings (Traditional) Savings (UL) Protection Company 13th month 25th month 37th month 49th month 61st month 85% 82% 87% 83% 75% 74% 77% 75%76% 73% 74% 74%70% 69% 71% 70%65% 64% 68% 66% Agency Banca Direct Company 13th month 25th month 37th month 49th month 61st month Persistency trends for HDFC Life Across key channels Across key segments CY (H1FY27) PY (H1FY26) 27
Page 28
Sensitivity analysis: H1 FY27 1. Post overrun total VNB for Individual and Group business 2. The tax rate is assumed to increase from 14.56% to 25% and hence all the currently taxed profits in policyholder/shareholder segments are taxed at a higher rate. It does not allow for the benefit of policyholder surplus being tax-exempt as was envisaged in the DTC Bill Analysis based on key metrics Scenario Change in VNB Margin1 % Change in EV Change in Increase by 1% (1.2%) (2.1%) Decrease by 1% 0.8% 1.9% Equity market movement Decrease by 10% (0.2%) (1.5%) Increase by 10% (1.6%) (0.5%) Decrease by 10% 1.6% 0.5% Increase by 10% (0.7%) (0.8%) Decrease by 10% 0.7% 0.8% Increase by 10% (2.9%) NA Decrease by 10% 2.9% NA Increase by 5% (1.3%) (1.0%) Decrease by 5% 1.3% 1.1% Tax rate2 Increased to 25% (4.4%) (9.6%) Maintenance expenses Acquisition expenses Mortality / Morbidity Reference rate Persistency (Lapse rates)28
Page 29
50% 40% 22% 17% 12% 10% 9% 9% Insurer 2 Insurer 7 Insurer 6 Insurer 3 Insurer 4 Insurer 8 Insurer 5 90% 69% 68% 59% 59% 31% 24% 21% Insurer 2 Insurer 3 Insurer 4 Insurer 5 Insurer 6 Insurer 7 Insurer 8 Tier 11 Tier 32 Spontaneous awareness (Private insurers) Increased awareness across tier 3 markets Note : (+/- p.p.) indicates change vs last year same period 1. Tier 1: Kantar Syndicated Brand Track (Aug’26) 2. Tier 3: Ipsos Customised Brand Track (Feb’26) (+2) (+8) Focus on category creation and deeper regional connect, driven through diverse initiatives & campaigns New branch acceleration driven through on-ground engagement Activation kits for sales teams Social messaging traffic barricades, across 80+ key towns New branch ramp-up and Hyper-localization Educating the audience on category and brand Regional campaigns in East & South Festive-led media activations across TV, digital & airport screens Themes aligned to audience context Radio-led amplification spotlighting local businesses Mass media campaigns to build awareness & consideration Financial literacy campaign across East & South, alongside Eye camps Structured tools and knowledge series for simplified financial planning 29
Page 30
Environment and Social Impact 2 ENVIRONMENT | ACTIONS SOCIAL | EMPLOYEES SOCIAL | CUSTOMER & COMMUNITY • Board-approved Environment & Climate change policy • CRA covering physical & transition risks; climate risks integrated into ERM framework • TCFD aligned disclosures • Energy efficiency, renewable energy, water and paper conservation, waste management and disposal through authorized vendors • Partner Code of Conduct mandating environmental stewardship 700+ Locations covered under CRA 553.7 MWh Renewable energy 17.4 tonnes Waste recycled (e-waste + paper + plastic) 100% New vendor signed the Partner CoC NIL Environmental non-compliance incidents • DEI, health & safety and well-being policies • Continuous learning, fair rewards and internal careers • Inclusive hiring and return-to-work initiatives • Human-rights diligence and PRSH redressal • Zero tolerance approach to discrimination and human rights violations ~29% Gender diversity 84% ESAT score 113.89 L&D hours / FTE 86% Internal hiring for senior- level roles 99.9% Return to work rate 65.3% Retention rate • Fair sales, simpler communication, distributor training and channel governance • Grievance redressal policy and resolution channels • Rural & social coverage, inclusion products and financial literacy initiatives • Swabhimaan CSR program fostering inclusive, SDG-aligned community development 99.8% Claim settlement (overall, FY26) 5.68 mn Social lives covered 3.47 lakh Rural lives covered 1.04 lakh Financial literacy reach 72.7 Net Promoter Score 0 Human-rights violations Latest Rating Upgrade: MSCI ESG Rating upgraded to 'AAA' (Upgraded from 'AA') CRA: Climate Risk Assessment ERM: Enterprise Risk Management TCFD: Taskforce on Climate-related Financial Disclosures DEI: Diversity, Equity & Inclusion COC: Code of Conduct PRSH: Prevention & Redressal of Sexual Harassment Note: Our initiatives collectively address 16 of the 17 UN Sustainable Development Goals, reflecting broad alignment with global sustainability priorities. 30
Page 31
9 BOARD OVERSIGHT Board Risk Management Committee (RMC) reviews climate and ESG risks; Board and senior management codes establish accountability MANAGEMENT GOVERNANCE Risk Council, ESG Management Committee, ESG Governance Committee (investments) CONTROL FRAMEWORKS Three lines of defence; Anti Money Laundering (AML); Anti-bribery & corruption; ISO 27001; privacy, consent and vendor controls; risk awareness through employee training and participation; voting & stewardship; double materiality assessment, Board-approved ESG framework MEASUREMENT & ASSURANCE Quarterly risk metrics; external assurance over 9 BRSR Core indicators and 30+ ESG KPIs DISCLOSURE & ENGAGEMENT Annual Report, Business Responsibility and Sustainability Report (BRSR), ESG Report, ESG rating agencies, investor interactions, responsible investment & stewardship disclosures, UN-PRI Report Governance and Accountability 0 Bribery / corruption incidents 0 Cyber/Data breaches 95.4% Corporate Fixed Income with ESG scores Code of conduct coverage UN-PRI: United Nations – Principles for Responsible Investment Business Responsibility and Sustainability Report (BRSR) 0 Bribery / corruption incidents 0 Cyber/Data breaches 95.4% Listed equity AUM and ESG Scores 67% 96% CSR Impact Assessment Report 31
Page 32
Financial and operational snapshot (1/2) Rs bn. H1FY27 H1FY26 FY26 FY25 FY24 New Business Premium (Indl. + Group) 191.2 162.2 361.0 333.7 296.3 Renewal Premium (Indl. + Group) 204.4 179.4 432.9 376.8 334.5 Total Premium 395.7 341.6 793.9 710.5 630.8 Individual APE 70.8 64.7 146.4 136.2 115.1 Overall APE 82.5 74.1 166.4 154.8 132.9 Profit after Tax 11.2 9.9 19.1 18.0 15.7 - Policyholder Surplus 5.4 4.7 7.6 9.1 6.7 - Shareholder Surplus 5.8 5.2 11.5 9.0 8.9 Dividend Paid 4.6 4.5 4.5 4.3 4.1 Assets Under Management 4,097 3,600 3,752 3,363 2,922 Indian Embedded Value 664.6 595.4 621.4 554.2 474.7 Net Worth (1) 191.0 163.9 174.0 156.8 142.0 NB (Individual and Group segment) lives insured (Mn.) 20.8 22.7 46.1 49.7 66.0 No. of Individual Policies (NB) sold (In ‘000s) 621 570 1,288 1,267 1,166 1. Comprises share capital, share premium and accumulated profits/(losses) Note: Numbers may not add up due to rounding off32
Page 33
Financial and operational snapshot (2/2) H1FY27 H1FY26 FY26 FY25 FY24 Overall New Business Margins (post overrun) 24.7% 24.5% 24.2% 25.6% 26.3% Operating Return on EV (1) 14.9% 15.8% 15.0% 16.7% 17.5% Total Expenses (OpEx + Commission) / Total Premium 22.3% 21.6% 21.2% 19.8% 19.4% Return on Equity (2) 12.3% 12.4% 11.5% 12.1% 11.5% Solvency Ratio 180% 175% 177% 194% 187% Persistency (13M / 61M) 83%/66% 86%/62% 85%/64% 87%/63% 87%/53% Business Mix (%) - Product (UL/Non par savings/Annuity/Non par protection/Par) (3) 45/22/12/8/13 42/18/4/7/29 44/18/5/7/25 39/32/5/5/19 35/30/6/5/23 - Indl Distribution (Banca/Agency/Non-Bank Alliances/Direct) (3) 58/18/15/10 59/18/14/9 58/18/14/10 59/18/15/8 59/18/12/11 - Total Distribution (Banca/Agency/Non-Bank Alliances/Direct/Group) (4) 23/8/6/9/54 25/9/6/11/50 25/9/5/11/49 25/9/6/11/49 24/8/5/12/51 - Share of protection business (Based on Indl APE) 8.0% 6.6% 7.2% 5.4% 5.1% - Share of protection business (Based on Overall APE) 15.4% 13.8% 13.9% 11.4% 13.3% - Share of protection business (Based on NBP) 29.9% 29.1% 29.1% 26.8% 32.1% Rs bn. 1. EVOP calculated on a 12 month rolling period 2. Calculated using net profit and average net worth for the period (Net worth comprises Share capital, Share premium and Accumulated profits) 3. Based on individual APE. UL: Unit Linked, Par: Participating; Percentages are rounded off 4. Based on total new business premium including group33
Page 34
Segment wise average term and age 1 ▪ Focus on long term insurance solutions, reflected in longer policy tenures ▪ Extensive product solutions catering customer needs across life cycles from young age to relatively older population 1. Based on individual new business policies (excluding annuity) Average Policy Term (Yrs) Average Customer Age (Yrs) H1 FY27: 23.6 (H1 FY26: 24.9) H1 FY27: 35.9 (H1 FY26: 36.4) 50 34 37 36 37 50 35 37 35 36 Non-par Pension Non-par Protection Non-par Savings Par UL H1FY27 H1FY26 34 13 34 22 30 18 14 34 19 32 18 Non-par Pension Non-par Protection Non-par Savings Par UL H1FY27 H1FY26
Page 36
1. IMF, Invest India 2. Swiss Re 3. People Research on India’s Consumer Economy (PRICE) India: poised for sustainable growth The burgeoning middle class and emergence of Bharat Fifth largest and fastest growing economy Rising affluence Investment in physical and digital building blocks to further drive growth India’s GDP (in USD)1 India’s per capita GDP is projected to nearly double from USD 2.4K in 2022 to USD 4.3K by 20322 ~USD 4k ~USD 2.8k 2025 2030 India’s per capita income India’s per capita income is likely to grow by nearly 70% by 20304 30% 2020 2030 30% 91 mn households 46% 165 mn households India’s middle income segment as % of all households3 Today a >$4Tn economy Took 67 years to reach first trillion 8 years to add another trillion 1 tn 2 tn 4.2 tn “At average age of 29 years, India to remain the youngest economy till 2070” Demographic dividend- youngest economy1 100 1.46 lakh kms • Total length of National Highways, an increase of 61% since 20144 • 2nd largest road network after USA • UPI transactions worth ~₹29.37 trillion were processed in Sep 20264, relatively growing in tier 2/3 ~241 bn • Total PLI outlay of >$26bn • Capex distributed evenly across sectors and geographies5 • GFCF6 to be >30% over the next 5 years5 • Bank credit to be 60% of GDP by FY30 from 50% currently5 Capex target up by 9% to record Rs 12.21 lakh crore in FY27 budget7 4. Press Information Bureau, Niti Ayog report, NPCI 5. CLSA, NDTV Profit 6. Gross Fixed Capital Formation 7. Union Budget FY27 2047 63% 263 mn households 2047 ~USD 18k 36
Page 37
7037 3017 2070 501 400 229 77 7.6% 6.9% 5.7% 3.7% 2.9% 2.8% 2.8% Growth opportunity: Under-penetration and favorable demographics Population composition (bn) 35% 29% 26% 58% 61% 59% 7% 10% 15% 2021 2035 2050 Less than 20 years 20-64 years 65 years and above 1.4 1.6 1.7 83% 76% 65% 44% 16% 21% 32% 47% 1% 2% 3% 9% FY12 E FY17 E FY22 E FY30 P < Rs 0.2 mn Rs 0.2 - 1 mn > Rs 1 mn Household distribution by income 256 286 321 385 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 the total population Source: Swiss Re, MOSPI, United Nations World Populations Prospects Report 2022 & 2024, CRISIL “The big shift in financialisation” report 2022 Life Insurance penetration1 (FY25) Life Insurance density US$2 (FY25) ▪ India remains vastly under-insured, both in terms of penetration and density ▪ Bima Trinity initiative to catalyse growth: o Bima Sugam: Unified digital insurance platform o Bima Vistaar: Affordable bundled insurance product o Bima Vahak: Women led rural distribution system ▪ 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 from semi-urban and rural areas 37
Page 38
▪ India has the highest protection gap in the region ▪ Savings and life insurance coverage growth lagged economic and wage growth ▪ Protection gap growth rate to grow at ~4% per annum 91.0% 74.0% 71.0% 70.0% 61.0% 55.0% 41.0% India Malaysia Thailand China Japan Singapore Hong Kong Protection gap (2019) 1 Trend of retail loans 3 (Rs Tn.) ▪ Retail credit has grown at a CAGR of 16% over last 10 years ▪ Credit life need would be spurred by: o Increasing retail indebtedness o Increasing attachment rates o Increasing value penetration o Growing lines of business 17 23 29 39 50 74 FY14 FY16 FY18 FY20 FY22 FY24 332% 252% 251% 153% 143% 127% 23% 62% Singapore Japan USA Malaysia Thailand South Korea India 85% ▪ India has the lowest sum assured (SA) as a % of GDP amongst its peers ▪ Opportunity for protection growth in life insurance due to: o Rising middle income o Increasing financial literacy o Limited life cover represents Sum Assured as a % of GDP 2 Savings SA Protection SA Life protection: low levels of penetration 1. Swiss Re. India’s protection gap is as of CY22 2. Jefferies “Composite Insurance License in India: Taking a Leaf from Global Experience” report 2022 3. Kotak Institutional Equities38
Page 39
India’s retirement savings gap 2 to grow annually by 10% to reach ~$96Tn in 2050 India’s pension market is under-penetrated at 3% 1 of GDP ▪ Improvements in life expectancy will lead to an average post-retirement period of 20 years ▪ Average household size has decreased from 4.6 in 2001 to 3.6 in 2022 ▪ Total Pension AUM is expected to grow to Rs 118 Tn by 2030 (about 1/4th accounted by NPS) ▪ Mandatory schemes to increase coverage for both unorganised and organised sectors Elderly population is expected to increase 2.5x by 2050 3.0 31.3 54.0 90.1 98.3 146.2 India Japan Hong Kong Canada USA Australia 35% 29% 26% 58% 61% 59% 7% 10% 15% 2021 2035 2050 Ageing population Age <20 Yrs Age 20-64 Yrs Age >65 Yrs 128.2 95.7 32.4 24.3 16.4 9.6 China India UK Japan Canada Australia 2050 retirement savings gap ($ Tn.) 95 161 248 Number of people aged >60 years (In mn) Macro opportunity: Retiral solutions Source: Swiss Re: A Retirement lifeline (2023), OECD (2021), Milliman Asia Retirement Report 2017, Survey by NSSO, MoSPI, United Nations World Populations Prospects Report (2022) 1. Comprising pension assets / funds 2. Retirement savings gap = Desired retirement income (i.e. 70% of pre-retirement annual income) - Actual income (i.e. social security benefits + employer benefits + personal savings)39
Page 40
▪ Increasing preference towards financial savings with increasing financial literacy within the population ▪ JAM trinity continues to deepen financial inclusion. PMJDY deposits increased to ~₹3.17 tn as of Aug 2026, nearly 13x over the last 12yrs, with rising average balances indicating active usage o Nearly 90% of people in the country have a bank account, without any sharp urban-rural divide ▪ Launch of affordable social insurance schemes has strengthened insurance penetration, with ~274 mn PMJJBY and ~581mn PMSBY cumulative enrolments as of Apr 2026 ▪ Atal Pension Yojana promoting pension coverage in the unorganised sector, with over 90 mn subscribers as of Apr 2026 Household savings composition 41% 52% 49% 48% 46% 59% 48% 51% 52% 54% FY13 FY16 FY19 FY22 FY25 Gross financial savings Physical savings 26% Savings as % of personal disposable income 67% 56% 48% 42% 41% 17% 18% 17% 18% 16% 15% 19% 18% 22% 21% 2% 2% 8% 9% 14% 5% 9% 9% 8% FY13 FY16 FY19 FY22 FY25 Currency & deposits Insurance Pension Shares & debentures Small savings Financial savings mix Source: RBI Annual Report, Invest India, PIB, Morgan Stanley: India Equity Strategy Playbook, CLSA:India’s Achilles’ heel Life Insurance: A preferred savings instrument 21% 24% 23% 23% 40
Page 41
Rs Tn. Life Insurance: Contributing to nation-building Source: CCIL & National Statistics Office, Union Budget, RBI, IRDAI, Ministry of Finance, Public debt management quarterly report Mobilising Long-Term Capital ▪ Life insurers channel household savings into long-term investments ▪ Strong exposure to infra and corporate bonds aid economic growth Supporting national growth ▪ 10%+ of traditional fund AUM invested in infra & social sectors ▪ Lives covered via micro-insurance (FY25): 136 Mn ▪ Insurers constitute ~26% of government debt (central government securities) Insuring India ▪ Policies issued annually (last 5 years): >28 Mn ▪ Death claims settled in FY25: ₹475 Bn ▪ In-force sum assured (Mar 31, 2025): ₹242 Tn 65% 79% 71% 48% 53% 75% 35% 21% 29% 52% 47% 25% FY19 FY21 FY23 FY25 FY26 H1FY27 <=15 yrs >15 yrs ▪ Auction of >15 year maturity bonds has been ~30-35% on an average which facilitates writing annuity business at scale ▪ Budget estimate of gross government borrowing for FY27 is at Rs 16.1 tn Year FY19 FY21 FY23 FY25 FY26 H1FY27e Total 5.9 12.7 14.1 14.1 14.6 8.2 Government bonds - Tenorwise Issuance 41
Page 42
48% 54% 44% 33% 47% 52% 46% 56% 67% 53% FY16 FY18 FY20 FY22 FY25 Unit Linked Conventional 32% 28% 25% 23% 23% 52% 54% 53% 55% 50% 3% 3% 3% 3% 3% 4% 3% 3% 4% 6% 10% 12% 16% 15% 18% FY16 FY18 FY20 FY22 FY25 Agency Corporate Agent (Banks) Corporate Agent (Others) Broker Direct ▪ Private sector remained at higher market share than LIC FY16 onwards ▪ Amongst private insurers, insurers with a strong bancassurance platform continue to gain market share 58% 60% 66% 71% 72% 71%Private players Market share Growth % Private LIC Overall 12% 8% 24% 15% 12% 12% 5% -3% 9% 1% 5% 15% 9% 3% 19% 10% 10% 13% Individual WRP in Rs bn Product mix 1 Distribution mix 2 ▪ Private players are shifting towards ULlPs with a strong focus towards protection ▪ Banca remains the dominant channel, supported by expanding bank reach and growing direct channel contribution Source: IRDAI and Life Insurance Council; 1. Based on Overall WRP (Individual and Group) for all private players 2. Based on Individual New business premia for all private players Industry new business trends 401 452 684 850 955 431 291 305 356 354 179 178 FY19 FY21 FY23 FY25 FY26 H1FY27 Private Players LIC 42
Page 43
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. This presentation is not for publication or distribution, directly or indirectly, in or into the United States (including its territories and possessions, any state of the United States and the District of Columbia). The securities of the Company may not be offered or sold in the United States in the absence of registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. The Company does not intend to register any securities in the United States. You confirm that you are either: (i) a “qualified institutional buyer” as defined in Rule 144A under the U.S. Securities Act of 1933, as amended, or (ii) outside the United States. By receiving this presentation, you are agreeing to be bound by the foregoing and below restrictions. Any failure to comply with these restrictions will constitute a violation of applicable securities laws. This presentation should not, nor should anything contained in it, form the basis of, or be relied upon in any connection with any contract or commitment whatsoever. The information contained in this presentation is strictly confidential and is intended solely for your reference and shall not be reproduced (in whole or in part), retransmitted, summarized or distributed to any other persons without Company’s prior written consent. The Company may alter, modify or otherwise change in any manner the contents of this presentation, without obligation to notify you or any person of such revision or changes. This presentation may contain forward‐looking statements that involve risks and uncertainties. Forward‐looking statements are based on certain assumptions and expectations of future events. Actual future performance, outcomes and results may differ materially from those expressed in forward‐looking statements as a result of a number of risks, uncertainties and assumptions. Although Company believes that such forward‐looking statements are based on reasonable assumptions, it can give no assurance that your expectations will be met. Representative examples of factors that could affect the accuracy of forward-looking statements include (without limitation) the condition of and changes in India’s political and economic status, government policies, applicable laws, the insurance sector in India, international and domestic events having a bearing on Company’s business, particularly in regard to the regulatory changes that are applicable to the life insurance sector in India, and such other factors beyond our control. You are cautioned not to place undue reliance on these forward-looking statements, which are based on knowledge, experience and current view of Company’s management based on relevant facts and circumstances. The data herein with respect to HDFC Life is based on a number of assumptions, and is subject to a number of known and unknown risks, which may cause HDFC Life’s actual results or performance to differ materially from any projected future results or performance expressed or implied by such statements. Forecasts and hypothetical examples are subject to uncertainty and contingencies outside Company’s control. Past performance is not a guarantee of future return nor is it necessarily indicative of future performance. This presentation has been prepared by the Company. No representation, warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy , completeness or correctness of the information and opinions in this presentation. None of Company or any of its directors, officers, employees, agents or advisers, or any of their respective affiliates, advisers or representatives, undertake to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise and none of them shall have any liability (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. Further, nothing in this presentation should be construed as constituting legal, business, tax or financial advice or a recommendation regarding the securities. Before acting on any information you should consider the appropriateness of the information having regard to these matters, and in particular, you should seek independent legal and financial advice. Disclaimer 43
Page 44
Thank You For queries, reach out to the Investor Relations team at investorrelations@hdfclife.com FY26 Annual Report FY26 ESG summary ESG Report Click here to subscribe to IR email alerts and to access the IR presentation archive Click Here