PRESS RELEASE - PERFORMANCE FOR FULL YEAR ENDED MARCH 31, 2024

BSE Code: 540777 NSE Code: HDFCLIFE

Navigating well through sectoral changes with focus on increasing volumes, retail
protection and making meaningful in roads into Bharat
 Double-digit APE growth1 of 11% for full year and 20% growth for Q4
 Growth of 13% in Tier 2/3 markets, faster than industry level growth2
 Profit after Tax grew by 15%
 47% growth in sum assured, aided by 27% growth in retail protection
 Annuity and protection comprises nearly half of new business premium
 Operating ROEV at 17.5%; Indian Embedded value at Rs 47,468 crore
 Proposed final dividend of Rs 2 per share
1. Normalized Individual APE growth (excluding Rs 1,000 cr of FY23 business which was one-off due to Union Budget changes)
2. Individual WRP growth for 11M FY24

Mumbai, April 18, 2024: The Board of Directors of HDFC Life approved and adopted today the
audited standalone and reviewed consolidated financial results for full year ended March 31, 2024. Below
is the summary of our standalone results:
Commenting on results for full year ended March 31, 2024, Ms. Vibha Padalkar, MD & CEO said

“Despite the budget changes impacting high ticket sized business this year, we delivered a healthy growth of
20% for Q4 after adjusting for the one-off business of Rs. 1,000 crore in March 2023. Our stated aspiration of
a double-digit growth for the full year was achieved with us clocking an 11% growth for FY24, on a normalised
basis. We achieved individual APE growth of 1% on an unadjusted basis.

Renewal collections grew by 18% YoY, demonstrating our customers' continued trust in us. Persistency for
the 13th month and 61st month was 87% and 53% respectively.

FY24 has been another landmark year for product launches, fuelled by relentless innovation and a desire to
help meet our customers’ evolving requirements. Click2Achieve, our first DIY non-par savings solution has
been received well across channels, leading to a healthy increase in the non-par savings proportion in the last
quarter.

Our new business margins are 26.3%. Value of new business is Rs. 3,501 crore, implying a 2 year CAGR of
14%. Embedded value stands at Rs 47,468 crore, with an operating return on embedded value of 17.5%.
We have delivered a strong profit after tax of Rs. 1,569 crore, implying a YoY increase of 15%, fuelled by 18%
increase in profit emergence from back book. Solvency continues to be healthy at 187%.

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In addition to business developments, we would like to inform that Mr Deepak Parekh has decided to step
down as the Chairman and Non-Executive Director of the Company with effect from close of business hours
on April 18, 2024. Being the founder Chairman of our Company, Mr Parekh has been instrumental in guiding
and nurturing the Company over the past 24 years. We thank Mr Parekh for the immense contributions made
by him and wish him the very best for the future.

We are also pleased to inform that the Board has unanimously approved the appointment of Mr Keki M
Mistry as the Chairman of the Board. Mr Keki M Mistry has been associated with the Company since
December 2000 and is currently a Non-Executive Director on our Board. Under his stewardship, we aim to
achieve many more remarkable milestones and emerge stronger and more resilient than ever before.

Lastly, we are proud to share that we have been recognized as the Best Organization for Women in 2024 by
The Economic Times. This is a testament of the progress we have made in creating a supportive work
environment for women and our unwavering belief in the power of diversity, equity and inclusion.”

Key Financial Summary

Rs Crore FY24 FY23 YoY
Key Financial and Actuarial Metrics
Individual APE (1) 11,509 11,401 1%

Total APE 13,291 13,336 0%

New Business Premium (Indl + Group) 29,631 29,085 2%

Renewal Premium (Indl + Group) 33,445 28,448 18%

Total Premium 63,076 57,533 10%

Assets Under Management 2,92,220 2,38,782 22%

Profit After Tax 1,569 1,360 15%

Indian Embedded Value 47,468 39,527 20%

Value of new business 3,501 3,674 -5%

FY24 FY23
Key Financial Ratios
New Business Margins 26.3% 27.6%
Operating Return on EV 17.5% 19.7%
Total Expenses / Total Premium 19.4% 19.8%
Solvency Ratio 187% 203%
13M / 61M Persistency 87%/53% 87%/52%

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 Market share
Individual WRP (Overall industry) (2) 10.4% 10.8%
Overall new business premium (Overall (2)
8.0% 7.9%
industry)
Product mix by Indl APE (UL / Non par
35/30/6/5/23 19/45/5/4/27
savings /Annuity/ Protection / Par)
Distribution mix by Indl APE (Corp Agents/
65/18/6/11 56/20/11/13
Agency/ Broker/ Direct)
Notes: Percentages may not add up due to rounding off effect
1. Normalized Individual APE growth is 11% (excluding Rs 1,000 cr of FY23 business which was one-off due to Union Budget changes)
2. Data for FY24 pertains to 11M period

Definitions and abbreviations

 Annualized Premium Equivalent (APE) - The sum of annualized first year regular premiums and 10%
weighted single premiums and single premium top-ups
 Assets under Management (AUM) - The total value of Shareholders’ & Policyholders’ investments
managed by the insurance company
 Embedded Value Operating Profit (EVOP) - Embedded Value Operating Profit (“EVOP”) is a measure
of the increase in the EV during any given period, excluding the impact on EV due to external factors
like changes in economic variables and shareholder-related actions like capital injection or dividend
pay-outs
 First year premium - Premiums due in the first policy year of regular premiums received during the
financial year. For example, for a monthly mode policy sold in March 2024, the first monthly
instalment received would be reflected as First year premiums for 2023-24 and the remaining 11
instalments due in the first policy year would be reflected as first year premiums in 2024-25, when
received
 New business received premium - The sum of first year premium and single premium, reflecting the
total premiums received from the new business written
 Operating expense - It includes all expenses that are incurred for the purposes of sourcing new
business and expenses incurred for policy servicing (which are known as maintenance costs)
including shareholders’ expenses. It does not include commission
 Operating expense ratio - Ratio of operating expense (including shareholders’ expenses) to total
premium
 Operating return on EV - Operating Return on EV is the ratio of EVOP (Embedded Value Operating
Profit) for any given period to the EV at the beginning of that period
 Persistency - The proportion of business renewed from the business underwritten. The ratio is
measured in terms of number of policies and premiums underwritten

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 Premium less benefits payouts - The difference between total premium received and benefits paid
(gross of reinsurance)
 Renewal premium - Regular recurring premiums received after the first policy year
 Solvency ratio - Ratio of available solvency margin to required solvency margin
 Total premium - Total received premiums during the year including first year, single and renewal
premiums for individual and group business
 Weighted received premium (WRP) - The sum of first year premium received during the year and
10% of single premiums including top-up premiums

About HDFC Life

Established in 2000, HDFC Life is a leading, listed, long-term life insurance solutions provider in India,
offering a range of individual and group insurance solutions that meet various customer needs such as
Protection, Pension, Savings, Investment, Annuity and Health. The Company has more than 80 products
(including individual and group products) and optional riders in its portfolio, catering to a diverse range
of customer needs.

HDFC Life continues to benefit from its increased presence across the country, having a wide reach with
branches and additional distribution touch-points through several new tie-ups and partnerships. The
count of distribution partnerships is over 300, comprising banks, NBFCs, MFIs, SFBs, brokers, new
ecosystem partners amongst others. The Company has a strong base of financial consultants.

For more information, please visit www.hdfclife.com. You may also connect with us on Facebook,
Twitter, YouTube and LinkedIn.

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Disclaimer
Except for the historical information contained herein, statements in this release which contain words or
phrases such as 'will', 'would', ‘indicating’, ‘expected to’ etc., and similar expressions or variations of such
expressions may constitute 'forward-looking statements'. These forward-looking statements involve a
number of risks, uncertainties and other factors that could cause actual results to differ materially from
those suggested by the forward-looking statements. These risks and uncertainties include, but are not
limited to our ability to successfully implement our strategy, our growth and expansion in business, the
impact of any acquisitions, technological implementation and changes, the actual growth in demand for
insurance products and services, investment income, cashflow projections, our exposure to market risks,
policies and actions of regulatory authorities; impact of competition; experience with regard to mortality
and morbidity trends, lapse rates and policy renewal rates; the impact of changes in capital, solvency or
accounting standards, tax and other legislations and regulations in the jurisdictions. HDFC Life undertakes
no obligation to update forward-looking statements to reflect events or circumstances after the date
thereof.

None of Company or any of its directors, officers, employees, agents or advisers, or any of their respective
affiliates, advisers or representatives, undertake to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise and none of them shall have any
liability (in negligence or otherwise) for any loss howsoever arising from any use of this press release or
its contents or otherwise arising in connection. Further, nothing in this press release should be construed
as constituting legal, business, tax or financial advice or a recommendation regarding the securities.
Although Company believes that such forward‐looking statements are based on reasonable assumptions,
it can give no assurance that such expectations will be met. You are cautioned not to place undue reliance
on these forward-looking statements, which are based on current view of Company’s management on
future events. Forecasts and hypothetical examples are subject to uncertainty and contingencies outside
Company’s control. Past performance is not a reliable indication of future performance.

Before acting on any information you should consider the appropriateness of the information having
regard to these matters, and in particular, you should seek independent financial advice.