Interim report
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October 15, 2026 Ref. No: HDFC Life/CA/2026-27/40 Listing Department Listing Department National Stock Exchange of India Limited BSE Limited Exchange Plaza, Plot No C/1, Block G, Sir PJ Towers, Bandra-Kurla Complex, Dalal Street, Bandra (East), Fort, Mumbai – 400 051 Mumbai – 400 001 NSE Symbol: HDFCLIFE BSE Security Code: 540777 Dear Sir/ Madam, Sub: Outcome of the Board Meeting held on October 15, 2026 We wish to inform that the Board of Directors of HDFC Life Insurance Company Limited (“Company”) at their meeting held today i.e. Thursday, October 15, 2026 , ha ve inter-alia approved the following: 1. Financial Results The un-audited standalone and consolidated financial results for the quarter and half- year ended September 30, 2026, which have been subject to limited review by M/s BSR & Co. LLP and M/s KKC & Associates LLP, Chartered Accountants, Joint Statutory Auditors of the Company. In terms of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the above financial results along with the Limited Review Reports for the quarter and half- year ended September 30, 202 6 are enclosed herewith. 2. In-principle approval for raising of funds through issuance of Non- Convertible Debentures (NCDs) Fund raising through issuance of NCDs in the nature of subordinated debt instruments up to ₹ 500 crore (Rupees five hundred crore only) in one or more tranches, in accordance with the SEBI (Issue and Listing of Non- Convertible Securities) Regulations, 2021 and IRDAI (Registration, Capital Structure, Transfer of Shares and Amalgamation of Insurers) Regulations, 2024 and other applicable regulations and circulars, on private placement basis. 3. Establishment of International Financial Services Centre (“IFSC”) Insurance Office (“IIO”), at Gujarat International Finance Tec-City (“GIFT”), IFSC The establishment of an IIO of the Company at GIFT IFSC will enable the Company to leverage the opportunities available within the IFSC ecosystem.
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The establishment of the IIO would be subject to approvals from the Insurance Regulatory and Development Authority of India (IRDAI), IFSC Authority, and the shareholders. Pur suant to the IRDAI (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024, the above matter requires the approval of the shareholders. Accordingly, the Company will be seeking shareholder approval through a postal ballot process, and the notice of postal ballot will be disseminated in due course. The meeting of the Board commenced at 1.15 p.m. and concluded at 3.40 p.m. (IST) This is for your information and appropriate dissemination. For HDFC Life Insurance Company Limited Niraj Shah Executive Director & Chief Financial Officer Encl.: As above
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B S R & Co. LLP KKC & Associates LLP Chartered Accountants Chartered Accountants (Formerly Khimji Kunverji & Co LLP) 14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai, India – 400 063 Telephone +91 22 6257 1000 Fax +91 22 6257 1010 Level 19, Sunshine Tower, Senapati Bapat Marg, Elphinstone Road, Mumbai – 400 013 India Telephone +91 22 6413 7333 Page 1 of 2 Limited Review Report on statement of unaudited standalone financial results of HDFC Life Insurance Company Limited for the quarter ended 30 September 2026 and year to date results for the period from 1 April 2026 to 30 September 2026 pursuant to Regulation 33 and Regulation 52(4) read with Regulation 63 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended read with the Insurance Regulatory and Development Authority of India’s circular bearing reference no: IRDAI/F&I/REG/CIR/208/10/2016 dated 25 October 2016 To The Board of Directors of HDFC Life Insurance Company Limited 1. We have reviewed the accompanying statement of unaudited standalone financial results of HDFC Life Insurance Company Limited (hereinafter referred to as the “Company”) for the quarter ended 30 September 2026 and year to date results for the period from 1 April 2026 to 30 September 2026, being submitted by the Company pursuant to the requirement of Regulation 33 and Regulation 52(4) read with Regulation 63 of the Securities and Exchange Board of India (“SEBI”) (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”) and the Insurance Regulatory and Development Authority of India (“IRDAI”/ the “Authority”) Circular reference no. IRDAI/F&I/REG/CIR/208/10/2016 dated 25 October 2016 (“IRDAI Circular”) (the “Statement”). 2. This Statement, which is the responsibility of the Company’s Management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Accounting Standard 25 “Interim Financial Reporting” (“AS 25”), as prescribed under Section 133 of the Companies Act, 2013 (the “Act”), applicable rules thereto along with the other accounting principles generally accepted in India, read with the accounting and presentation principles as prescribed in the relevant provisions of the Insurance Act, 1938 (the “Insurance Act”) as amended from time to time, the Insurance Regulatory and Development Authority Act, 1999 (the “IRDA Act”) as amended from time to time, and Insurance Regulatory and Development Authority of India (Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024, as amended (the “Regulations”) and orders/directions/circulars issued by IRDAI, to the extent applicable, and has been presented in accordance with the presentation and disclosure requirements prescribed as per the IRDAI Circular and the Listing Regulations, to the extent applicable. Our responsibility is to issue a report on these Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, issued by the Institute of Chartered Accountants of India (the “ICAI”). This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.
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B S R & Co. LLP KKC & Associates LLP Page 2 of 2 4. Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement prepared in accordance with the requirements of the recognition and measurement principles laid down in AS 25, as prescribed under Section 133 of the Act, applicable rules thereto along with the other accounting principles generally accepted in India, read with the accounting and presentation principles as prescribed in the relevant provisions of the Insurance Act, the IRDA Act and the Regulations, orders/directions/circulars issued by the IRDAI to the extent applicable and other recognized accounting practices and policies, has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52(4) read with Regulation 63 of the Listing Regulations and the IRDAI Circular, including the manner in which it is to be disclosed, or that it contains any material misstatement. Other Matters 5. The actuarial valuation of liabilities for life policies in force and for policies in respect of which premium has been discontinued but liability exists as at 30 September 2026 is the responsibility of the Company’s Appointed Actuary (the “Appointed Actuary”). The actuarial valuation of these liabilities for life policies in force and for policies in respect of which premium has been discontinued but liability exists as at 30 September 2026 has been duly certified by the Appointed Actuary and in her opinion, the assumptions for such valuation are in accordance with the guidelines and norms issued by IRDAI and the Institute of Actuaries of India in concurrence with the Authority. We have relied upon the Appointed Actuary’s certificate in this regard during our review of the valuation of liabilities for life policies in force and for policies in respect of which premium has been discontinued but liability exists, as contained in the Statement of the Company. Our conclusion is not modified in respect of this matter. 6. The standalone financial results of the Company for the three months ended 30 June 2026 were reviewed by B S R & Co. LLP, one of the current joint auditors of the Company, jointly with G. M. Kapadia & Co., whose report dated 15 July 2026 had expressed an unmodified conclusion. 7. The standalone financial results of the Company for the year ended 31 March 2026 were audited by B S R & Co. LLP, one of the current joint auditors of the Company, jointly with G. M. Kapadia & Co., whose report dated 16 April 2026 had expressed an unmodified opinion. The standalone financial results of the Company for corresponding quarter ended 30 September 2025 and corresponding period from 1 April 2025 to 30 September 2025 included were reviewed by B S R & Co. LLP, one of the current joint auditors of the Company, jointly with G. M. Kapadia & Co., whose report dated 15 October 2025 had expressed an unmodified conclusion. For B S R & Co. LLP For KKC & Associates LLP Chartered Accountants Chartered Accountants (Formerly Khimji Kunverji & Co LLP) Firm’s Registration No:101248W/W-100022 Firm’s Registration No: 105146W/W100621 Kapil Goenka Hasmukh B Dedhia Partner Partner ICAI Membership No: 118189 ICAI Membership No: 33494 UDIN: 26118189QMJAUX4470 UDIN: 26033494LZWOKA1070 Place: Mumbai Place: Mumbai Date: 15 October 2026 Date: 15 October 2026
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Year ended / As at September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 March 31, 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) POLICYHOLDERS' A/C Gross premium income First Year Premium 392,666 269,340 357,946 662,006 612,966 1,387,932 Renewal Premium 1,141,987 902,333 1,033,711 2,044,320 1,794,007 4,329,113 Single Premium 705,596 544,971 536,995 1,250,567 1,009,186 2,221,662 2 Net premium income1 2,172,737 1,654,797 1,877,731 3,827,534 3,324,340 7,731,522 3 Income from investments (net)2 216,631 1,665,306 141,005 1,881,937 1,600,504 2,017,517 4 Other income 10,491 9,445 7,946 19,936 15,333 34,733 5 3 8,177 1,801 4,846 9,978 11,502 44,873 6 Total (2 to 5) 2,408,036 3,331,349 2,031,528 5,739,385 4,951,679 9,828,645 Commission on First Year Premium 135,105 95,049 130,780 230,154 273,279 537,020 Renewal Premium 18,074 17,297 15,518 35,371 28,466 67,440 Single Premium 115,329 97,736 85,788 213,065 105,262 308,232 8 Net Commission 268,508 210,082 232,086 478,590 407,007 912,692 Operating Expenses related to insurance business (a+b) Employees remuneration and welfare expenses 103,352 91,208 98,581 194,560 186,056 392,588 Other operating expenses 119,834 85,769 79,414 205,603 142,929 376,503 10 Expenses of Management (8+9) 491,694 387,059 410,081 878,753 735,992 1,681,783 11 Provisions for doubtful debts (including bad debts written off)- - - - - - 12 Provisions for diminution in value of investments4 (5,405) (3,765) (4,599) (9,170) (5,023) 1,277 13 Goods & Services Tax on ULIP charges 926 863 12,114 1,789 24,783 26,305 14 Provision for taxes 3,696 4,694 344 8,390 4,366 9,411 15 Benefits Paid5 (Net1) 1,047,036 813,282 932,891 1,860,318 1,800,870 3,832,337 16 Change in actuarial liability 842,356 2,097,933 697,918 2,940,289 2,399,569 4,243,349 17 Total (10+11+12+13+14+15+16) 2,380,303 3,300,066 2,048,749 5,680,369 4,960,557 9,794,462 18 Surplus/(Deficit) (6-17) 27,733 31,283 (17,221) 59,016 (8,878) 34,183 Appropriations Transferred to Shareholders A/c 26,361 36,821 21,522 63,182 58,156 119,311 Funds for Future Appropriations 1,372 (5,538) (38,743) (4,166) (67,034) (85,128) Details of Surplus / Deficit Interim bonus paid 77,155 60,385 71,731 137,540 122,139 296,455 Terminal bonus paid 20,603 15,178 13,985 35,781 23,420 66,737 Allocation of bonus to policyholders - - - - - 83,557 Surplus/(Deficit) shown in the Revenue Account 27,733 31,283 (17,221) 59,016 (8,878) 34,183 Total Surplus 125,491 106,846 68,495 232,337 136,681 480,932 20 (a) (b) (c) (d) 7 (a) (b) (c) 9 (a) (b) 19 (a) (b) 1 (a) (b) (c) Sr. No. Particulars Three Months ended / As at Six Months ended / As at HDFC Life Insurance Company Limited Statement of Standalone Unaudited Results for the Quarter and Six Months ended September 30, 2026
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Year ended / As at September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 March 31, 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Sr. No. Particulars Three Months ended / As at Six Months ended / As at HDFC Life Insurance Company Limited Statement of Standalone Unaudited Results for the Quarter and Six Months ended September 30, 2026 21 Transfer from Policyholders' Account 26,361 36,821 21,522 63,182 58,156 119,311 Investment Income (net)2 40,832 34,429 36,087 75,261 68,109 147,763 Other income 278 4 - 282 4 16 23 Expenses other than those related to insurance business6 7,190 7,374 6,375 14,564 12,530 25,241 24 3 8,177 1,801 4,846 9,978 11,502 44,873 25 Provisions for doubtful debts (including write off) - - - - - - 26 Provisions for diminution in value of investments4 (234) (593) (153) (827) (369) 1,472 27 Profit before tax 52,338 62,672 46,541 115,010 102,606 195,504 28 Provisions for tax 1,538 1,530 1,826 3,068 3,245 4,505 29 Profit after tax and before Extraordinary items 50,800 61,142 44,715 111,942 99,361 190,999 30 Extraordinary Items (Net of tax expenses) - - - - - - 31 Profit after tax and Extraordinary items7 50,800 61,142 44,715 111,942 99,361 190,999 Interim Dividend - - - - - - Final Dividend - - - - - 2.1 33 Profit carried to Balance Sheet8 1,175,118 1,169,940 1,017,160 1,175,118 1,017,160 1,108,798 34 Paid up equity share capital 217,259 217,247 215,609 217,259 215,609 215,782 35 Reserve & Surplus (excluding Revaluation Reserve) 1,692,338 1,685,729 1,422,949 1,692,338 1,422,949 1,524,828 36 30,032 47,945 53,790 30,032 53,790 28,899 Total Assets: Investments: - Shareholders' 2,190,100 2,171,888 1,867,882 2,190,100 1,867,882 2,005,485 - Policyholders Fund excluding Linked Assets 27,336,182 26,220,329 23,349,186 27,336,182 23,349,186 24,995,144 - Assets held to cover Linked Liabilities (Linked Assets)11,440,973 11,694,770 10,782,850 11,440,973 10,782,850 10,519,163 Other Assets (Net of current liabilities and provisions) 281,370 349,479 268,106 281,370 268,106 380,386 1. Net of reinsurance 2. Net of amortisation and losses (including capital gains) 3. 4. Inclusive of provision for standard and non-standard assets 5. Inclusive of interim and terminal bonus 6. Includes Interest on subordinated debt & penalties if any. 7. Underwriting profits : Existing business surplus (i) 175,267 187,422 151,092 362,690 314,068 698,896 New business strain (ii) (156,903) (151,916) (134,157) (308,820) (266,753) (623,070) Shareholders' surplus (iii) 32,436 25,636 27,780 58,072 52,046 115,173 8. (i) Represents profit emerging during current period from business written in prior years (ii) Insurance contracts being long term in nature revenue is recognised over the period of the contract as against costs being recognised in the period in which they are incurred, leading to New business strain. (iii) Represents investment and other income arising on shareholders' funds, net of expenses and tax. Represents accumulated surplus Foot notes : Includes contribution of funds from shareholders accounts towards excess EOM and remuneration of MD/CEOs/WTD/Other KMPs Profit after tax comprises: (a) (b) 37 (a) (b) Fair Value Change Account and Revaluation Reserve (Shareholders) 22 (a) (b) 32 (a) (b)
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Notes September 30, 2026 March 31, 2026 September 30, 2025 (Unaudited) (Audited) (Unaudited) SOURCES OF FUNDS SHAREHOLDERS' FUNDS: Share Capital 217,259 215,782 215,609 Share application money 145 98 682 Reserves and Surplus 1,692,338 1,524,828 1,422,949 Credit / (Debit) Fair Value Change Account 30,032 28,899 53,790 Sub-Total (A) 1,939,774 1,769,607 1,693,030 BORROWINGS 309,900 309,900 235,000 POLICYHOLDERS' FUNDS: Credit / (Debit) Fair Value Change Account 538,249 296,092 641,101 Policy Liabilities 26,983,259 24,964,780 22,857,313 Insurance Reserve - - - Provision for Linked Liabilities 9,220,695 8,537,155 7,822,589 Add: Fair value change 1,659,466 1,497,800 2,519,308 Provision for Linked Liabilities 10,880,161 10,034,955 10,341,897 Funds for discontinued policies (i) Discontinued on account of non-payment of premium 559,427 483,118 440,009 (ii) Others 1,385 1,090 944 Total Provision for Linked & Discontinued Policyholders Liabilities11,440,973 10,519,163 10,782,850 Sub-Total (B) 38,962,481 35,780,035 34,281,264 Funds for Future Appropriations - Linked 4,542 4,205 3,786 - Non Linked 31,928 36,431 54,944 Sub-Total (C) 36,470 40,636 58,730 TOTAL (A+B+C) 41,248,625 37,900,178 36,268,024 APPLICATION OF FUNDS INVESTMENTS: Shareholders' 2,190,100 2,005,485 1,867,882 Policyholders' 27,336,182 24,995,144 23,349,186 Asset held to cover Linked Liabilities 11,440,973 10,519,163 10,782,850 LOANS 304,948 282,745 263,836 FIXED ASSETS 77,836 73,678 66,585 Deferred Tax Assets - - - CURRENT ASSETS Cash and Bank Balances 49,384 192,312 51,522 Advances and Other Assets 893,983 933,362 679,285 Sub-Total (A) 943,367 1,125,674 730,807 CURRENT LIABILITIES 1,030,907 1,080,626 782,011 PROVISIONS 13,874 21,085 11,111 Sub-Total (B) 1,044,781 1,101,711 793,122 NET CURRENT ASSETS (C) = (A - B) (101,414) 23,963 (62,315) Miscellaneous Expenditure (to the extent not written off or adjusted) - - - Debit Balance in Profit and Loss Account (Shareholders' Account) - - - TOTAL 41,248,625 37,900,178 36,268,024 Contingent liabilities 220,653 187,036 247,136 HDFC Life Insurance Company Limited Standalone Balance Sheet as at September 30, 2026 As at Particulars
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Hide this Sheet (Unaudited) (Audited) (Unaudited) A. Cash Flows from the operating activities: 1 Premium received from policyholders, including advance receipts 4,084,359 8,103,920 3,567,356 Other receipts 19,122 33,172 14,637 3 Payments to the re-insurers, net of commissions and claims/ benefits (14,812) (11,391) (12,534) 4 Payments to co-insurers, net of claims / benefit recovery (8) (141) (85) 5 Payments of claims/benefits (1,964,255) (4,009,373) (1,898,353) 6 Payments of commission and brokerage (458,939) (918,307) (433,306) 7 Payments of other operating expenses (361,335) (541,858) (197,608) 8 Preliminary and pre-operative expenses - - - 9 Deposits, advances and staff loans (768) (2,923) (1,634) 10 Income taxes paid (net) (657) (19,100) (12,070) 11 Goods and Services Tax paid (135,531) (383,752) (294,556) 12 Other payments - - - 13 Cash flows before extraordinary items 1,167,176 2,250,247 731,847 14 Cash flow from extraordinary operations - - - Net cash flow from / (used in) operating activities* 1,167,176 2,250,247 731,847 B Cash flows from investing activities: 1 Purchase of fixed assets (12,056) (28,171) (12,247) 2 Proceeds from sale of fixed assets 38 326 100 3 Purchases of investments (9,356,627) (12,938,955) (6,349,108) 4 Investment in Subsidiary - - - 5 Loan against policies (22,330) (45,145) (26,006) 6 Sales of investments 7,304,832 9,497,152 4,886,248 7 Repayments received - - - 8 Rents/Interests/ Dividends received 807,505 1,396,169 700,915 9 Investments in money market instruments and in liquid mutual funds (net) (18,913) (256,592) (34,014) 10 Expenses related to investments (47) (39) (47) Net cash flow from / (used in) investing activities (1,297,598) (2,375,255) (834,159) C Cash flows from financing activities: 1 Proceeds from issuance of share capital 101,184 25,813 16,483 2 Proceeds from borrowing - 74,900 - 3 Repayments of borrowing - (60,000) (60,000) 4 Interest / dividends paid (48,489) (68,275) (52,119) 5 Share application Money 145 98 682 Net cash flow from / (used in) financing activities 52,840 (27,464) (94,954) D Effect of foreign exchange rates on cash and cash equivalents, (net)- - - E Net increase in cash and cash equivalents: (77,582) (152,472) (197,266) 1 Cash and cash equivalents at the beginning of the period 954,756 1,107,228 1,107,228 2 Cash and cash equivalents at the end of the period 877,174 954,756 909,962 Note - Components of Cash and cash equivalents at end of the period: Cash and cheques in hand 7,695 16,806 6,042 Bank Balances ** 37,745 170,513 42,063 Fixed Deposit (less than 3 months) 13,600 30,400 2,500 Money Market Instruments 818,134 737,037 859,357 Total Cash and cash equivalents 877,174 954,756 909,962 Reconciliation of Cash & Cash Equivalents with Cash & Bank Balance: Cash & Cash Equivalents 877,174 954,756 909,962 Add: Deposit Account - Others 3,944 4,993 3,417 Less: Fixed Deposit (less than 3 months) (13,600) (30,400) (2,500) Less: Money market instruments (818,134) (737,037) (859,357) Cash & Bank Balances 49,384 192,312 51,522 2 Sr. No. Particulars The above Receipts and Payments Account has been prepared as prescribed by Insurance Regulatory and Development Authority (Actuarial,Finance and Investment Function of Insurers) Regulations, 2024 under the Direct method in accordance with Accounting Standard 3 Cash Flow Statements. HDFC Life Insurance Company Limited Standalone Receipts and Payments Account for the Six Months ended September 30, 2026 For the Six Months ended September 30, 2026 For the Year ended March 31, 2026 For the Six Months ended September 30, 2025
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Year ended/ As at September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 March 31, 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Analytical Ratios: 1 (i) Solvency Ratio 180% 185% 175% 180% 175% 177% (ii) Expenses of Management Ratio 21.9% 22.5% 21.3% 22.2% 21.5% 21.2% (iii) 2010.5% 1956.8% 2028.3% 2010.5% 2028.3% 2024.2% a) Basic EPS before and after extraordinary items (net of tax expense) for the period (not annualized for three/ six months) 2.34 2.83 2.08 5.17 4.61 8.86 b) Diluted EPS before and after extraordinary items (net of tax expense) for the period (not annualized for three/ six months) 2.34 2.83 2.07 5.16 4.61 8.85 NPA ratios: (for Policyholders' fund) a) Gross NPAs - Non Linked Par 919 922 922 919 922 922 Non Par 800 800 800 800 800 800 - Linked Non Par 5,990 5,990 5,990 5,990 5,990 5,990 Net NPAs - Non Linked Par NIL NIL NIL NIL NIL NIL Non Par NIL NIL NIL NIL NIL NIL - Linked Non Par NIL NIL NIL NIL NIL NIL b) % of Gross NPAs - Non Linked Par 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% Non Par 0.00% 0.00% 0.01% 0.00% 0.01% 0.00% - Linked Non Par 0.05% 0.05% 0.06% 0.05% 0.06% 0.06% % of Net NPA - Non Linked Par NIL NIL NIL NIL NIL NIL Non Par NIL NIL NIL NIL NIL NIL - Linked Non Par NIL NIL NIL NIL NIL NIL Yield on Investments (on Policyholders' fund) A. Without unrealised gains - Non Linked Par 2.0% 2.1% 2.2% 4.2% 4.0% 8.2% Non Par 2.2% 2.2% 2.3% 4.4% 4.7% 9.5% - Linked Non Par 3.3% 2.5% 3.0% 5.9% 6.0% 10.6% B. With unrealised gains - Non Linked Par 0.5% 6.1% -0.7% 6.6% 3.3% 1.0% Non Par -2.2% 6.5% (0.9%) 4.1% (1.1%) -3.9% - Linked Non Par -3.1% 10.0% -3.6% 6.6% 5.6% -0.9% (iv) (v) (vi) HDFC Life Insurance Company Limited Statement of Standalone Unaudited Results for the Quarter and Six Months ended September 30, 2026 Particulars Three Months ended / As at Six Months ended / As at
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Year ended/ As at September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 March 31, 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) HDFC Life Insurance Company Limited Statement of Standalone Unaudited Results for the Quarter and Six Months ended September 30, 2026 Particulars Three Months ended / As at Six Months ended / As at NPA ratios: (for Shareholders' fund) a) Gross NPAs 1,341 1,344 1,344 1,341 1,344 1,344 Net NPAs NIL NIL NIL NIL NIL NIL b) % of Gross NPAs 0.06% 0.06% 0.07% 0.06% 0.07% 0.07% % of Net NPAs NIL NIL NIL NIL NIL NIL Yield on Investments (on Shareholders' fund) A. Without unrealised gains 1.9% 1.7% 2.0% 3.6% 3.7% 8.0% B. With unrealised gains -0.7% 3.9% 0.5% 3.1% 4.1% 5.0% Persistency Ratio ( Regular Premium/Limited Premium Payment) 2 Premium Basis 13th month 79.4% 80.0% 80.8% 83.3% 85.6% 84.9% 25th month 70.0% 73.5% 72.1% 74.8% 78.3% 77.1% 37th month 67.9% 76.1% 70.2% 73.9% 72.0% 72.6% 49th month 68.6% 67.4% 70.1% 70.0% 70.9% 70.9% 61st month 65.9% 65.5% 62.9% 66.0% 62.4% 64.4% Number of Policy basis 13th month 77.5% 78.0% 78.2% 81.3% 81.9% 82.2% 25th month 68.3% 71.2% 69.1% 72.0% 70.6% 71.7% 37th month 64.9% 65.4% 63.0% 65.8% 65.9% 64.8% 49th month 60.9% 61.1% 63.8% 63.5% 63.5% 64.6% 61st month 59.9% 58.9% 53.2% 58.4% 53.5% 55.6% Conservation Ratio Participating Life- Individual & group 81.4% 85.5% 85.9% 83.0% 85.5% 84.6% Participating Pension- Individual & group 65.9% 100.6% 80.5% 84.8% 82.3% 80.0% Non Participating Life - Individual & group 86.0% 91.1% 86.4% 88.2% 87.3% 87.6% Non Participating Pension - Individual & Group 74.5% 75.4% 86.8% 74.9% 81.5% 81.0% Non Participating - Life Group Variable NA NA NA NA NA NA Non Participating - Individual & Group Pension Variable 71.3% 66.2% 69.3% 68.6% 72.7% 72.6% Non Participating Fund - Individual & Group Annuity 85.8% 91.3% 83.4% 88.3% 85.2% 86.9% Non Participating Fund - Individual & Group Health 100.9% 95.4% 91.7% 98.6% 86.3% 91.7% Unit Linked - Individual Life 79.6% 88.5% 84.2% 83.3% 84.9% 83.6% Unit Linked - Individual Pension 65.7% 69.8% 75.6% 67.5% 82.2% 73.5% Unit Linked - Group Life NA NA NA NA NA NA Unit Linked - Group Pension NA NA NA NA NA NA Notes : 1. 2. 2.1 2.2 2.3 2.4 2.5 2.6 Persistency Ratio The persistency ratios are calculated in accordance with the IRDAI circular no. IRDAI/F&A/CIR/MISC/256/09/2021 dated September 30, 2021 and hence are with a lag of one month. The persistency ratios for the quarter ended September 30, 2026 have been calculated for the policies issued in the June to August period of the relevant years. E.g.: the 13th month persistency for the current quarter is calculated for the policies issued from June 2025 to August 2025. The persistency ratios for quarter ended September 30, 2025 have been calculated in a similar manner. The persistency ratios for the quarter ended June 30, 2026 have been calculated for the policies issued in the March to May period of the relevant years. E.g.: the 13th month persistency for the current quarter is calculated for the policies issued from March 2025 to May 2025. The persistency ratios for the year ended March 31, 2026 have been calculated for the policies issued in the March to February period of the relevant years. For eg: the 13th month persistency for current year is calculated for the policies issued from March 2024 to February 2025. Definition revised in accordance with IRDAI circular on 'Public Disclosures by Insurers' dated September 30, 2021 : persistency for individual policies. The persistency ratios for the year ended September 30, 2026 have been calculated for the policies issued in the September to August period of the relevant years. For eg: the 13th month persistency for current year is calculated for the policies issued from September 2024 to August 2025.The persistency ratios for year ended September 30, 2025 have been calculated in a similar manner. (viii) (ix) (x) Analytical ratios have been calculated as per definition given in IRDAI Analytical ratios disclosure. (vii)
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Year ended / As at September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 March 31, 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 1 Segment Income A)Policyholders : Segment A - Participating - Individual & Group Life : Net Premium 338,009 239,183 366,813 577,192 604,560 1,437,682 Income from Investments2 151,315 165,555 148,659 316,870 265,975 540,342 Transfer of Funds from shareholders' account 17 88 70 105 191 330 Other Income 6,070 5,513 4,957 11,583 9,605 21,470 Segment B - Participating - Individual & Group Pension : Net Premium 20,513 35,582 27,949 56,095 61,089 97,071 Income from Investments2 8,564 4,773 5,223 13,337 11,094 20,632 Transfer of Funds from shareholders' account 3 4 21 7 30 51 Other Income 193 163 47 356 92 482 Segment C - Non Participating - Individual & Group Life : Net Premium 832,081 663,220 703,205 1,495,301 1,262,758 2,949,146 Income from Investments2 299,611 315,023 272,655 614,634 527,444 1,082,114 Transfer of Funds from shareholders' account 94 249 87 343 249 608 Other Income 3,570 3,722 2,770 7,292 5,334 12,087 Segment D - Non Participating - Life Group Variable : Net Premium 22,507 33,426 18,284 55,933 39,662 96,347 Income from Investments2 4,953 4,548 4,456 9,501 8,304 16,649 Transfer of Funds from shareholders' account - 1 - 1 - 2 Other Income 15 - - 15 1 2 Segment E - Non Participating - Individual & Group Pension : Net Premium 21,479 22,279 16,994 43,758 27,894 54,922 Income from Investments2 5,349 4,997 5,422 10,346 10,993 21,697 Transfer of Funds from shareholders' account 1,025 885 (78) 1,910 2,500 10,873 Other Income 10 8 11 18 18 42 Segment F - Non Participating - Individual & Group Pension Variable : Net Premium 35,411 8,943 6,981 44,354 44,744 68,006 Income from Investments2 3,357 3,354 3,967 6,711 8,938 15,460 Transfer of Funds from shareholders' account 129 43 - 172 - 1 Other Income 1 - - 1 2 2 Segment G - Non Participating - Individual & Group Annuity : Net Premium 215,479 147,143 151,457 362,622 289,911 614,842 Income from Investments2 73,626 72,641 63,788 146,267 125,519 259,245 Transfer of Funds from shareholders' account 1,305 30 9 1,335 22 53 Other Income 59 54 58 113 129 248 Segment H - Non Participating - Individual & Group Health : Net Premium 780 484 711 1,264 895 2,874 Income from Investments2 62 58 68 120 137 238 Transfer of Funds from shareholders' account 326 177 113 503 363 1,315 Other Income 1 - 1 1 1 2 Segment I - Unit Linked - Individual Life : Net Premium 528,257 393,030 435,440 921,287 749,990 1,852,683 Income from Investments2 (287,170) 969,579 (341,860) 682,409 573,597 46,349 Transfer of Funds from shareholders' account 5,397 100 61 5,497 143 18,449 Other Income 512 (7) 96 505 141 379 Segment J - Unit Linked - Individual Pension : Net Premium 26,814 23,371 31,504 50,185 54,785 112,051 Income from Investments2 (17,575) 37,789 (11,991) 20,214 28,732 (3,092) Transfer of Funds from shareholders' account (32) 134 4,563 102 8,004 13,183 Other Income 11 (9) 3 2 3 8 Segment K - Unit Linked - Group Life : Net Premium 126,922 84,617 111,017 211,539 167,998 414,765 Income from Investments2 (17,562) 79,264 (3,853) 61,702 38,300 13,693 Transfer of Funds from shareholders' account 1 2 - 3 - 7 Other Income 49 1 3 50 6 10 Segment L - Unit Linked - Group Pension : Net Premium 4,485 3,519 7,376 8,004 20,054 31,133 Income from Investments2 (2,398) 11,524 (862) 9,126 6,619 3,143 Transfer of Funds from shareholders' account (88) 88 - - - 1 Other Income - - - - 1 1 Total 2,413,537 3,335,148 2,036,195 5,748,685 4,956,827 9,827,598 B)Shareholders : Income from Investments2 41,063 35,022 36,240 76,085 68,478 146,291 Other Income 278 4 - 282 4 16 Total 41,341 35,026 36,240 76,367 68,482 146,307 Grand Total 2,454,878 3,370,174 2,072,435 5,825,052 5,025,309 9,973,905 Sr. No. Particulars Three Months ended / As at Six Months ended / As at HDFC Life Insurance Company Limited Segment Reporting (Standalone) for the Quarter and Six Months ended September 30, 2026
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HDFC Life Insurance Company Limited Segment Reporting (Standalone) for the Quarter and Six Months ended September 30, 2026 Year ended / As at September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 March 31, 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 2 Segment A - Participating - Individual & Group Life 12,377 3,768 (19,127) 16,145 (35,329) 5,277 Segment B - Participating - Individual & Group Pension (350) (1,041) (10,310) (1,391) (16,118) (41,771) Segment C - Non Participating - Individual & Group Life 25,029 17,415 2,556 42,444 24,618 50,049 Segment D - Non Participating - Life Group Variable 231 55 173 286 454 2,431 Segment E - Non Participating - Individual & Group Pension (1,024) (878) 82 (1,902) (2,490) (10,853) Segment F - Non Participating - Individual & Group Pension Variable (128) (43) 237 (171) 1,130 1,242 Segment G - Non Participating - Individual & Group Annuity (3,499) 2,212 4,058 (1,287) 5,126 14,686 Segment H - Non Participating - Individual & Group Health (326) (176) (113) (502) (362) (1,313) Segment I - Unit Linked - Individual Life (10,814) 5,709 3,616 (5,105) 8,056 (17,198) Segment J - Unit Linked - Individual Pension 80 (88) (4,552) (8) (7,974) (13,116) Segment K - Unit Linked - Group Life (2,181) 3,123 1,233 942 2,761 414 Segment L - Unit Linked - Group Pension 341 (88) 339 253 409 850 Total 19,736 29,968 (21,808) 49,704 (19,719) (9,302) Shareholders 32,436 25,636 27,780 58,072 52,046 115,173 Grand Total 52,172 55,604 5,972 107,776 32,327 105,871 3 Segment Assets: Segment A - Participating - Individual & Group Life 8,343,098 8,098,716 7,496,518 8,343,098 7,496,518 7,760,881 Segment B - Participating - Individual & Group Pension 345,704 310,858 303,209 345,704 303,209 279,174 Segment C - Non Participating - Individual & Group Life 13,829,294 13,259,244 11,390,216 13,829,294 11,390,216 12,617,700 Segment D - Non Participating - Life Group Variable 232,962 224,983 184,799 232,962 184,799 206,656 Segment E - Non Participating - Individual & Group Pension 295,303 281,737 302,489 295,303 302,489 276,101 Segment F - Non Participating - Individual & Group Pension Variable 204,227 183,442 189,063 204,227 189,063 188,988 Segment G - Non Participating - Individual & Group Annuity 4,180,289 3,989,301 3,558,221 4,180,289 3,558,221 3,846,203 Segment H - Non Participating - Individual & Group Health 3,851 3,590 2,348 3,851 2,348 3,780 Segment I - Unit Linked - Individual Life 9,023,307 9,277,860 8,673,330 9,023,307 8,673,330 8,266,825 Segment J - Unit Linked - Individual Pension 563,119 574,353 559,985 563,119 559,985 535,300 Segment K - Unit Linked - Group Life 1,681,694 1,632,925 1,349,033 1,681,694 1,349,033 1,509,709 Segment L - Unit Linked - Group Pension 201,713 237,669 226,037 201,713 226,037 225,986 Total 38,904,561 38,074,678 34,235,248 38,904,561 34,235,248 35,717,303 Shareholder 2,261,109 2,269,219 1,939,742 2,261,109 1,939,742 2,089,118 Unallocated 3 82,955 92,574 93,034 82,955 93,034 93,757 Grand Total 41,248,625 40,436,471 36,268,024 41,248,625 36,268,024 37,900,178 4 Segment Policy Liabilities4 : Segment A - Participating - Individual & Group Life 7,941,440 7,732,610 7,055,407 7,941,440 7,055,407 7,553,562 Segment B - Participating - Individual & Group Pension 304,394 288,616 279,134 304,394 279,134 260,897 Segment C - Non Participating - Individual & Group Life 13,823,501 13,188,044 11,314,169 13,823,501 11,314,169 12,637,566 Segment D - Non Participating - Life Group Variable 235,136 227,364 187,451 235,136 187,451 209,033 Segment E - Non Participating - Individual & Group Pension 277,012 263,326 283,966 277,012 283,966 257,808 Segment F - Non Participating - Individual & Group Pension Variable 203,279 182,343 187,844 203,279 187,844 188,040 Segment G - Non Participating - Individual & Group Annuity 4,159,450 3,965,823 3,537,072 4,159,450 3,537,072 3,829,537 Segment H - Non Participating - Individual & Group Health 4,285 4,035 2,793 4,285 2,793 4,225 Segment I - Unit Linked - Individual Life 9,063,764 9,317,716 8,714,903 9,063,764 8,714,903 8,311,047 Segment J - Unit Linked - Individual Pension 563,119 574,352 559,985 563,119 559,985 535,300 Segment K - Unit Linked - Group Life 1,683,609 1,635,076 1,350,131 1,683,609 1,350,131 1,511,578 Segment L - Unit Linked - Group Pension 201,713 237,669 226,038 201,713 226,038 225,986 Total 38,460,702 37,616,974 33,698,893 38,460,702 33,698,893 35,524,579 Shareholders 2,249,674 2,260,823 1,928,030 2,249,674 1,928,030 2,079,507 Unallocated - - - - - - Grand Total 40,710,376 39,877,797 35,626,923 40,710,376 35,626,923 37,604,086 1. 2. 3. 4. Segment policy liabilities includes fund for future appropriations and excludes Credit / (Debit) Fair Value Change Account on Policyholders' funds. Sr No. Particulars Three Months ended / As at Six Months ended / As at Includes income tax deposited with tax authorities which is contested by the company and Advance Tax (net of provision for taxation). As per Accounting Standard 17 - Segment Reporting, income tax asset and liabilities cannot be allocated across reporting segments. Segments include: a. Linked Policies: (i) Life (ii) General Annuity and Pension (iii) Health (iv) Variable b. Non-Linked: Note: 1. Non-Participating Policies: (i) Life (ii) General Annuity and Pension (iii) Health (iv) Variable 2. Participating Policies: (i) Life (ii) General Annuity and Pension (iii) Health (iv) Variable c. Variable insurance shall be further segregated into Life and Pension. Net of provisions for diminution in value of investment.
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Year ended / As at September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 March 31, 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 1 Debt Equity Ratio1 (no of times) 0.16 0.16 0.14 0.16 0.14 0.18 2 Debt service coverage ratio (DSCR)2 (no of times) (not annualised for three/six months) 3.37 6.08 3.85 7.38 8.70 25.88 3 Interest service coverage ratio (ISCR)3 (no of times) (not annualised for three/six months) 3.37 6.08 3.85 7.38 8.70 25.88 4 309,900 309,900 235,000 309,900 235,000 309,900 5 Outstanding redeemable preference shares (quantity and value) NA NA NA NA NA NA 6 Capital redemption reserve / debenture redemption reserve4 NA NA NA NA NA NA 7 Net Worth5 1,939,774 1,950,921 1,693,030 1,939,774 1,693,030 1,769,607 8 Net profit/ loss after tax6 50,800 61,142 44,715 111,942 99,361 190,999 Earnings per share a) Basic EPS before and after extraordinary items (net of tax expense) for the period (not annualised for three/six months) 2.34 2.83 2.08 5.17 4.61 8.86 b) Diluted EPS before and after extraordinary items (net of tax expense) for the period (not annualised for three/six months) 2.34 2.83 2.07 5.16 4.61 8.85 10 Current ratio7 0.90 0.98 0.92 0.90 0.92 1.02 11 Long term debt to working capital10 NA NA NA NA NA NA 12 Bad debts to Account receivable ratio10 NA NA NA NA NA NA 13 Current liability ratio8 0.03 0.02 0.02 0.03 0.02 0.03 14 Total debts to total assets9 0.008 0.008 0.006 0.008 0.006 0.008 15 Debtors turnover10 NA NA NA NA NA NA 16 Inventory turnover10 NA NA NA NA NA NA 17 Operating margin (%)10 NA NA NA NA NA NA 18 Net profit margin (%)10 NA NA NA NA NA NA 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. ISCR is computed as Profit before interest and tax divided by interest expense due. Tax for the purpose of this ratio includes tax of the company reduced by tax pertaining to par segment. Capital redemption reserve / debenture redemption reserve is not required to be created as per Companies (Share Capital & Debenture) Amendment Rules, 2019 dated August 16, 2019. Net worth represents shareholder's funds excluding redeemable preference shares, if any. Net profit/ loss after tax is the profit after tax as per shareholders account. Current ratio is computed as Current assets divided by Current Liabilities. Current Liabilities includes provisions. Current liability ratio is computed as Current Liabilities divided by Total Liabilities. Total Liabilities for the purpose of this ratio includes Borrowings, Policyholder's liabilities,Funds forfuture appropriation and Current liabilities. Current Liabilities includes provisions. Total debt to total assets is computed as Borrowings divided by Total Assets. Not applicable to insurance companies. Sector specific equivalent ratios are as disclosed in Analytical ratios forming part of Standalone unaudited financial SEBI results. 9 Particulars Three Months ended / As at Six Months ended / As at Notes : Debt-Equity Ratio is computed as Total borrowings divided by Equity. Equity is calculated as shareholder's funds excluding redeemable preference shares, if any. DSCR is computed as Profit before interest and tax divided by interest expense due together with principal repayments of long-term debt during the period. Tax for the purpose of thisratio includes tax of the company reduced by tax pertaining to par segment. HDFC Life Insurance Company Limited Statement of disclosures as per Regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time, for the Quarter and Six Months ended September 30, 2026
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Other disclosures : Status of Shareholders Complaints as on September 30, 2026 Sr No. Particulars Number of Complaints 1 Investor complaints pending at the beginning of the quarter 0 2 Investor complaints received during the quarter ended September 30, 2026 3 3 Investor complaints disposed of during the quarter ended September 30, 2026 3 4 Investor complaints remaining unresolved as on September 30, 2026 0 HDFC Life Insurance Company Limited
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Other disclosures : Status of Investor Complaints as on September 30, 2026 Sr No. Particulars Number of Complaints 1 Investor complaints pending at the beginning of the quarter 0 2 Investor complaints received during the quarter ended September 30, 2026 0 3 Investor complaints disposed of during the quarter ended September 30, 2026 0 4 Investor complaints remaining unresolved as on September 30, 2026 0 HDFC Life Insurance Company Limited
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Notes: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. Mumbai October 15, 2026 Subsequent to the quarter ended September 30, 2026, the Company received Board approval on October 15, 2026 for issuance of unsecured, rated, listed, subordinated, redeemable,fully- paid, non-cumulative, non-convertible debentures (NCDs) in the nature ofin accordance with the IRDAI (Registration, Capital Structure, Transfer of Sharesand Pursuant to IRDAI Notification No. F. No. IRDAI/Reg/2/216/2026 dated March 30, 2026, insurance companies are required to adopt Ind AS with effect from April 1, 2026. Consideringthe complexity of the project, the Company has obtained forbearance from IRDAI for a period of one year for implementation of Ind AS standard, accordingly the Company shall adopt IndAS standard w.e.f. April 1, 2027. Accordingly, the Company has prepared its financial statements as per the accounting principles generally accepted in India (Indian GAAP) and Schedule II ofthe IRDAI (Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024 The above standalone financial results have been reviewed by the joint statutory auditors of the Company, B S R & Co. LLP (Firm Registration No. 101248W/W-100022) and KKC& Associates LLP (Firm Registration No.105146W/W100621) (DIN: 01682810) In Q2 FY27, the Company received an order from GST Commissioner Appeals confirming tax demand oflakh plus penalty at 100% and interest as applicable, in relation todisputed input tax credit (ITC) availed and utilised on certain services. The Company is in the process of filing appeals before the GST Appellate Tribunal contesting the demand raised in theorder. The Company continues to disclose such amount of tax demand (excluding interest and penalty) as contingent liability. Figures of the previous period have been regrouped wherever necessary, in order to make them comparable. For and on behalf of the Board of Directors The joint statutory auditors have digitally signed this statement for identification Vibha Padalkar Managing Director & CEO The standalone financial results of the Company for the quarter and six months ended September 30, 2026 were reviewed by the Audit Committee and subsequently approved by the Boardof Directors at its meeting held on October 15, 2026. The standalone financial results have been prepared in accordance with the requirements of Regulation 33 and Regulation 52 read with regulation 63 of the SEBI (Listing Obligationsand Disclosure Requirements) Regulations, 2015, as amended from time to time, to the extent applicable, and IRDAI Circular IRDA/F&I/REG/CIR/208/10/2016 dated October 25, 2016on publication of financial results for Life Insurance companies. In view of seasonality of industry, the results of interim period are not necessarily indicative of the results that may be expected of any other interim periods or for the full year. In accordance with the requirements of IRDAI circular on 'Public Disclosures by Insurers' dated September 30, 2021, the Company will publish the financials on thewebsitenot later than October 30, 2026 The amounts for the quarter ended September 30, 2026 are balancing amount between the amount as per financial results for the six months ended September 30, 2026 and the amountas per financial results for the quarter ended June 30, 2026. The same also applies for the amount for the quarter ended September 30, 2025.
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B S R & Co. LLP KKC & Associates LLP Chartered Accountants Chartered Accountants (Formerly Khimji Kunverji & Co LLP) 14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai, India – 400 063 Telephone +91 22 6257 1000 Fax +91 22 6257 1010 Level 19, Sunshine Tower, Senapati Bapat Marg, Elphinstone Road, Mumbai – 400 013 India Telephone +91 22 6413 7333 Page 1 of 3 Limited Review Report on statement of unaudited consolidated financial results of HDFC Life Insurance Company Limited for the quarter ended 30 September 2026 and year to date results for the period from 1 April 2026 to 30 September 2026 pursuant to Regulation 33 and Regulation 52(4) read with Regulation 63 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended read with the Insurance Regulatory and Development Authority of India’s circular bearing reference no: IRDAI/F&I/REG/CIR/208/10/2016 dated 25 October 2016 To The Board of Directors of HDFC Life Insurance Company Limited 1. We have reviewed the accompanying statement of unaudited consolidated financial results of HDFC Life Insurance Company Limited (hereinafter referred to as the “Parent”) and its subsidiaries (the Parent and its subsidiaries together referred to as the “Group”) for the quarter ended 30 September 2026 and year to date results for the period from 1 April 2026 to 30 September 2026, being submitted by the Parent pursuant to the requirement of Regulation 33 and Regulation 52(4) read with Regulation 63 of the Securities and Exchange Board of India (“SEBI”) (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”) and the Insurance Regulatory and Development Authority of India (“IRDAI”/ the “Authority”) Circular reference no. IRDAI/F&I/REG/CIR/208/10/2016 dated 25 October 2016 (“IRDAI Circular”) (the “Consolidated Financial Results”). 2. This Consolidated Financial Results, which is the responsibility of the Parent’s Management and approved by the Board of Directors, has been prepared in accordance with the requirements of recognition and measurement principles laid down in Accounting Standard 25 “Interim Financial Reporting” (“AS 25”), as prescribed under Section 133 of the Companies Act, 2013 (the “Act”), applicable rules thereto along with the other accounting principles generally accepted in India, read with the accounting and presentation principles as prescribed in the relevant provisions of the Insurance Act, 1938 (the “Insurance Act”) as amended from time to time, the Insurance Regulatory and Development Authority Act, 1999 (the “IRDA Act”) as amended from time to time, and Insurance Regulatory and Development Authority of India (Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024, as amended (the “Regulations”) and orders/directions/circulars issued by IRDAI, to the extent applicable, and has been presented in accordance with the presentation and disclosure requirements prescribed as per the IRDAI Circular and the Listing Regulations, to the extent applicable. Our responsibility is to issue a report on these Consolidated Financial Results based on our review. 3. We conducted our review of the Consolidated Financial Results in accordance with the Standard on Review Engagements (SRE) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, issued by the Institute of Chartered Accountants of India (the “ICAI”). This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by SEBI under Regulation 33 (8) of the Listing Regulations, to the extent applicable.
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B S R & Co. LLP KKC & Associates LLP Page 2 of 3 4. The Consolidated Financial Results include the standalone financials results of the Parent and its subsidiaries listed below: a. HDFC Pension Fund Management Limited (formerly HDFC Pension Management Company Limited) b. HDFC International Life and Re Company Limited 5. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Consolidated Financial Results prepared in accordance with the requirements of the recognition and measurement principles laid down in AS 25, as prescribed under Section 133 of the Act, applicable rules thereto along with the other accounting principles generally accepted in India, read with the accounting and presentation principles as prescribed in the relevant provisions of the Insurance Act, the IRDA Act and the Regulations, orders/directions/circulars issued by the IRDAI to the extent applicable and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52(4) read with Regulation 63 of the Listing Regulations and the IRDAI Circular, including the manner in which it is to be disclosed, or that it contains any material misstatement. Other Matters 6. The actuarial valuation of liabilities for life policies in force and for policies in respect of which premium has been discontinued but liability exists as at 30 September 2026 is the responsibility of the Parent’s Appointed Actuary (the “Appointed Actuary”). The actuarial valuation of these liabilities for life policies in force and for policies in respect of which premium has been discontinued but liability exists as at 30 September 2026 has been duly certified by the Appointed Actuary and in her opinion, the assumptions for such valuation are in accordance with the guidelines and norms issued by the IRDAI and the Institute of Actuaries of India in concurrence with the Authority. We have relied upon the Appointed Actuary’s certificate in this regard during our review of the valuation of liabilities for life policies in force and for policies in respect of which premium has been discontinued but liability exists, as contained in the Consolidated Financial Results of the Parent. Our conclusion is not modified in respect of this matter. 7. The Consolidated Financial Results includes the interim financial results of two subsidiaries which have not been reviewed, whose interim financial results reflect total assets (before consolidation adjustments) of Rs. 1,07,466 lakhs as at 30 September 2026 and total revenues (before consolidation adjustments) of Rs. 18,048 lakhs and Rs. 43,691 lakhs, and total net profit after tax (before consolidation adjustments) of Rs. 1,360 lakhs and Rs. 1,337 lakhs, for the quarter ended 30 September 2026 and year to date results for the period from 1 April 2026 to 30 September 2026 respectively, and Receipts and Payments (net) of Rs. 6,933 lakhs for the period from 1 April 2026 to 30 September 2026 as considered in the Consolidated Financial Results. These interim financial results of two subsidiaries have not been subjected to a limited review by their statutory auditors and have been furnished to us by the Parent’s Management, and our conclusion on the Consolidated Financial Results, in so far as it relates to the amounts and disclosures included in respect of the two subsidiaries, is based solely on such interim financial results provided by the Parent’s Management. According to the information and explanations given to us by the Parent’s Management, these interim financial results are not material to the Group. Our conclusion is not modified in respect of this matter.
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B S R & Co. LLP KKC & Associates LLP Page 3 of 3 8. The consolidated financial results of the Group for the three months ended 30 June 2026 were reviewed by B S R & Co. LLP, one of the current joint auditors of the Parent, jointly with G. M. Kapadia & Co., whose report dated 15 July 2026 had expressed an unmodified conclusion. 9. The consolidated financial results of the Group for the year ended 31 March 2026 were audited by B S R & Co. LLP, one of the current joint auditors of the Parent, jointly with G. M. Kapadia & Co., whose report dated 16 April 2026 had expressed an unmodified opinion. The consolidated financial results of the Group for corresponding quarter ended 30 September 2025 and corresponding period from 1 April 2025 to 30 September 2025 were reviewed by B S R & Co. LLP, one of the current joint auditors of the Parent, jointly with G. M. Kapadia & Co., whose report dated 15 October 2025 had expressed an unmodified conclusion. For B S R & Co. LLP For KKC & Associates LLP Chartered Accountants Chartered Accountants (Formerly Khimji Kunverji & Co LLP) Firm’s Registration No:101248W/W-100022 Firm’s Registration No: 105146W/W100621 Kapil Goenka Hasmukh B Dedhia Partner Partner ICAI Membership No: 118189 ICAI Membership No: 33494 UDIN: 26118189JVSAKA2186 UDIN: 26033494JUXPNH3015 Place: Mumbai Place: Mumbai Date: 15 October 2026 Date: 15 October 2026
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Year ended / As at September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 March 31, 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) POLICYHOLDERS' A/C Gross premium income First Year Premium 400,084 274,634 359,958 674,718 615,907 1,395,934 Renewal Premium 1,144,496 903,326 1,034,362 2,047,822 1,794,964 4,331,404 Single Premium 705,635 545,269 537,082 1,250,904 1,009,273 2,222,004 2 Net premium income1 2,185,579 1,672,763 1,887,123 3,858,342 3,341,065 7,776,049 3 Income from investments (Net)2 217,102 1,668,548 141,736 1,885,650 1,601,964 2,018,835 4 Other income 10,487 9,458 7,945 19,945 15,333 34,874 5 3 9,367 3,401 5,404 12,768 12,341 47,280 6 Total (2 to 5) 2,422,535 3,354,170 2,042,208 5,776,705 4,970,703 9,877,038 Commission on First Year Premium 135,005 96,086 132,869 231,091 275,514 538,900 Renewal Premium 18,079 17,297 15,518 35,376 28,466 67,440 Single Premium 115,329 97,736 85,788 213,065 105,262 308,232 8 Net Commission1 268,942 211,465 234,434 480,407 409,616 915,615 Operating Expenses related to insurance business (a+b) Employees remuneration and welfare expenses 104,292 92,192 99,171 196,484 187,218 395,079 Other operating expenses 120,419 86,346 80,141 206,765 144,143 378,743 10 Expenses of Management (8+9) 493,653 390,003 413,746 883,656 740,977 1,689,437 11 Provisions for doubtful debts (including bad debts written off)- - - - - - 12 Provisions for diminution in value of investments5 (5,405) (3,765) (4,599) (9,170) (5,023) 1,277 13 Goods & Services Tax on ULIP charges 926 863 12,114 1,789 24,783 26,305 14 Provision for taxes 3,816 4,694 344 8,510 4,366 9,484 15 Benefits Paid4 (Net)1 1,049,725 823,822 937,978 1,873,547 1,810,049 3,859,958 16 Change in actuarial liability 850,881 2,106,831 699,658 2,957,712 2,404,118 4,255,591 17 Total (10+11+12+13+14+15+16) 2,393,596 3,322,448 2,059,241 5,716,044 4,979,270 9,842,052 18 Surplus/(Deficit) (6-17) 28,939 31,722 (17,033) 60,661 (8,567) 34,986 Appropriations Transferred to Shareholders A/c 27,567 37,260 21,710 64,827 58,467 120,114 Funds for Future Appropriations 1,372 (5,538) (38,743) (4,166) (67,034) (85,128) Details of Surplus / (Deficit) Interim bonus paid 77,155 60,385 71,731 137,540 122,139 296,455 Terminal bonus paid 20,603 15,178 13,985 35,781 23,420 66,737 Allocation of bonus to policyholders - - - - - 83,557 Surplus / (Deficit) shown in the Revenue Account 28,939 31,722 (17,033) 60,661 (8,567) 34,986 Total Surplus 126,697 107,285 68,683 233,982 136,992 481,735 (b) (c) (d) 20 (b) (a) (b) (b) (a) (a) (c) HDFC Life Insurance Company Limited Statement of Consolidated Unaudited Results for the Quarter and Six Months ended September 30, 2026 Six Months ended / As at 7 Sr. No. Three Months ended / As at (a) (b) Particulars 19 9 (c) 1 (a)
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Year ended / As at September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 March 31, 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) HDFC Life Insurance Company Limited Statement of Consolidated Unaudited Results for the Quarter and Six Months ended September 30, 2026 Six Months ended / As at Sr. No. Three Months ended / As at Particulars 21 Transfer from Policyholders' Account 27,567 37,260 21,710 64,827 58,467 120,114 Investment Income (net)2 40,981 34,540 36,209 75,521 68,357 148,266 Other income 4,813 4,273 2,333 9,086 4,456 10,237 23 Expenses other than those related to insurance business5 10,178 10,246 8,197 20,424 16,146 33,632 24 3 9,367 3,401 5,404 12,768 12,341 47,280 25 Provisions for doubtful debts (including write off) - - - - - - 26 Provisions for diminution in value of investments6 (234) (593) (153) (827) (369) 1,472 27 Profit before tax 54,050 63,019 46,804 117,069 103,162 196,233 28 Provisions for tax 1,890 1,900 1,975 3,790 3,498 5,001 Current Tax 2,078 1,900 1,975 3,978 3,498 5,240 Deferred Tax (188) - - (188) - (239) 29 Profit after tax and before Extraordinary items 52,160 61,119 44,829 113,279 99,664 191,232 30 Extraordinary Items (Net of tax expenses) - 31 Profit after tax and Extraordinary items 52,160 61,119 44,829 113,279 99,664 191,232 Interim Dividend - - - - - - Final Dividend - - - - - 2.1 33 Profit carried to Balance Sheet7 1,175,783 1,169,245 1,016,558 1,175,783 1,016,558 1,108,126 34 Paid up equity share capital 217,259 217,247 215,609 217,259 215,609 215,782 35 Reserve & Surplus (excluding Revaluation Reserve) 1,699,307 1,691,012 1,426,970 1,699,307 1,426,970 1,530,175 36 30,032 47,945 53,790 30,032 53,790 28,899 Total Assets: Investments: - Shareholders' 2,174,371 2,154,334 1,848,847 2,174,371 1,848,847 1,987,115 - Policyholders Fund excluding Linked Assests 27,360,764 26,246,058 23,377,994 27,360,764 23,377,994 25,024,829 - Assets held to cover Linked Liabilities (Linked Assets)11,473,561 11,717,512 10,790,529 11,473,561 10,790,529 10,532,890 Other Assets (Net of current liabilities and provisions)293,939 361,720 274,181 293,939 274,181 389,624 1 Net of reinsurance ceded and accepted including HDFC Re (wholly owned subsidiary) 2 Net of amortisation and losses (including capital gains) 3 Includes contribution of funds from shareholders accounts towards excess EOM and remuneration of MD/CEOs/WTD/Other KMPs 4 Inclusive of interim and terminal bonus 5 Includes Interest on subordinated debt & penalties if any 6 Inclusive of provision for standard and non-standard assets 7 Represents accumulated surplus 32 37 (a) (b) (a) 22 (a) (a) Fair Value Change Account and Revaluation Reserve (Shareholders) Foot notes : (b) (b) (b)
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For the Six Months ended September 30, 2026 For the Year ended March 31, 2026 For the Six Months ended September 30, 2025 (Unaudited) (Audited) (Unaudited) A. Cash Flows from the operating activities: 1 Premium received from policyholders, including advance receipts 4,127,171 8,153,088 3,567,436 Other receipts 27,824 43,493 19,949 3 Payments to the re-insurers, net of commissions and claims/ Benefits (36,372) (44,410) (12,558) 4 Payments to co-insurers, net of claims / benefit recovery (8) (141) (85) 5 Payments of claims/benefits (1,964,193) (4,008,476) (1,908,589) 6 Payments of commission and brokerage (460,164) (920,405) (436,241) 7 Payments of other operating expenses (370,241) (554,685) (201,632) 8 Preliminary and pre-operative expenses - - - 9 Deposits, advances and staff loans (752) (2,977) (1,567) 10 Income taxes paid (net) (1,528) (19,541) 4,996 11 Goods and Services Tax paid (135,730) (383,440) (294,593) 12 Other payments - - - 13 Cash flows before extraordinary items 1,186,007 2,262,506 737,117 14 Cash flow from extraordinary operations - - - Net cash flow from / (used in) operating activities * 1,186,007 2,262,506 737,117 B Cash flows from investing activities: 1 Purchase of fixed assets (12,186) (28,709) (12,425) 2 Proceeds from sale of fixed assets 38 322 100 3 Purchases of investments (9,369,518) (12,951,858) (6,354,818) 4 Investment in Subsidiaries - - - 5 Loan against policies (22,330) (45,145) (26,006) 6 Sales of investments 7,304,832 9,497,152 4,886,248 7 Repayments received - - - 8 Rents/Interests/ Dividends received 808,342 1,397,757 701,558 9 Investments in money market instruments and in liquid mutual funds (net) (18,913) (256,592) (34,014) 10 Expenses related to investments (47) (39) (47) Net cash flow from / (used in) investing activities (1,309,782) (2,387,112) (839,405) C Cash flows from financing activities: 1 Proceeds from issuance of share capital 101,184 25,813 16,483 2 Proceeds from borrowing - 74,900 - 3 Repayments of borrowing - (60,000) (60,000) 4 Interest/dividends paid (48,489) (68,275) (52,119) 5 Share application Money 145 98 682 Net cash flow from / (used in) financing activities 52,840 (27,464) (94,954) D Effect of foreign exchange rates on consolidation, (net) 285 2,212 816 E Net increase in cash and cash equivalents: (70,650) (149,858) (196,426) 1 Cash and cash equivalents at beginning of the period 959,070 1,108,928 1,108,928 2 Cash and cash equivalents at end of the period 888,420 959,070 912,502 Note - Components of Cash and cash equivalents at end of the period: Cash and cheques in hand 7,695 16,806 6,042 Bank Balances ** 48,991 174,827 44,603 Fixed Deposit (less than 3 months) 13,600 30,400 2,500 Money Market Instruments 818,134 737,037 859,357 Total Cash and cash equivalents 888,420 959,070 912,502 Reconciliation of Cash & Cash Equivalents with Cash & Bank Balance: Cash & Cash Equivalents 888,420 959,070 912,502 Add: Deposit Account - Others 3,972 5,021 3,445 Less: Fixed Deposit (less than 3 months) (13,600) (30,400) (2,500) Less: Money market instruments (818,134) (737,037) (859,357) Add: Point of Presence Funds held in trust 10,825 2,369 10,137 Cash & Bank Balances 71,483 199,023 64,226 Sr. No. Particulars 2 HDFC Life Insurance Company Limited Consolidated Receipts and Payments Account for the Six Months ended September 30, 2026 The above Receipts and Payments Account has been prepared as prescribed by Insurance Regulatory and Development Authority (Actuarial,Finance and Investment Function of Insurers) Regulations, 2024 under the Direct method in accordance with Accounting Standard 3 Cash Flow Statements.
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Notes 1. Statement of Assets and Liabilities is given below: September 30, 2026 March 31, 2026 September 30, 2025 (Unaudited) (Audited) (Unaudited) SOURCES OF FUNDS SHAREHOLDERS' FUNDS: Share Capital 217,259 215,782 215,609 Share application money pending allotment 145 98 682 Reserves and Surplus 1,699,307 1,530,175 1,426,970 Credit / (Debit) Fair Value Change Account 30,032 28,899 53,790 Sub-Total 1,946,743 1,774,954 1,697,051 BORROWINGS 309,900 309,900 235,000 POLICYHOLDERS' FUNDS: Credit / (Debit) Fair Value Change Account 538,249 296,092 641,101 Policy Liabilities 26,997,712 24,979,986 22,869,140 Insurance Reserve - - - Provision for Linked Liabilities 9,253,283 8,550,882 7,830,268 Add: Fair value change 1,659,466 1,497,800 2,519,308 Provision for Linked Liabilities 10,912,749 10,048,682 10,349,576 Funds for discontinued policies (a) Discontinued on account of non-payment of premium 559,427 483,118 440,009 (b) Others 1,385 1,090 944 Total Provision for Linked & Discontinued Policyholders Liabilities 11,473,561 10,532,890 10,790,529 Sub-Total 39,009,522 35,808,968 34,300,770 Funds for Future Appropriations: Linked 4,542 4,205 3,786 Non Linked 31,928 36,431 54,944 Sub-Total 36,470 40,636 58,730 TOTAL 41,302,635 37,934,458 36,291,551 APPLICATION OF FUNDS INVESTMENTS: Shareholders' 2,174,371 1,987,115 1,848,847 Policyholders' 27,360,764 25,024,829 23,377,994 Asset held to cover Linked Liabilities 11,473,561 10,532,890 10,790,529 LOANS 304,948 282,745 263,836 FIXED ASSETS 78,763 74,622 67,374 Deferred Tax Asset 427 239 - CURRENT ASSETS Cash and Bank Balances 71,483 199,023 64,226 Advances and Other Assets 910,218 948,785 690,928 Sub-Total (A) 981,701 1,147,808 755,154 CURRENT LIABILITIES 1,057,460 1,094,290 800,793 PROVISIONS 14,440 21,500 11,390 Sub-Total (B) 1,071,900 1,115,790 812,183 NET CURRENT ASSETS (C) = (A - B) (90,199) 32,018 (57,029) Miscellaneous Expenditure (to the extent not written off or adjusted) - - - Debit Balance in Profit and Loss Account (Shareholders' Account) - - - TOTAL 41,302,635 37,934,458 36,291,551 Contingent liabilities 220,873 187,352 247,418 HDFC Life Insurance Company Limited Particulars As at Consolidated Balance Sheet as at September 30, 2026
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Year ended / As at September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 March 31, 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Analytical Ratios: 1 (i)Solvency Ratio2 180% 185% 175% 180% 175% 177% (ii) Expenses of Management Ratio 21.9% 22.5% 21.3% 22.2% 21.5% 21.2% (iii) 2005.7% 1953.5% 2024.7% 2005.7% 2024.7% 2019.7% a) Basic EPS before and after extraordinary items (net of tax expense) for the period (not annualized for three/ six months) 2.41 2.83 2.08 5.23 4.63 8.87 b) Diluted EPS before and after extraordinary items (net of tax expense) for the period (not annualized for three/ six months) 2.41 2.83 2.08 5.23 4.62 8.86 NPA ratios: (for Policyholders' fund)2 a) Gross NPAs - Non Linked Par 919 922 922 919 922 922 Non Par 800 800 800 800 800 800 - Linked Non Par 5,990 5,990 5,990 5,990 5,990 5,990 Net NPAs - Non Linked Par NIL NIL NIL NIL NIL NIL Non Par NIL NIL NIL NIL NIL NIL - Linked Non Par NIL NIL NIL NIL NIL NIL b) % of Gross NPAs - Non Linked Par 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% Non Par 0.00% 0.00% 0.01% 0.00% 0.01% 0.00% - Linked Non Par 0.05% 0.05% 0.06% 0.05% 0.06% 0.06% % of Net NPA - Non Linked Par NIL NIL NIL NIL NIL NIL Non Par NIL NIL NIL NIL NIL NIL - Linked Non Par NIL NIL NIL NIL NIL NIL Yield on Investments (on Policyholders' fund)2 A. Without unrealised gains - Non Linked Par 2.0% 2.1% 2.2% 4.2% 4.0% 8.2% Non Par 2.2% 2.2% 2.3% 4.4% 4.7% 9.5% - Linked Non Par 3.3% 2.5% 3.0% 5.9% 6.0% 10.6% B. With unrealised gains - Non Linked Par 0.5% 6.1% -0.7% 6.6% 3.3% 1.0% Non Par -2.2% 6.5% -0.9% 4.1% -1.1% -3.9% - Linked Non Par -3.1% 10.0% -3.6% 6.6% 5.6% -0.9% HDFC Life Insurance Company Limited Statement of Consolidated Unaudited Results for the Quarter and Six Months ended September 30, 2026 Six Months ended / As at (iv) (v) (vi) Particulars Three Months ended / As at
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Year ended / As at September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 March 31, 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) HDFC Life Insurance Company Limited Statement of Consolidated Unaudited Results for the Quarter and Six Months ended September 30, 2026 Six Months ended / As at Particulars Three Months ended / As at NPA ratios: (for Shareholders' fund)2 a) Gross NPAs 1,341 1,344 1,344 1,341 1,344 1,344 Net NPAs NIL NIL NIL NIL NIL NIL b) % of Gross NPAs 0.06% 0.06% 0.07% 0.06% 0.07% 0.07% % of Net NPAs NIL NIL NIL NIL NIL NIL Yield on Investments (on Shareholders' fund)2 A. Without unrealised gains 1.9% 1.7% 2.0% 3.6% 3.7% 8.0% B. With unrealised gains -0.7% 3.9% 0.5% 3.1% 4.1% 5.0% Persistency Ratio (Regular Premium/Limited Premium Payment) 2 Premium basis 13th month 79.4% 80.0% 80.8% 83.3% 85.6% 84.9% 25th month 70.0% 73.5% 72.1% 74.8% 78.3% 77.1% 37th month 67.9% 76.1% 70.2% 73.9% 72.0% 72.6% 49th month 68.6% 67.4% 70.1% 70.0% 70.9% 70.9% 61st month 65.9% 65.5% 62.9% 66.0% 62.4% 64.4% Number of Policy basis 13th month 77.5% 78.0% 78.2% 81.3% 81.9% 82.2% 25th month 68.3% 71.2% 69.1% 72.0% 70.6% 71.7% 37th month 64.9% 65.4% 63.0% 65.8% 65.9% 64.8% 49th month 60.9% 61.1% 63.8% 63.5% 63.5% 64.6% 61st month 59.9% 58.9% 53.2% 58.4% 53.5% 55.6% Conservation Ratio2 Participating life- Individual & Group 81.4% 85.5% 85.9% 83.0% 85.5% 84.6% Participating pension- Individual & Group 65.9% 100.6% 80.5% 84.8% 82.3% 80.0% Non Participating life - Individual & Group 86.0% 91.1% 86.4% 88.2% 87.3% 87.6% Non Participating pension - Individual & Group 74.5% 75.4% 86.8% 74.9% 81.5% 81.0% Non Participating - Life Group Variable NA NA NA NA NA NA Non Participating - Individual & Group Pension variable 71.3% 66.2% 69.3% 68.6% 72.7% 72.6% Non Participating fund - Individual & Group Annuity 85.8% 91.3% 83.4% 88.3% 85.2% 86.9% Non Participating fund - Individual & Group Health 100.9% 95.4% 91.7% 98.6% 86.3% 91.7% Unit Linked - Individual life 79.6% 88.5% 84.2% 83.3% 84.9% 83.6% Unit Linked - Individual pension 65.7% 69.8% 75.6% 67.5% 82.2% 73.5% Unit Linked - Group life NA NA NA NA NA NA Unit Linked - Group pension NA NA NA NA NA NA Notes : 1. 2. 3. 4. 5. 6. 7. (vii) The persistency ratios for the year ended September 30, 2026 have been calculated for the policies issued in the September to August period of the relevant years. For eg: the 13th month persistency for current year is calculated for the policies issued from September 2024 to August 2025.The persistency ratios for year ended September 30, 2025 have been calculated in a similar manner. (viii) (x) (ix) Analytical ratios have been calculated as per definition given in IRDAI Analytical ratios disclosure. The ratios are calculated on the basis of the Standalone Financial Statements. The persistency ratios are calculated in accordance with the IRDAI circular no. IRDAI/F&A/CIR/MISC/256/09/2021 dated September 30, 2021 and hence are with a lag of one month. The persistency ratios for the quarter ended September 30, 2026 have been calculated for the policies issued in the June to August period of the relevant years. E.g.: the 13th month persistency for the current quarter is calculated for the policies issued from June 2025 to August 2025. The persistency ratios for quarter ended September 30, 2025 have been calculated in a similar manner. The persistency ratios for the quarter ended June 30, 2026 have been calculated for the policies issued in the March to May period of the relevant years. E.g.: the 13th month persistency for the current quarter is calculated for the policies issued from March 2025 to May 2025. The persistency ratios for the year ended March 31, 2026 have been calculated for the policies issued in the March to February period of the relevant years. For eg: the 13th month persistency for current year is calculated for the policies issued from March 2024 to February 2025.
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Year ended / As at September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 March 31, 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 1 Segment Income A)Policyholders : Segment A - Participating - Individual & Group Life : Net Premium 338,009 239,183 366,813 577,192 604,560 1,437,682 Income from Investments2 151,315 165,555 148,659 316,870 265,975 540,342 Transfer of Funds from shareholders' account 17 88 70 105 191 330 Other Income 6,070 5,513 4,957 11,583 9,605 21,470 Segment B - Participating - Individual & Group Pension : Net Premium 20,513 35,582 27,949 56,095 61,089 97,071 Income from Investments2 8,564 4,773 5,223 13,337 11,094 20,632 Transfer of Funds from shareholders' account 3 4 21 7 30 51 Other Income 193 163 47 356 92 482 Segment C - Non Participating - Individual & Group Life : Net Premium 832,081 663,220 703,191 1,495,301 1,262,758 2,949,145 Income from Investments2 299,611 315,023 272,655 614,634 527,444 1,082,114 Transfer of Funds from shareholders' account 94 249 87 343 249 608 Other Income 3,570 3,722 2,770 7,292 5,334 12,087 Segment D - Non Participating - Life Group Variable : Net Premium 22,507 33,426 18,284 55,933 39,662 96,347 Income from Investments2 4,953 4,548 4,456 9,501 8,304 16,649 Transfer of Funds from shareholders' account - 1 - 1 - 2 Other Income 15 - - 15 1 2 Segment E - Non Participating - Individual & Group Pension : Net Premium 21,479 22,279 16,994 43,758 27,894 54,922 Income from Investments2 5,349 4,997 5,422 10,346 10,993 21,697 Transfer of Funds from shareholders' account 1,025 885 (78) 1,910 2,500 10,873 Other Income 10 8 11 18 18 42 Segment F - Non Participating - Individual & Group Pension Variable : Net Premium 35,411 8,943 6,981 44,354 44,744 68,006 Income from Investments2 3,357 3,354 3,967 6,711 8,938 15,460 Transfer of Funds from shareholders' account 129 43 - 172 - 1 Other Income 1 - - 1 2 2 Segment G - Non Participating - Individual & Group Annuity : Net Premium 215,479 147,143 151,457 362,622 289,911 614,842 Income from Investments2 73,626 72,641 63,788 146,267 125,519 259,245 Transfer of Funds from shareholders' account 1,305 30 9 1,335 22 53 Other Income 59 54 58 113 129 248 Segment H - Non Participating - Individual & Group Health : Net Premium 780 484 711 1,264 895 2,874 Income from Investments2 62 58 68 120 137 238 Transfer of Funds from shareholders' account 326 177 113 503 363 1,315 Other Income 1 - 1 1 1 2 Segment I - Unit Linked - Individual Life : Net Premium 538,223 399,586 438,174 937,809 753,955 1,863,259 Income from Investments2 (286,677) 972,644 (341,392) 685,967 574,526 46,746 Transfer of Funds from shareholders' account 6,587 1,700 619 8,287 982 20,856 Other Income 512 (7) 96 505 141 379 Segment J - Unit Linked - Individual Pension : Net Premium 26,814 23,371 31,504 50,185 54,785 112,051 Income from Investments2 (17,575) 37,789 (11,991) 20,214 28,732 (3,092) Transfer of Funds from shareholders' account (32) 134 4,563 102 8,004 13,183 Other Income 11 (9) 3 2 3 8 Segment K - Unit Linked - Group Life : Net Premium 126,922 84,617 111,017 211,539 167,998 414,765 Income from Investments2 (17,562) 79,264 (3,853) 61,702 38,300 13,693 Transfer of Funds from shareholders' account 1 2 - 3 - 7 Other Income 49 1 3 50 6 10 Segment L - Unit Linked - Group Pension : Net Premium 4,485 3,519 7,376 8,004 20,054 31,133 Income from Investments2 (2,398) 11,524 (862) 9,126 6,619 3,143 Transfer of Funds from shareholders' account (88) 88 - - - 1 Other Income - - - - 1 1 Total 2,425,186 3,346,369 2,039,941 5,771,555 4,962,560 9,840,977 B)Segment M - Reinsurance: Net Premium 2,876 11,410 6,672 14,286 12,760 33,952 Income from Investments2 (22) 177 263 155 531 921 Transfer of Funds from shareholders' account - - - - - - Other Income (4) 13 (1) 9 - 141 Shareholders : Income from Investments2 41,212 35,133 36,362 76,345 68,726 146,794 Other Income 4,813 4,273 2,333 9,086 4,456 10,237 Total 48,875 51,006 45,629 99,881 86,473 192,045 Grand Total 2,474,061 3,397,375 2,085,570 5,871,436 5,049,033 10,033,022 Six Months ended / As at Sr. No. Three Months ended / As at Particulars HDFC Life Insurance Company Limited Segment Reporting (Consolidated) for the Quarter and Six Months ended September 30, 2026
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HDFC Life Insurance Company Limited Segment Reporting (Consolidated) for the Quarter and Six Months ended September 30, 2026 Year ended / As at September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 March 31, 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 2 Segment A - Participating - Individual & Group Life 12,377 3,768 (19,127) 16,145 (35,329) 5,277 Segment B - Participating - Individual & Group Pension (350) (1,041) (10,310) (1,391) (16,118) (41,771) Segment C - Non Participating - Individual & Group Life 25,029 17,415 2,582 42,444 24,551 49,981 Segment D - Non Participating - Life Group Variable 231 55 173 286 454 2,431 Segment E - Non Participating - Individual & Group Pension (1,024) (878) 82 (1,902) (2,490) (10,853) Segment F - Non Participating - Individual & Group Pension Variable (128) (43) 237 (171) 1,130 1,242 Segment G - Non Participating - Individual & Group Annuity (3,499) 2,212 4,058 (1,287) 5,126 14,686 Segment H - Non Participating - Individual & Group Health (326) (176) (113) (502) (362) (1,313) Segment I - Unit Linked - Individual Life (12,004) 4,109 3,058 (7,895) 7,217 (19,605) Segment J - Unit Linked - Individual Pension 80 (88) (4,552) (8) (7,974) (13,116) Segment K - Unit Linked - Group Life (2,181) 3,123 1,233 942 2,761 414 Segment L - Unit Linked - Group Pension 341 (88) 339 253 409 850 Segment M - Reinsurance 1,206 439 122 1,645 378 872 Total 19,752 28,807 (22,218) 48,559 (20,247) (10,905) Shareholders 33,780 26,774 28,304 60,554 52,877 117,010 Grand Total 53,532 55,581 6,086 109,113 32,630 106,105 3 Segment Assets: Segment A - Participating - Individual & Group Life 8,343,098 8,098,716 7,496,518 8,343,098 7,496,518 7,760,881 Segment B - Participating - Individual & Group Pension 345,704 310,858 303,209 345,704 303,209 279,174 Segment C - Non Participating - Individual & Group Life 13,829,279 13,259,229 11,390,076 13,829,279 11,390,076 12,617,542 Segment D - Non Participating - Life Group Variable 232,962 224,983 184,799 232,962 184,799 206,656 Segment E - Non Participating - Individual & Group Pension 295,303 281,737 302,489 295,303 302,489 276,101 Segment F - Non Participating - Individual & Group Pension Variable 204,227 183,442 189,063 204,227 189,063 188,988 Segment G - Non Participating - Individual & Group Annuity 4,180,289 3,989,301 3,558,221 4,180,289 3,558,221 3,846,203 Segment H - Non Participating - Individual & Group Health 3,851 3,590 2,348 3,851 2,348 3,780 Segment I - Unit Linked - Individual Life 9,023,307 9,277,860 8,673,330 9,023,307 8,673,330 8,266,825 Segment J - Unit Linked - Individual Pension 563,119 574,353 559,985 563,119 559,985 535,300 Segment K - Unit Linked - Group Life 1,681,694 1,632,925 1,349,033 1,681,694 1,349,033 1,509,709 Segment L - Unit Linked - Group Pension 201,713 237,669 226,037 201,713 226,037 225,986 Segment M - Reinsurance 48,600 39,040 21,546 48,600 21,546 31,398 Total 38,953,146 38,113,703 34,256,654 38,953,146 34,256,654 35,748,543 Shareholders 2,266,534 2,273,354 1,941,859 2,266,534 1,941,859 2,092,154 Unallocated 3 82,955 92,574 93,034 82,955 93,034 93,757 Grand Total 41,302,635 40,479,631 36,291,547 41,302,635 36,291,547 37,934,454 4 Segment Policy Liabilities4 : Segment A - Participating - Individual & Group Life 7,941,440 7,732,610 7,055,407 7,941,440 7,055,407 7,553,562 Segment B - Participating - Individual & Group Pension 304,394 288,616 279,134 304,394 279,134 260,897 Segment C - Non Participating - Individual & Group Life 13,823,501 13,188,044 11,314,169 13,823,501 11,314,169 12,637,566 Segment D - Non Participating - Life Group Variable 235,136 227,364 187,451 235,136 187,451 209,033 Segment E - Non Participating - Individual & Group Pension 277,012 263,326 283,966 277,012 283,966 257,808 Segment F - Non Participating - Individual & Group Pension Variable 203,279 182,343 187,844 203,279 187,844 188,040 Segment G - Non Participating - Individual & Group Annuity 4,159,450 3,965,823 3,537,072 4,159,450 3,537,072 3,829,537 Segment H - Non Participating - Individual & Group Health 4,285 4,035 2,793 4,285 2,793 4,225 Segment I - Unit Linked - Individual Life 9,063,764 9,317,716 8,714,903 9,063,764 8,714,903 8,311,047 Segment J - Unit Linked - Individual Pension 563,119 574,352 559,985 563,119 559,985 535,300 Segment K - Unit Linked - Group Life 1,683,609 1,635,076 1,350,131 1,683,609 1,350,131 1,511,578 Segment L - Unit Linked - Group Pension 201,713 237,669 226,038 201,713 226,038 225,986 Segment M - Reinsurance 47,041 37,875 19,506 47,041 19,506 28,933 Total 38,507,743 37,654,849 33,718,399 38,507,743 33,718,399 35,553,512 Shareholders 2,256,643 2,266,104 1,932,048 2,256,643 1,932,048 2,084,852 Unallocated - - - - - - Grand Total 40,764,386 39,920,953 35,650,447 40,764,386 35,650,447 37,638,364 Note:1. Segments include: a. Linked Policies: (i) Life (ii) General Annuity and Pension (iii) Health (iv) Variable b. Non-Linked: 2. Participating Policies: (i) Life (ii) General Annuity and Pension (iii) Health (iv) Variable c.Variable insurance shall be further segregated into Life and Pension. 2.Net of provisions for diminution in value of investment. 3. 4. 1. Non-Participating Policies: (i) Life (ii) General Annuity and Pension (iii) Health (iv) Variable Includes income tax deposited with tax authorities which is contested by the company and Advance Tax (net of provision for taxation). As per Accounting Standard 17 - Segment Reporting, income tax asset and liabilities cannot be allocated across reporting segments. Segment policy liabilities includes fund for future appropriations and excludes Credit / (Debit) Fair Value Change Account on Policyholders' funds. ParticularsSr No. Three Months ended / As at Six Months ended / As at
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Other disclosures : Status of Shareholders Complaints as on September 30, 2026 Sr No. Particulars Number of Complaints 1 Investor complaints pending at the begining of the quarter 0 2 Investor complaints received during the quarter ended September 30, 2026 3 3 Investor complaints disposed of during the quarter ended September 30, 2026 3 4 Investor complaints remaining unresolved as on September 30, 2026 0 HDFC Life Insurance Company Limited
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Other disclosures : Status of Investor Complaints as on September 30, 2026 Sr No. Particulars Number of Complaints 1 Investor complaints pending at the begining of the quarter 0 2 Investor complaints received during the quarter ended September 30, 2026 0 3 Investor complaints disposed of during the quarter ended September 30, 2026 0 4 Investor complaints remaining unresolved as on September 30, 2026 0 HDFC Life Insurance Company Limited
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Notes: 1. 2. 3. 4. 5. 6. 7. 8. 9. Mumbai October 15, 2026 (DIN: 01682810) The above consolidated financial results have been reviewed by the joint statutory auditors of the Holding Company, B S R & Co. LLP (Firm Registration No.101248W/W- 100022) and KKC & Associates LLP (Firm Registration No.105146W/W100621) Figures of the previous period have been regrouped wherever necessary, in order to make them comparable. For and on behalf of the Board of Directors Vibha Padalkar Managing Director & CEO The consolidated financial results of the Holding Company for the quarter and six months ended September30, 2026 were reviewed by the Audit Committee andsubsequently approved by the Board of Directors at its meeting held on October 15, 2026 The consolidated financial results have been prepared in accordance with the requirements of Regulation 33 and Regulation 52 read with regulation 63 of the SEBI(Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time, to the extent applicable, and IRDAI CircularIRDA/F&I/REG/CIR/208/10/2016 dated October 25, 2016 on publication of financial results for Life Insurance companies. In view of seasonality of industry, the results of interim period are not necessarily indicative of the results that may be expected of any other interim periods or for the full year. During the quarter ended September 30, 2026, the Holding Company has allotted 114,000 equity shares of face value of10 each pursuant to exercise of employeestock options. applicable, in relation to disputed input tax credit (ITC) availed and utilised on certain services. The Holding Company is in the process of filing appeals before the GST Appellate Tribunal contesting the demand raised in the order. The Holding Company continues to disclose such amount of tax demand (excluding interest and penalty) as contingent liability. The amounts for the quarter ended September 30, 2026 are balancing amount between the amount as per financial results for the six months ended September 30, 2026 and the amount as per financial results for the quarter ended June 30, 2026. The same also applies for the amount for the quarter ended September 30, 2025. Subsequent to the quarter ended September 30, 2026, the Holding Company received Board approval on October 15, 2026 for issuance of unsecured, rated, listed,