HDFC Life Insurance Co. Ltd. · NSE:HDFCLIFE
HDFC Life Insurance — H1 FY2027 Earnings Presentation
44 slides from HDFC Life Insurance's earnings presentation, 2026
Slide 1: Investor Presentation — H1 FY27
oO HDFC Life Sarutha ke jiyo! Investor Presentation — H1 FY27 eocececeeeeeoeeeee ececeeoeveeee eee © om eoeveceveeeeeeeee
Slide 2: Executive summary: H1 FY27
Executive summary: H1 FY27 Revenue & Cost Profitability & Scale Operating & Customer Metrics Rs (Bn.) 70.8 Value of New Rs (Bn.) 20.4 Rs (Bn.) 2,769 Individual Individual Sum Business APE Assured Growth 9% (VNB) Growth 12% Growth 21% Rs (Bn.) 204.4 CY 24.7% (000’s) 621 Renewal New Business Number of
Slide 3: Performance Snapshot
(1 Performance Snapshot | 2 Business Overview 3 Other Business Highlights a eoeeeoeeoeeeeeeee eoceeveeeeeeeene ecoeceeeeeeeeeoee 4 Life insurance in India Dliife Sarutha ke jiyo!
Slide 4: Consistent, predictable, sustained performance
Consistent, predictable, sustained performance Rs bn Holistic growth Consistent track record over multiple periods Embedded value Individual APE Overall market share 146.4 10.8% 81.7 9.3% 48.9 7.5% 621 475 FY18 FY22 FY26 FY18 FY22 FY26 300 207 152 Annuity APE Protection new business1 9.3 FY18 FY20 F
Slide 5: Steady performance across business cycles
Steady performance across business cycles Nil GST on Surrender value individual LI Change in (SV) regulation products traditional savings Change in ULIP tax exemption limit tax exemption limit Covid-19 pandemic • Restructuring of • Leveraged GST led distributor demand growth in Open Architecture pro
Slide 6: Consistent track record of maximising shareholder value
Consistent track record of maximising shareholder value Rs bn 5 year 10 year Metrics FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 CAGR CAGR (FY21-26) (FY16-26) Value of new business 7.4 9.2 12.8 15.4 19.2 21.9 26.8 36.7 35.01 39.6 40.3 13% 18% (VNB) Operating variances 3.1 2.1 2.0 1.4 1.5
Slide 7: Robust delivery across key metrics (1/2)
Robust delivery across key metrics (1/2) Maintained No. 2 position basis individual WRP Sustained focus on expansion of customer base Number of lives covered (in mn) Number of policies (000’s) Pvt. mkt share 15.7% 15.1% 16.6% 16.2% Pvt. mkt rank #2 #2 #2 #2 FY23 to FY26 CAGR 7% Overall mkt 11.1% 10.
Slide 8: Robust delivery across key metrics (2/2)
Robust delivery across key metrics (2/2) Rs bn Persistency broadly in line with expectations Steady VNB growth NBM: 24.5% 24.7% 86% 83% 12% ▪ Persistency shifts are ▪ VNB growth faster than 66% driven by changes in APE growth 62% customer cohorts, product mix _ and equity-market conditions 18.2 20.4
Slide 9: Healthy momentum across all channels
Healthy momentum across all channels Rs bn APE Mix Channel H1FY27 H1FY26 YoY growth 2yr CAGR H1FY27 H1FY26 Agency 13.0 11.5 13% 13% 18% 18% Bancassaurance 41.0 38.3 7% 8% 58% 59% Non-bank Alliances 10.4 9.2 13% 13% 15% 14% Direct 6.4 5.6 13% 14% 9% 9% Individual APE 70.8 64.7 9% 10% 100% 100% Group
Slide 10: Business Overview
1 Performance Snapshot ( 2 Business Overview | 3 Other Business Highlights 4 Life insurance in India Dliise Sarutha ke jiyo!
Slide 11: Key elements of our strategy
Key elements of our strategy Profitable growth Diversified Customer first Risk management distribution mix & board Ensuring Creating superior governance sustainable and Developing multiple product propositions profitable growth channels of growth and customer Maintaining focus on by identifying and
Slide 12: Focus on profitable growth
Focus on profitable growth Rs bn FY24 FY25 FY26 H1FY26 H1FY27 Profitable growth 25.6% 24.2% 24.5% Economic New business Margin 26.3% 24.7% Profit Value of new business 35.0 39.6 40.3 18.2 20.4 Profit after tax (PAT) 15.7 18.0 19.1 9.9 11.2 distribution Diversified Accounting mix Profit Underwriting
Slide 13: Analysis of change in IEV
Analysis of change in IEV Rs bn Profitable growth EVOP: 45.1 Rolling EVOP%: 14.9% distribution Diversified mix VNB Net Capital Unwind Operating Investment movement Variance Variance 476.2 448.1 Customer Adjusted Net worth (ANW) Value of in-force business (VIF) first & governance management 173.3 188
Slide 14: Steady VNB trajectory
Steady VNB trajectory Rs bn Profitable 14% 12% growth distribution Diversified mix Customer first & governance management Risk Assumption New Business H1 FY26 Higher EPI Expenses Prior to GST GST Impact H1 FY27 change Profile1 impact Technology, NBM% 24.5% (0.4%) 0.0% 1.8% (0.7%) 25.2% (0.4%) 24.7%
Slide 15: Diversified distribution – Agency
Diversified distribution – Agency Agency channel maintains strong momentum, powered by four focused productivity-led growth drivers NEW BRANCHES Profitable growth 700+ • 80% new branches opened in Tier 2/3 markets Total branches • 60%+ growth in new branches 260+ opened since FY24 FRONTLINE SALES di
Slide 16: Diversified distribution – Partnerships
Diversified distribution – Partnerships Bancassurance Non-bank alliances Profitable growth distribution Diversified mix Customer first & governance management Risk Technology, Analytics digital & Diversified partnerships Physical presence Partner ecosystem Customer access 46K+ Partnerships with Bank
Slide 17: Product mix across key channels
Product mix across key channels 1 Segment FY25 FY26 H1FY26 H1FY27 Segment FY25 FY26 H1 FY26 H1FY27 UL 43% 53% 50% 58% UL 26% 25% 25% 19% Profitable growth Agency 19% Banca Par 23% 29% 11% Par 26% 38% 39% 21% Non par savings 33% 17% 16% 21% Non par savings 33% 21% 21% 30% Term 2% 3% 3% 4% Term 10% 11
Slide 18: Healthy growth in protection
Healthy growth in protection Rs Bn. Overall protection1 Retail protection1 Retail Sum assured Profitable growth Product 11% 14% 14% 15% 5% 7% 7% 8% #2 #2 mix APE2 Product 27% 29% 29% 30% mix NBP 23.2 10.6 12.7 5.7 distribution 2,769 Diversified 17.7 10.3 5,563 2,281 mix 7.4 4,349 4.3 Customer FY25 F
Slide 19: Key product innovations over the years
Key product innovations over the years Click 2 Protect Supreme Plus Comprehensive modular term plan with Profitable growth accelerated, life-stage-aligned benefits Aajeevan Growth Nivesh & Income Align Sanchay Par Advantage Long term retirement income with market performance participating solution w
Slide 20: Addressing customer needs at every stage of life
Addressing customer needs at every stage of life <25 years 25-35 years 36 – 50 years 50+ years Risks Addressed Objective Simple Savings Borrowing Investments Asset Drawdown Profitable growth Pay off mortgage Mortality distribution Diversified Medical care Morbidity mix First Job Medical care Net Wor
Slide 21: Risk management & board governance
Risk management & board governance Board of Directors Independent and experienced Board Profitable growth Committees Policyholder Risk Nomination & Corporate Social Stakeholder’s Board Audit Investment Protection, Grievance With Profits Capital Raising Management Remuneration Responsibility & Relati
Slide 22: Financial risk management framework
Financial risk management framework Natural hedges Product design & mix monitoring Profitable growth ▪ Protection and longevity businesses ▪ Prudent assumptions and pricing approach ▪ Unit linked and non par savings products ▪ Average entry age for annuity segment is ~60 years ▪ Broad-basing of coun
Slide 23: Future ready organisation: Leveraging technology, digital and analytics
Future ready organisation: Leveraging technology, digital and analytics Profitable growth 1 3 5 distribution Diversified mix Give me a Give me HYPER- OMNI-CHANNEL PLATFORMISATION simple journey PERSONALISATION frictionless SERVICE Nudge me in approach to tech from purchase for customers service to c
Slide 24: Deploying AI as part of an organization-wide initiative
Deploying AI as part of an organization-wide initiative Build scalable AI foundation and deliver high-impact use cases across New Business Operations, Customer AI Vision servicing, Distribution and Risk Management Profitable growth AI Philosophy AI Architecture Targeted AI deployment across value ch
Slide 25: Moving towards a GenAI-enabled organization
Moving towards a GenAI-enabled organization Profitable growth Partners Customers Policy servicing Support functions distribution Diversified • AI Sales Agent • Multi-lingual voice bots • AI-driven underwriting • Facial-recognition mix providing insights, (UW) engine enabling onboarding with • AI-led
Slide 26: Other Business Highlights
we eeesvee eee eee eee eoeeceeoeeeeeeeee es Performance Snapshot Business Overview Other Business Highlights | Life insurance in India Dliife Sarutha ke jiyo!
Slide 27: Persistency trends for HDFC Life
Persistency trends for HDFC Life Across key channels CY (H1FY27) 85% 87% 82% 83% 75% 76% 74% 77% 74% 75% 74% 70% 73% 71% 70% 65% 69% 68% 66% 64% Agency Banca Direct Company 13th month 25th month 37th month 49th month 61st month Across key segments PY (H1FY26) 91% 83% 83% 84% 86% 79% 81% 81% 78% 75%
Slide 28: Sensitivity analysis: H1 FY27
Sensitivity analysis: H1 FY27 Change in VNB Analysis based on key metrics Scenario % Change in EV Margin1 Change in Increase by 1% (1.2%) (2.1%) Reference rate Decrease by 1% 0.8% 1.9% Equity market movement Decrease by 10% (0.2%) (1.5%) Increase by 10% (1.6%) (0.5%) Persistency (Lapse rates) Decrea
Slide 29: Increased awareness across tier 3 markets
Increased awareness across tier 3 markets Spontaneous awareness (Private insurers) Focus on category creation and deeper regional connect, driven through diverse initiatives & campaigns Mass media campaigns to build awareness & Tier 11 Tier 32 consideration Themes aligned to Regional campaigns audie
Slide 30: Environment and Social Impact
Environment and Social Impact Latest Rating Upgrade: MSCI ESG Rating upgraded to 'AAA' (Upgraded from 'AA') ENVIRONMENT | ACTIONS SOCIAL | EMPLOYEES SOCIAL | CUSTOMER & COMMUNITY • Board-approved Environment & Climate change policy • DEI, health & safety and well-being policies • Fair sales, simpler
Slide 31: Governance and Accountability
Governance and Accountability Board Risk Management Committee (RMC) reviews climate and ESG risks; Board and senior management codes establish BOARD OVERSIGHT accountability MANAGEMENT Risk Council, ESG Management Committee, ESG Governance Committee (investments) GOVERNANCE Three lines of defence; A
Slide 32: Financial and operational snapshot (1/2)
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
Slide 33: Financial and operational snapshot (2/2)
Financial and operational snapshot (2/2) Rs bn. H1FY27 H1FY26 FY26 FY25 FY24 Overall New Business Margins (post overrun) 24.7% 24.5% 24.2% 25.6% 26.3% (1) Operating Return on EV 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% (2) Return
Slide 34: Segment wise average term and age
Segment wise average term and age 1 Average Policy Term (Yrs) Average Customer Age (Yrs) H1 FY27: 23.6 (H1 FY26: 24.9) H1 FY27: 35.9 (H1 FY26: 36.4) 18 UL 36 UL 37 18 32 Par 35 Par 30 36 Non-par Savings 19 37 22 Non-par Savings 37 Non-par Protection 34 35 34 Non-par Protection 34 Non-par Pension 14
Slide 35: Life insurance in India
coe ece eee eee eee Performance Snapshot Business Overview Other Business Highlights Lifeinsuranceinindia | Dliife Sarutha ke jiyo!
Slide 36: India: poised for sustainable growth
India: poised for sustainable growth The Fifth burgeoning largest and middle fastest class growing and Investment in physical and digital Rising affluence emergenceeconomy of Bharat building blocks to further drive growth India’s GDP (in USD)1 India’s middle income segment as % of all households3 To
Slide 37: Growth opportunity: Under-penetration and favorable demographics
Growth opportunity: Under-penetration and favorable demographics Life Insurance penetration1 (FY25) Life Insurance density US$2 (FY25) 7.6% 6.9% 7037 ▪ India remains vastly under-insured, both in terms of penetration and density 5.7% ▪ Bima Trinity initiative to catalyse growth: 3.7% o Bima Sugam: U
Slide 38: Life protection: low levels of penetration
Life protection: low levels of penetration 1 3 Protection gap (2019) Sum Assured as a % of GDP 2 Trend of retail loans (Rs Tn.) 91.0% 332% 74 74.0% 71.0% 70.0% 252% 251% 61.0% 55.0% 50 153% 39 41.0% 143% 127% 29 23 85% 17 62% 23% India Malaysia Thailand China Japan Singapore Hong Singapore Japan USA
Slide 39: Macro opportunity: Retiral solutions
Macro opportunity: Retiral solutions 2 India’s pension market is under-penetrated at India’s retirement savings gap to grow annually by 10% to reach 1 3% of GDP ~$96Tn in 2050 146.2 2050 retirement savings gap ($ Tn.) 128.2 98.3 95.7 90.1 54.0 31.3 32.4 24.3 3.0 16.4 9.6 India Japan Hong Kong Canada
Slide 40: Life Insurance: A preferred savings instrument
Life Insurance: A preferred savings instrument Household savings composition Financial savings mix 26% 21% 24% 23% 23% 2% 5% 9% 9% 8% 2% 15% 9% 19% 8% 14% 17% 18% 22% 18% 21% 48% 51% 52% 54% 59% 17% 18% 16% 67% 56% 52% 48% 42% 49% 48% 46% 41% 41% FY13 FY16 FY19 FY22 FY25 FY13 FY16 FY19 FY22 FY25 Gro
Slide 41: Life Insurance: Contributing to nation-building
Life Insurance: Contributing to nation-building Rs Tn. Government bonds - Tenorwise Issuance Insuring India ▪ Policies issued annually (last 5 years): >28 Mn ▪ Death claims settled in FY25: ₹475 Bn 21% 25% 35% 29% ▪ In-force sum assured (Mar 31, 2025): ₹242 Tn 52% 47% <=15 yrs Mobilising Long-Term C
Slide 42: Industry new business trends
Industry new business trends 1 Product mix Private Players LIC 67% 52% 54% 56% 53% 48% 47% 46% 44% 955 Individual WRP in Rs bn 33% 850 684 452 431 FY16 FY18 FY20 FY22 FY25 401 356 354 Unit Linked Conventional 291 305 2 179 178 Distribution mix 10% 12% 16% 15% 4% 18% 3% 4% 3% 3% 3% 6% 3% 3% FY19 FY21
Slide 43: Disclaimer
Disclaimer This presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase any securities (“Securities”) of HDFC Life Insurance Company Limited (“HDFC Life” or the “Company”) in India, the United Stat
Slide 44: Thank You
Thank You For queries, reach out to the Investor Relations team at [email protected] Click here to subscribe to IR email alerts and to access the IR presentation archive Click Here FY26 Annual Report FY26 ESG summary ESG Report
HDFC Life Insurance Company — H1 FY2027 Earnings Presentation on 6ix