April 23, 2026

Ref. No: HDFC Life/CA/2026-27/11

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: Transcript of Earnings Conference Call - FY’26

We wish to inform you that pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, please find enclosed the transcript of the Earnings Conference Call
with analysts and investors held on Thursday, April 16, 2026 to discuss the financial performance of the
Company for the year ended March 31, 2026.

The said transcript has been hosted on the Company’s website at [Link]
investor-relations.

This is for your information and appropriate dissemination.

Thanking you,

For HDFC Life Insurance Company Limited

NAGES Digitally signed by NAGESH PAI
DN: c=IN, o=Personal, title=5783,
[Link]=a0f43f20ad6d464ee13435ae4412a
76d05d7a72ea2627ddef3b42e209c94adfc,
postalCode=400607, st=Maharashtra,

H PAI
serialNumber=c724c72be583012cabc04d53
7cde4d771edef59be54d1ee31cd62489d790
667b, cn=NAGESH PAI
Date: 2026.04.23 22:19:13 +05'30'

Nagesh Pai
Company Secretary & Compliance Officer
Encl.: As above
HDFC Life Insurance Company Limited FY26
Earnings Conference Call
April 16, 2026

Page 1 of 24
 HDFC Life Insurance Company Limited
April 16, 2026

Vibha Padalkar: Good evening, everyone, and thank you for joining our earnings conference call for the year
ended March 31st, 2026. Our results, along with the investor presentation, press release, and
regulatory disclosures are available on our website and with the stock exchanges. Joining me
today's call are Niraj Shah, Executive Director and Chief Financial Officer; Vineet Arora,
Executive Director and Chief Business Officer; Eshwari Murugan, Appointed Actuary; and
Kunal Jain, Head, Investor Relations, Business Planning, and Strategy.

On the macroeconomic front, let me begin with the broader macroeconomic context. The global
environment has become more uncertain in recent months, with heightened geopolitical tensions
and disruptions in energy markets and global supply chains creating near-term headwinds. In
such an environment, while near-term demand might be impacted, we believe the life insurance
sector remains relatively well positioned given the essential role of long-term savings,
protection, and guaranteed outcomes, especially during periods of uncertainty.

Moving on to business performance. During FY26, we continued to maintain our position

amongst the top three insurers by individual WRP. Our private sector market share stood at
15.2% for 11 months FY26. We outperformed the industry in two key focus areas. The first one
being retail protection, which grew 43%, and the second one being our agency channel, which
also grew ahead of the sector.

Retail sum assured growth for 11 months was higher than the industry, reinforcing the quality
of our business mix. Credit protect saw a healthy rebound in the second half of the year, driven
by recovery in the MFI segment and robust credit growth, with the company retaining its
leadership position in this segment.

From a top-line perspective, FY26 closed below our original expectation. Let me deconstruct
this and outline our confidence in the medium-term trajectory. H1 growth for us was ahead of
the industry, and quarter three was broadly in line with expectation. The slowdown was largely
concentrated in quarter four, driven by unabsorbed GST, temporary softness in bancassurance
and deferment of demand in March due to global uncertainty.

However, our proprietary channels bucked the trend, delivering a healthy growth of 15%- 16%
in quarter four as well as in FY26, and we thus delivered a full-year individual APE growth of
7% year-on-year. Our confidence to bounce back also stems from our customer acquisition
metrics that remain healthy, with over 70% of new customers onboarded during the year being
first-time buyers of HDFC Life policies, and that we insured over 46 million lives during FY26.

Next, on product mix - Our individual APE composition for FY26 was unit-linked at 44%, non-
par savings at 18%, participating products at 25%, term at 7%, and annuity at 5%. As in prior
periods, product mix remained an important driver of outcomes during the year. You will notice
that our term was 7% versus 5% of last year.

Page 2 of 24
 HDFC Life Insurance Company Limited
April 16, 2026

Unit-linked demand remained resilient through most of the year, supported by customer appetite
for market-linked participation. Importantly, the quality of our unit-linked business continues to
improve with higher protection multiples and better rider attachment supporting margins. The
13th month persistency over the past two years has also improved. Both these metrics remain a
deliberate strategic focus for us.

At the same time, non-par demand was softer than our expectations. We have maintained pricing
discipline in this segment, and while this has had a near-term impact on volumes, it positions us
better from a long-term value and margin standpoint. We have undertaken selective product
refinements to improve competitiveness, and with a more favourable yield curve environment,
we expect non-par savings to gradually recover.

Protection was a clear highlight during the year, with a growth of 43% supported by lower prices
post-GST and a strengthened product portfolio. And this continued even in quarter four, when
protection growth was 46%. Retail protection mix expanded by nearly 200 basis points YoY to
7.2% in FY26, and including riders, protection now contributes nearly 10% of our retail
business.

We also saw an improvement in ticket sizes post-GST with customers opting for higher levels
of sum assured. Retail sum assured grew by 28% YoY, and we also maintained our leadership
position on overall sum assured, reinforcing the quality of our business mix.

Annuities were another area of meaningful progress. During quarter four, we launched Ajeevan
Growth Nivesh and Income (AGNI), an industry-first variable annuity plan that combines
lifelong guaranteed income with growth potential linked to the Nifty 50 Index. We believe this
kind of product innovation opens up new customer segments, and we are encouraged by early
traction. Annuity mix increased by almost 300 basis points YoY to around 8% of individual APE
in Q4 FY26.

Looking ahead, we expect a gradual shift in the product mix as customers rebalance towards
long-term savings and protection in an environment of greater uncertainty. We anticipate non-
par savings to gain share relative to FY26, with protection and annuities continuing to grow
ahead of the company average.

Moving on to financial and operating metrics. For FY26, value of new business stood at INR
4,034 crores, representing growth of 2% YoY. Value of new business growth, excluding the
impact of GST and surrender regulations changes (SSV), would have been broadly in line with
overall APE growth. New business margins for FY26, excluding impact of GST and SSV, would
have been flat at 25.5%.

Post-GST and SSV impact, they were at 24.2%, a decline of 140 basis points versus FY25. This
margin drop was driven by three key factors. First, the impact of GST and surrender value of
130 basis points. Second, the fixed cost absorption impact of 90 basis points arising from softer
than expected top-line growth, particularly in Q4. And third, 40 basis points on account of

Page 3 of 24
 HDFC Life Insurance Company Limited
April 16, 2026

strengthening of the persistency assumptions in line with the experience that we had disclosed
in Q3. I'm happy to share that our experience in Q4 on persistency was better than what we had
mentioned in Q3. These three negative items were offset by a better product profile that
contributed 120 basis points.

On GST, the headwind on margins has been moderating in line with our guidance. The impact
in Q4 was approximately 110 basis points, and we expect this to taper off further and be largely
neutralized as we move into FY27. At a product level, underlying margins remain supported by
improvements in product profile, including higher protection and annuity contribution and better
rider attachment.

The annual assumption review was undertaken in quarter four, as has been the past practice,
which makes the Y-o-Y impact of 40 basis points more visible in that quarter. From a structural
standpoint, the key levers for margin improvement remain intact: continued growth in
protection, higher rider attachment, recovery in non-par savings, further enhancement in ULIP
protection mix, lower fixed costs per policy, and operating leverage as growth normalizes. Based
on these factors, we expect margins to improve.

Renewal collections saw steady growth at 15% during the year, reflecting the continued stability
of the in-force book. On persistency, the 13th month ratio moderated by 200 basis points during
the year, broadly in line with the evolving business mix. As mentioned in quarter three, this was
driven by specific cohorts and does not reflect a broad-based shift in portfolio quality.

We have taken necessary actions, as I had mentioned, and we are pleased to share that trend
have stabilized in Q4. The 61st month persistency remained robust at 64%, improving by 100
basis points YoY, reflecting the continued strength of the long-duration savings book.

Embedded value stood at INR 62,139 crores. Operating return on embedded value for the period
was 15.0%, and this would have been 15.4% on a normalized basis. Profit after tax for the period
stood at INR 1,910 crores. PAT excluding GST and labour code impact would have shown a
growth of 16%. The board has recommended a final dividend of INR 2.10 per share in line with
our dividend payout policy, aggregating to a payout of INR 456 crores.

Our solvency ratio stood at 177%. While we await clarity on the transition timeline to the risk-
based solvency framework, we have taken board approval to raise up to INR1,000 crores by way
of a preferential issue to our parent, HDFC Bank. This will add 900 basis points to our current
solvency. Over the medium term, the move towards a risk-based solvency regime should ensure
better alignment of capital with underlying risks and is likely to be beneficial for diversified
franchises such as ours.

Moving on to distribution highlights. The ongoing build-up of our agency channel was a strong
story for the year. Agency grew ahead of the company by 500 basis points, maintaining a strong
protection mix. The channel is now beginning to deliver the returns on the multi-year

Page 4 of 24
 HDFC Life Insurance Company Limited
April 16, 2026

investments we have made in branch expansion, talent acquisition, and investment in bespoke
products and training, and this has helped improve our relative positioning within the industry.

We have added more than 250 branches over the last 30 months, with business from these
contributing to approximately 13% of the agency channel's top line. Our focus is now firmly
shifting from expansion to productivity, activation, and the branch-level profitability. This
should support a more sustainable and higher quality contribution from the channel going
forward.

On the other hand, partnership channels experienced elevated volatility during the year,
primarily driven by heightened competitive intensity. In response, we exercised fiscal discipline
by stepping away from unviable business. Overall, while near-term growth has been influenced
by the factors discussed, we believe our focus on continued investments in distribution, product
competitiveness, partner engagement, and pricing discipline positions us well to deliver more
sustainable and profitable growth as the environment normalizes.

Moving on to regulatory and industry developments. The industry continues to evolve in a

direction that supports greater transparency, stronger conduct, and more sustainable long-term
growth. We view the transition towards Ind AS based reporting as a positive structural
development. Over time, this should enhance comparability, improve market discipline, and
further align business models with long-term value creation.

With respect to Ind AS, we have approval from our board to seek forbearance for FY27. We will
be applying to the regulator and are working towards full adoption from FY28. We believe this
approach allows for a more calibrated transition, both operationally and from a reporting
standpoint. Overall, the direction of regulatory evolution remains constructive, and we believe
well-diversified and disciplined players are well-positioned to operate effectively within this
framework.

Moving on to our subsidiaries. Our wholly-owned subsidiary, HDFC Pension Fund

Management, continued to strengthen its leadership position with a market share of 43% and
assets under management exceeding INR 1.5 lakh crore. Our other subsidiary, HDFC
International Re, continues to deliver steady reinsurance performance while scaling its GIFT
City presence.

To conclude, we enter FY27 with the GST transition that is largely complete, the yield curve
which is supportive for non-par, our agency channel is stronger today than it was a year ago in
terms of reach, productivity, and quality of business. Protection portfolio is structurally larger
and more meaningful than any other prior point in our journey.

As a result, our embedded value continues to reflect the compounding strength of a high-quality
in-force book. Our aspiration to outpace industry new business and VNB growth remains
unchanged. For a more detailed discussion of our performance and outlook, please refer to the
investor presentation. We will now be happy to take your questions.

Page 5 of 24
 HDFC Life Insurance Company Limited
April 16, 2026

Moderator: Our first question comes from the line of Avinash Singh from Emkay Global.

Avinash Singh: A few questions. The first one on growth. Yes, as we acknowledge there were multiple factors,
some external and some internal. In this context, the particularly the factors which are affecting
growth in HDFC Bank channel, be it the competitive intensity or maybe irrational pricing. How
has particularly your wallet share within HDFC Bank channel behaved in Q4 vis-a-vis what it
has been for the nine months? How has that changed?

And now what steps you are taking or what you are seeing competitor withdrawing or
competitive intensity changing that gives you hope that okay, things will normalize or go back
maybe to say in the past levels in FY27? So, this is the question more around HDFC Bank
channel and what sort of things giving you confidence there in terms of your growth outlook.

The second one would be, there is a very small piece of business that is the participating group
and pension. Now, in your GAAP filing, there is a kind of a sizable negative surplus or deficit
in that par segment, even though the business size is very small. So, what exactly is the nature
of this and why is there such a big deficit in this segment of business?

And lastly again related to this, the back book surplus is going in an impressive way even this
year, it's 14%. But when I look at the new business strain, I mean given, there is a strong growth
in individual protection but at the same time non-par savings have given way to par where
typically the new business strain would be lower, but the overall new business strain at the
company level is growing very, very strongly.

Is it something to do with the cost structure still remains a bit unfavourable? What sort of
explains that? So, these are my three questions.

Vibha Padalkar: I'll take the HDFC Bank question and then pass it on to Eshwari on par questions. On HDFC
Bank, see, I would be more worried if there were some very different product innovation or
some massive digital, great technology initiative. Really on competition on price point, we don't
believe that that is sustainable on a long-term basis, whether it's aggression on pricing and/or on
underwriting. And clearly, it is visible on ground.

So, what will change? I think IFRS is a good segue into what I'm saying because onerous
contracts start becoming very apparent. Also given that RBC possibly has now taken a back seat
to IFRS, what all of us thought that RBC would get rolled out first, but if it gets delayed all of
this aggression does consume capital as well. So, there's only so far that some of this can be
bankrolled.

Plus, we haven't stayed quiet. We have introduced, like I said, products such as our AGNI
product (variable annuity), some of the tweaks that we have done on even non-par, is what you
will see being rolled out as we speak. Some of that will again go back in terms of our ability to
capture the mind of customers, especially against these fairly elevated levels of volatility and

Page 6 of 24
 HDFC Life Insurance Company Limited
April 16, 2026

some weaning away from the unit-linked playbook. So that is what gives us the kind of
confidence.

Also, we are very granular in terms of discussions with our parent in terms of which are the
branches wherein our share is lower than what might be at an acceptable level. Why is that
happening? Is it because there is a flooding of additional people, and our manpower share? So,
the correlation is fairly strong that where our manpower share is lower than 50% our counter
share goes down. So, is there an optimal level of manpower given all AI and other digital assets?

Is there a play to reduce manpower share overall for all three players and can we look at having
more digital offerings? Or part of the journey being digital? And once that happens, I do believe
that counter share, just given brand synergies, being a market leader in products, I think all of
that, I can't share everything that we're doing, but that's what gives us the confidence.

Vineet Arora: I think Vibha covered most of it. Just the fact that we knew exactly where we let go of business
and we know what price point works for us. We do feel that aggression, you know, now that the
GST burden on the margin and the cost is also more or less absorbed, it will be easier for us also
to come back and have better price points. So, we feel that we will also be more competitive and
we should be able to garner more share from these branches that we might have let go of earlier.

Vibha Padalkar: Yeah, and that's an important point. We are very cognizant of the opportunities that we let go
because if ab initio it doesn't make commercial sense as to why are we selling this kind of
product, then –we will take a back seat exactly like what happened in protection.

We did that and that has paid us very good dividends in terms of the pricing power. We had to
bide our time. We did many things, some are behind the scenes which I don't want to call out.
But many things on protection that today makes us get hold of the kind of profiles that we want
to get hold of, rather than just market dynamics saying whatever protection of whatever quality
business, let me get that in.

Moving away from that to controlling the narrative to step back to say what kind of lives and
what kind of business do I really want, and to recalibrate too many things to get there. So that is
really, we are in the process of doing similar kind of interventions on non-par and par like we
did with protection.

Eshwari Murugan: So, on the participating fund, there are three, four things that have happened during the year.
One is the impact of GST, which again is split into two parts. One is the existing business and
the second is the new business. On the existing business, because there will be no ITC on the
renewal commission and the expenses incurred for the maintenance of the policies, that impact
has been taken into the reserves and that is having a negative impact in both life and pension.

On the new business as well, because there is no ITC on the GST, that has been absorbed given
that we are still looking at the design and the pricing of the par products in the context of the
new GST law. So, this has been an impact as we will take some time to transition to new

Page 7 of 24
 HDFC Life Insurance Company Limited
April 16, 2026

products. The third is, given the changes to the surrender value regulations from October '24
onwards, for all the participating policies regardless of whether they are going to surrender or
not, we hold a surrender value reserve, which is also increasing the prudence.

Some of this will get released into the FFA going forward, but it has been a one-time impact all
coming together in the same period. That is why we see a deficit in the participating fund.

Vibha Padalkar: We have plans to start contributing back to par FFA to grow that over the next couple of years.

Eshwari Murugan: We will be looking at all these structures to see what is the optimal structure to maintain the
fund at an optimal level aiding growth as well as the existing business.

On the back book surplus, the EB surplus has grown by a lower amount again due to the same
reasons. We have allowed for the loss of input tax credit on renewal commission and
maintenance expenses on all lines of business. That has resulted in a lower EB surplus growth.

On the new business, yes, the new business strain should have been lower given that we have
done lower non-par. But if you look at the growth in protection business and the credit protect
business, that has resulted into a higher strain. And also, on the unit-linked, we are writing with
higher multiples and also higher rider attachments, that has got a higher reserving requirement
and all of these have resulted in the new business strain growth being higher than the earlier
years.

And the GST impact is there in both new business and EB. That is also one of the reasons for
the new business strain being higher.

Vibha Padalkar: So just to summarize, GST impact and a good problem to have in terms of protection.

Avinash Singh: Vibha, counter share in HDFC Bank, In Q4 versus 9 months?

Vineet Arora: The counter share in HDFC Bank in Q4 was lower than what it was in 9 months. And clearly,
for the reasons we have articulated already, we know what the reasons were. And we are
completely in control of what we can do going forward.

Moderator: Our next question comes from the line of Suresh Ganapathy from Macquarie.

Suresh Ganapathy: Yes, so Vibha, again somewhat indirectly related to the first question itself. You know, in FY23,
if you were to make a business projection of your VNB growth, you would have said 15% plus
CAGR, right, for the next three years? I am looking at FY26 number, your CAGR has been just
3%, FY26 over FY23. So, it's actually not grown at all in three years' time. I am sure you were
not expecting this kind of an outcome.

I know there have been a lot of changes, but unfortunately, the regulator is still talking about
some commission caps, so many things are happening. Are you confident that with the GST cut,
whether it is protection, the next three years will not see a single-digit VNB CAGR?

Page 8 of 24
 HDFC Life Insurance Company Limited
April 16, 2026

Vibha Padalkar: So, let me just walk you through. First, I'll give you the CAGR, but FY25 to FY26, FY25 we
were at 25.6%, right? And if I were to back out GST and SSV, the surrender value impact, then
my starting point would have been 24.3%. Against, 24.3%, I was at a similar kind of a number,
24.2%.

Note: The correct way to interpret the impact of GST and SSV versus previous year margins is
to exclude GST and SSV impact from FY26 margins. New business margins for FY26, excluding
impact of GST and SSV would have been 25.5% i.e., flat versus FY25 margin of 25.6%

Now to your more philosophical question, because of three very large ticket things that have
happened, which is starting from the 5 lakh and above being taxed, followed by surrender
charges, followed by GST, business model changes have happened unfortunately with alarming
regularity and fairly material.

I have high level of confidence in the medium term. However, here and now in one year or so,
a little bit more difficult to say just as any business plan. However, the growth over the four-
year period of 1.8x to 2x, I think that is still something that we will be gunning for. I think in
terms of conversations, I think the only large ticket conversation in the media has been will
something happen on distribution architecture?

If that happens, I am very confident that yes, immediate like all the other disruptions I've talked
about, there could be some disruption. Will we come out of it? Absolutely. I have no doubt in
my mind that it will come. So, to summarize, on a normalized three-year VNB CAGR would be
around 9%, 10%, and there I am adjusting about INR1,000 crores between this FY23 and the
GST impact in FY26.

Suresh Ganapathy: Even if I were to adjust for that, that is still way below your industry standard, right? If I look at
FY10 to FY21-22, you were the bellwether on the industry benchmark. All said and done, even
normalizing for that, your growth has been weak, your VNB growth has been weak, and
competition is not going away. People are going to be aggressive. There is no compulsory listing.
So, we are in a tough industry in a way, right, both from a competition angle as well as from a
regulatory angle.

Vibha Padalkar: So, on competition, again, I feel with IFRS, it's going to dramatically change the way and bring
discipline - it's a proxy for listing in a way because listing or disclosures, unfortunately, if I was
a bank then most of my competition is listed and there's only that much aggression one can
exercise and that will be contained. While exactly like you mentioned, that is not the case now.

But IFRS, regardless of whether you're going to be listed or not, there are going to be segment-
level and even further nuanced disclosures that will very clearly show ab initio what are the loss-
making or onerous contracts. What did one price for and what actually you're trending for? So,
this is going to be a tectonic change in how companies look at their business.

Page 9 of 24
 HDFC Life Insurance Company Limited
April 16, 2026

Now a Promoter might decide to ignore that. That is their prerogative. But given that these
companies have promoters who have invested for many number of years, I'm sure they are
wanting to see returns at the end of that patient capital infusion. So, I feel very enthused. It might
not happen in FY27 because of most companies asking for forbearance, but certainly a year
down the line, it should happen. And if disclosure is going to happen in FY28, then I'm sure
companies will start thinking as to, you know, at least internally looking at what their numbers
are going to see.

We are also seeing positive trends in protection. You know, we went through the same story on
protection and irrational competition and so on. Happy to share that that kind of irrational
competition has started seeing some tempering. And that's why you can see our growth being
right on the top as far as the industry is concerned on protection. Expecting the similar kind of
some level of restraint happening on other parts of savings as well.

Niraj Shah: Suresh, just to maybe step back a little bit. You spoke about period from FY23 to FY26.
Unfortunately, both the opening as well as the closing year had a lot of distortions. If you were
to just dial back one year say the period from FY20 to FY24, the numbers fairly healthy at 15%-
odd. You go one period before that, it is in a similar kind of a zone. So, the thing is if we're
looking at a long-term business building it from a three-to-five-year perspective, you know, the
results could be non-linear in a shorter span of time.

But just from a business cycle perspective and everything that is coming in the next three to five
years, we absolutely have no doubt as to why the sector and us within the sector not be able to
get back to that compounding story that we are used to delivering. So, no real structural issues
that we see whether it's in terms of the relevance of the products, customer demand as well as
just the overall operating environment.

Suresh Ganapathy: Just one last question on Vibha, your tenure and the IRDA rule. Bit confusing. Can you just
clarify when it ends? Is it a 15-year rule applicable to you? What is the thing? Can you just
clarify on that?

Vibha Padalkar: Yes, so Suresh, when these regulations came in 2023, we had written to the regulator and we
had received clarification then that the 15 years starts from when I became the MD and CEO.
My tenure, this current tenure ends in September of this year, and the Board will take a suitable
call closer to that date.

Suresh Ganapathy: And you are five years, right, into the six years into the CEO tenure, right?

Vibha Padalkar: No, I will be completing a term of three plus five, so eight years by the time I finish in September.

Suresh Ganapathy: Okay, so logically speaking, another seven years left as per the IRDA, obviously the Board will
take a call, right? Is that the interpretation?

Vibha Padalkar: The interpretation is that it's 15 years from when you get into the saddle as MD and CEO. That
is what we had received clarification when we wrote to them in 2023.

Page 10 of 24
 HDFC Life Insurance Company Limited
April 16, 2026

Suresh Ganapathy: Okay, but this is not cast in stone. I'm thinking can the regulator change their mind is what my
question is.

Vibha Padalkar: I think that will be a question for the regulator.

Moderator: Our next question comes from the line of Madhukar Ladha from JP Morgan

Madhukar Ladha: First, if I just compare the IRRs on the non-par product in sort of the principal HDFC Bank
channel offered by your competitor, the difference is quite substantial. Now, what I wanted to
understand is if you were to offer higher IRRs, what would be the impact on your margins? Why
can't we sort of offer a more competitive product and capture that counter share?

And can you quantify the operating variance and assumption change between the various
elements like persistency, mortality, expenses, if you could give that split?

Niraj Shah: Yeah, so on the question on IRR, basically there are two things here. One is that like you rightly
mentioned in certain categories and variants of products the difference is fairly substantial. And
since we introduced this category to the market six or seven years back with multiple product
innovations, the easiest thing to do is to offer a rate. So, if we could offer a rate which is the
highest in the market at the economics that are making sense to us, we would have done that like
you rightly said.

So, if we are not doing that, it basically tells you that the dilution on the economics is not
acceptable at the prevalent rates that some of the peers are choosing to offer. The equally
important thing is that given our position in the market if we end up doing something which is
let's say very aggressive or irrational, it unfortunately vitiates the entire environment and it forces
peers to do the same. So, then you get into a downward spiral from which the industry will never
recover.

So, there's no point playing that game beyond a point. As we articulated earlier on the call, we
are looking at things more granularly: customer segments, ticket sizes, product variants where
we may choose to be more competitive in the coming year. And that will be again at levels that
will make sense to us. We have said that we want to grow faster than industry and deliver VNB
growth in line with that.

So, if we have to make sensible trade-offs between profitability and growth, we will definitely
do that, but provided it is within a certain boundary conditions which really makes sense from a
medium-to-long-term perspective. So that is really our approach. We don't see this to be a
challenge from a medium-to-long-term perspective for all the reasons that we spoke about: the
regulatory environment, movement to IFRS, risk-based capital.

It is not an endless road of capital being made available without any questions asked. So that is
not going to happen. Given that situation, I think things will stabilize. We gave the example of
protection -the same kind of story panned out a few years back. We have kind of bided our time

Page 11 of 24
 HDFC Life Insurance Company Limited
April 16, 2026

and we are where we are in terms of the leadership in terms of sum assured on individual
protection and overall, as well.

Vibha Padalkar: I want to come in here and I'm not making any specific reference to any company but for the
broader sector. See, again I'm harping back to IFRS. You know, I could give 70 basis points
higher on non-par, for example, like Madhukar you mentioned. But no one really knows, is this
lapse-supported product? Which means that you're hoping that customers don't pay their
premiums down the line.

So, some of these things will start becoming a lot more apparent under IFRS because then you
get to see the full story because if persistency stays good. And which it should because they have
bought a product that is giving them 70 basis points higher. But your assumption that you make
money is only if only X percentage of customers renew this. So, these nuances are really where
the devil is in those details.

So, we can easily match this if we want to match it. But there is no way we are going to have a
lapse-supported product, there is no way I mean we are in the business to sell policies and we
are hoping that the customer stays vested in the policy till the very end. So, this is only one
example but there are many such nuances: what will be the lump sum at the end, if they choose
to surrender what is the surrender value that they or the nominee will get?

You know, and so on. There are many nuances to this because the corners will have to be cut
somewhere else which are not very apparent. The headline item will be that the IRR is so much
more. You know, it can't come out of thin air. It can either be bankrolled by the shareholder or
wherein something else is there where corners cut.

These are the only two possibilities. Because if I look at expense ratios and persistency, not very
different, if at all, worse than where we are today. So that is the limited point. This will
normalize.

Madhukar Ladha: Got it. Maybe I can just squeeze in one more question. So, on margins, see on a Q-o-Q basis we
were expecting about a 100 basis points improvement because, every quarter we were trying to
lower the GST impact. That has not played out this quarter. Also, I am guessing it is partly
because of the full-year assumption change that also would have impacted.

But given, you know, there is a negative expense drag also on the margins, negative sort of
assumption change as well, how should one see margins shaping up in FY27 and beyond? I
believe it is probably going to be difficult to maintain the earlier sort of guidance of 25.6%. Any
comments around that would be helpful?

Niraj Shah: I think if we were to just go back to what we said three months back in terms of what the GST
impact is likely to be. We started with 300 basis points, brought it down to 190 and now we are
standing at 110 basis points. So as such, that is moving exactly in line with what we had spoken
about and are working towards internally as well.

Page 12 of 24
 HDFC Life Insurance Company Limited
April 16, 2026

And by the time we finish the first half of next year, we should be done with the GST impact
and completely absorb it in our business model. Now coming to whether we can get back to the
levels that we spoke about at the beginning of the year of about 25.5%, we can get to it. Are we
in a tearing rush to get to that at the cost of growth? We are not.

Our objective will be to get to faster than industry growth and maintain VNB in line with that.
Along the way, environment stabilizes and we have the opportunity to expand margins, we will
certainly do so. But the first goalpost really is to ensure that the VNB delivery is in line with
APE growth next year.

And any sort of expansion on top of that, aided by product mix, scale, all of that is something
that is definitely on the table. While in H1 we were faster, Q3 we were largely in line, Q4 was
certainly slower than where we want to be. And that is the impact that we need to absorb and we
will as we as the growth normalizes.

So, we are not too concerned about the additional impact that we saw in Q4 on VNB growth and
consequently on the full-year margins. We should be able to recover as the growth normalizes
next year. So that is not something that we worry about as a drag getting into FY27 and beyond.
If we're talking about a 3-year perspective, clearly there is room for margin expansion.

But again, it's going to be measured. Some of our investments now have started bearing fruit in
terms of branch productivity as well as our expenses on the technology front. All of these are
expected to increase productivity, efficiency and better risk management. With that, margin
expansion is something that we should absolutely gun for, with protection becoming larger and
larger part of our business as we go forward.

Vibha Padalkar: And just to summarize, if you see Slide 13 of our investor presentation, it is exactly what Niraj
mentioned. If I ignore the GST, the one-time GST and surrender charge impact, we were very
close to the same 25.6% of last year. And the drop is only because of these items. So, it was
almost like margins were being held and the starting point is anyway 25.5%.

Madhukar Ladha: Sure, got it. And the assumption change and variance break up if that is if you could give that?

Eshwari Murugan: So, the assumption change is mainly on the persistency, the 13th month persistency had dropped
during the year and this has been reflected in the assumptions both in embedded value and new
business. So, it's mainly coming from persistency and that too 13th month persistency. All other
cohorts we don't have any material impact either in the assumption change or in the variance.

Moderator: Our next question comes from the line of Dipanjan Ghosh from Citi.

Dipanjan Ghosh: So, few questions from my side. First in terms of the Banca channel and more specifically on
the non-HDFC Banca channels. Just wanted to get some sense of what's the direction or strategy
when you kind of think of these channels? Is it more growth-focused or do you think the focus
will be on more VNB counter share?

Page 13 of 24
 HDFC Life Insurance Company Limited
April 16, 2026

And from the next two-year perspective, if you can give some colour on that. That's the first
question. The second question is on the product pipeline and this is more in line with also the
AGNI product that you have launched. You mentioned that there has been strong traction
initially. If you can kind of quantify or give some colour around that? And also, in terms of the
refinements on the non-par products that you have done, if you could kind of elaborate on that?
And the product pipeline, alongside on the non-par and annuity side? I mean, if you can kind of
sum it up?

Vineet Arora: I'll take the question on the on the non-HDFC Banca channels. So, the focus, for all channels for
us is very clear that it is to go for growth subject to a certain VNB. And below a certain VNB,
we choose at times not to participate in a certain segment or particular channel also. So, the focus
remains same across channels and that is the reason why you would see that certain parts in Q4
we did slowdown in certain channels. And that I think remains consistent across channels. And
same is the reason why you see a higher focus on our agency and the proprietary business where
we have seen faster growth coming in.

Niraj Shah: On products Dipanjan, a couple of things. One is AGNI was basically the first variable annuity
product that was introduced and it's absolutely contributed to our share of annuity mix increasing
meaningfully in this period. And it was launched towards in the last quarter, so we expect that
to become a full-stream product going into FY27 and beyond.

And as we understand more of the product category, we would want more potential for
innovation in this category as the regulator allows us to use more instruments that will enable a
better customer proposition while we manage our risks appropriately. It is a win-win from a
customer perspective for anyone who is reasonably affluent.

We have launched this product at a ticket size of 25 lakh and above to ensure that the customer
clearly understands what they are buying and it's not a completely guaranteed product. It is
guaranteed up to a point, after which the customer participates in the upside because of the asset
allocation that we are able to do in the product.

And that is something that we believe is here to stay from a customer who is reasonably affluent
and savvy and is not dependent on the entire annuity stream to maintain monthly expenses. So
that was really the thought process behind it and there will be a lot more to come in this space.

As far as non-par savings is concerned, I think a few things that we are basically looking to add
to our flagship Click 2 Achieve series and a large part of it is to do with giving more flexibility
to customers, looking at customer segments a little more granularly to see what we can do in
terms of affording more options to customers as well as getting more competitive.

And over a period of time as the asset side of the market develops, there will be more options
that will kind of come through in each of these categories. So, I guess a lot of things will be
happening behind the scenes, which is just ready to take advantage of a more favourable interest
rate environment as we step into FY27.

Page 14 of 24
 HDFC Life Insurance Company Limited
April 16, 2026

And the volatility on the equity side so far has not really dampened unit-linked demand. But we
will wait and see how that kind of goes on as we go forward. Asset allocation is currently
unfortunately out of fashion, but that is something that we expect to normalize in the next 12 to
24 months. When that happens, with the suite of products that we have and more in the pipeline,
we expect the category to do extremely well.

Dipanjan Ghosh: Thanks, Niraj. Just one small follow-up. This variable annuity product propositions, how are the
margins in this product, I mean, compared to industry or company-level margins?

Niraj Shah: It will be higher than company-level margins.

Moderator: Our next question comes from the line of Shreya Shivani from Nomura.

Shreya Shivani: A couple of questions on the EV and VNB walk basically. Shouldn't the GST and Labour Code
impact be an assumption change because it is a permanent change rather than a variance? Also,
comparing to one of your peers, there is no impact of the yield curve movement on your VNB
walk. What is the thought process behind this if you can explain that?

And has the persistency assumption changes caused a sharp movement in your persistency
sensitivity from your sensitivity analysis table? Just one question on the growth outlook on the
competitive landscape etcetera to Vibha. I mean, one way of dealing with the competitive
landscape is obviously what you're doing: going granular and trying to find a different kind of
pricing for your products etcetera.

However, expanding beyond our obvious markets, expanding into deeper pockets or markets
where only few players operate, isn't that something which we would be focused on from a long-
term period? Not for FY27, but if I ask you about next 5 years, shouldn't that be one of your
strategies, knowing that the competitive landscape can be quite volatile in the urban Tier 1
markets?

Eshwari Murugan: So, on the EV walk, the GST impact is the impact on the existing business because there is no
input tax credit on the renewal commission and the maintenance expenses. So that is a one-time
impact and it is external environmental impact, that is why it is shown as another operating
change or variance.

The loss of input tax credit on the new business, which is part of the business model, is captured
in the VNB which is within the embedded value operating profit or within the embedded value
walk before the one-off. So, the one-off is actually only one-off; it's only one-time impact on the
existing book. The thought process is that whatever is not within the internal environment or the
business model of the company, that should be captured as a one-off operating variance.

Niraj Shah: And next year, all of this will sit in the VNB for next year. So, it will become part of the business
model entirely. This year, since it happened mid-year, the back book had to do what it had to do.

Page 15 of 24
 HDFC Life Insurance Company Limited
April 16, 2026

Eshwari Murugan: Yeah, the closing EV will be the opening EV for next year, and next year the entire impact, as
Niraj mentioned, if at all there is any impact that is not absorbed, will be in the VNB. In the
NBM or the VNB walk, the net impact of changes in interest rate, changes in product pricing,
product features, other assumptions etcetera is captured in the product profile.

The reason we don't call out economic assumption change separately is that it is not that during
the entire year we will not do anything if the changes are in the interest rates are going up or
down. There will be lot of dynamic changes in the pricing. It will be very difficult to capture the
impact of assumption change assuming that everything stayed the same.

So, the net impact, if the spreads have gone up and you've not repriced it to that extent, it will
be an increase in NBM, that will be captured in the product profile. Similarly, if the interest rates
go down and you still not repriced it for whatever reason, that will be a negative on that and that
will be again captured in the product profile.

So, this is the thought process which we have been following for many years now; there is no
change in the way we have been showing these impacts. Yes, on the persistency sensitivity, there
are two things which is resulting in a higher sensitivity. One is the proportion of ULIP has gone
up compared to last year.

Hence, higher sensitivity. And also because of the changes in surrender value regulations, even
in the non-linked products, the persistency will have an impact on the EV or the margin because
unlike earlier where there was some lapse profits or surrender profits if the policyholder didn't
stay for the scheduled policy term, here there is going to be an impact on the margin, that's why
there is a higher sensitivity.

Vibha Padalkar: To take your question on getting deeper into interior India, that's exactly what we're doing. And
to remind you that one of the reasons for us to have acquired Exide Life was just that. Because
we felt that that was not expressly our core competency. It was happening more because of some
of our partners/distributors were there.

But we formulated an entire go-to-market strategy in Tier 2 and 3. And I'm happy to share that
more than 72% of our customers acquired in this financial year, FY26, they were new to HDFC
Life. And if I were to look at Tier 2 and 3, they grew faster than Tier 1. Also, if I were to look
at say our agency channel, every metric, so our FC base, the financial consultant base, if you
look at it, the growth there was 43% on a gross basis.

Our marketing collaterals, using of AI so that every local language and dialect is possible right
from training to servicing. Even our ads if you see, for the first time this year, we have used, say
like in West Bengal, we have used local leading personalities as against national.

So, we're already well on that path. Having said that, it's never all easy because we don’t have
as much data on all the profiles. So, there will be two steps forward, one step back. But I think
we are now in a position of reasonable amount of confidence that within Tier 2 and 3, what are

Page 16 of 24
 HDFC Life Insurance Company Limited
April 16, 2026

the profiles that we are comfortable underwriting, and that will only increase as we get more and
more data.

Another data point is that as you know we've been opening branches, you know over 200-plus
branches over the past 24 to 36 months, and happy to share that in our agency channel, 13% of
the business now comes from the branches that we opened in that time frame. So, we have a
holistic strategy of exactly like you're saying, to be amongst the top three movers into that space
rather than only operating in a more crowded metro salaried kind of space.

Niraj Shah: Maybe just one thing I'll add to what Vibha mentioned is that we are aware as we step into these
smaller markets that the time for the branches to get as productive as in the larger markets is a
lot higher, maybe 1.5x more. But we've not shied away from making all these investments.

So, it's just that the timeframe from which we get these returns is a little longer than we would
get from a, you know, larger branch. So, both of these happen in parallel, and the trade-offs and
basically the payoff periods from both of these can vary. But like you rightly mentioned, I think
as you go deeper into India there is more sanity as far as the competitive intensity is concerned,
given the obvious, you know, costs involved in going deeper as well as the brand recognition.
We do understand that that is an advantage that that we have, and we plan to build on that as we
go forward.

Moderator: Our next question comes from the line of Nischint Chawathe from Kotak Institutional Equities.

Nischint Chawathe: You mentioned that, the counter share at HDFC Bank in fourth quarter was lower than nine
months, but if you could give any colour as to, what it was for the entire financial year? And,
how does that sort of compare with the broad guidance of two-third counter share at HDFC Bank
over the medium term?

Vineet Arora: Yeah, so we were in mid-60s the year before, and this year we would have closed at early 60s.

Nischint Chawathe: And how does the conversation go? Is it something that it kind of reverts over time or there could
be some kind of downward revision to this? How does it work?

Vineet Arora: No, so conversations are not only around share because the share is in an open architecture
platform and, it's on the ground in every branch and every segment, where we are competing
like a normal insurance player. And basis that we know actually at a granular level which are
the places which are the cohorts that, we would have let go of which led to this loss of share.

And if we need to compete back, we also know what it takes to compete back. So, I think from
that angle, it's not about a conversation; it's more about what business we want and what business
we let go.

Nischint Chawathe: Sure, and I recollect at the beginning of last year, you budgeted for around I think 14% odd APE
growth. Destiny had other plans, but, when you start this year given the uncertainties that are
around, how do you budget, for FY27 growth? What would be like your starting point?

Page 17 of 24
 HDFC Life Insurance Company Limited
April 16, 2026

Vibha Padalkar: So exactly like you said Nischint, a 14% I think it was actually we had said 12-13%, but okay, I
think low double-digit growth is what we had said. Now with all this uncertainty and we have
been here before in terms of when COVID was there and so on. I think we will just take it a
month at a time in terms of planning. It is really volatile.

What we will attempt to do is grow slightly faster than the sector and while doing that focus on
some of the headwinds that we have on protection. We talked about some of the products like
AGNI. We will really focus on maximizing Tier 2 and 3 as well, the traction, because it is not
as crowded as some of the other markets.

So, I think that's what we will focus on rather than trying to put a number, because a number
means that you're going invest resources and so on up front. I think it's a little bit too volatile a
situation.

Nischint Chawathe: Fair enough. And just last one, do you think that this is the right environment for non-par to pick
up over ULIPs given the given the way the bond yields have moved and, you could probably
leverage that in terms of offering higher IRRs.

Niraj Shah: Yeah, absolutely. We've been waiting Nischint, but it's not happened given the flows continue
on the equity side, which is again we have no problem with that, we'll take all the growth that
comes in unit-linked as well given that we now have an operating model that works. But yeah,
it's a bit puzzling to us as well that given the environment and given the uncertainty and the
returns on the equity side in the short-term, customers are still ignoring asset allocation.

That is something which I guess like, we discussed earlier, we are ready with multiple product
options for customers and we absolutely believe this year I think the non-par take-up should be
higher than what it was last year. It's a bit puzzling why it hasn't happened already.

Nischint Chawathe: But do you think the demand is elastic to IRRs?

Niraj Shah: No, we do not believe so. To some extent, yes, where in an extreme situation where I mean
someone's putting 100 basis points more than me, of course they're going to buy that product.
But the thing is if within a band of like in protection 15%-20% up and down, it is not elastic, it
is driven by multiple things including brand preference and as long as we're in the zone we are
okay.

So, in IRR I'll give you an example of annuities. Annuities all the major players, three or four of
us who are 90%-odd of the market, are pretty much fairly close to each other because that is the
pricing that makes sense. And the customers choose based on their preference and the
distribution outreach of each of the players.

So similarly on non-par, I think maybe barring one or two players, you find everyone from a
mix perspective being anywhere between 15% to 20% of their product mix is non-par. So that
tells you that up to a particular point, pricing would matter. But once you're in a range, then

Page 18 of 24
 HDFC Life Insurance Company Limited
April 16, 2026

multiple other things take over. So, it's not completely elastic to some extent, when there is an
outlier pricing, definitely there will be some demand that gravitates towards it.

Moderator: Our next question is from the line of Supratim Datta from Jefferies.

Supratim Datta: So my one question is on the rider attachment. So, could you let us know what is the current
rider attachment rate that you have, and you know how much further can this be increased?

And if the ULIP demand comes off and that's replaced by non-par, could you do the same thing
as increasing the sum assured with non-par products as well? Would the similar strategy work
there as well? And what proportion of the ULIP policies currently has this higher sum assured?

Niraj Shah: We have it highlighted in our investor presentation as well, about one-fourth of the unit-linked
business that we sell comes with higher sum assured. And we started our rider journey about
maybe 3 years back with a lot of education internally and putting our systems and processes in
place to ensure a seamless experience for customers.

Even far back as a year ago, year and a half back, the rider APE was less than 1% of unit-linked
premiums. Today it's at least 5x to 6x times that. And it is only increasing with the number of
riders that we're able to bring to the table with customers opting for a combination of higher
riders as well as higher levels of sum assured.

So, I think, as of now, we have all the options from a customer perspective whether they want
to take higher level of protection in the base sum assured itself or they want to have the option
of taking a rider. And that is something that I guess we'll continue as we go forward as well.

On the savings and non-par products, we have not seen a very significant take-up of riders yet,
because the thought process there is a little more different compared to when someone is looking
to buy a unit-linked product. We are trying to see how we can improve our attachment ratios on
other than unit-linked products as well, but that's still work in progress.

On standalone protection, like Vibha mentioned earlier on the call, there is a fairly significant
uptake of pure or non-return of premium products this year given the GST change. Return of
premium is also doing reasonably well. It's just that the full impact of the GST price has shown
itself in higher demand for pure non-ROP products. So, I think having a suite of each of these at
scale definitely helps, depending on whatever choice the customer may want to make.

Supratim Datta: Got it. And you know at the overall APE level what would be the proportion of riders?

Niraj Shah: So, again, we have, I think spoken earlier and, on the call, 7% is our pure protection by itself in
individual business, and adding riders it comes to 10%. So, I think you can attribute about three-
odd percent of our APE to that.

Moderator: Our next question comes from the line of Sanketh Godha from Avendus Spark.

Page 19 of 24
 HDFC Life Insurance Company Limited
April 16, 2026

Sanketh Godha: So Vibha or Niraj, the question is that you told that in fourth quarter you lost market share
compared to nine months in bank. So, is it fair to say that the competitive intensity actually
increased and that's the reason we lost the market share, and if given IFRS forbearance is
accepted, are you confident that the growth might come back to mid-teens kind of a level next
year?

Or whatever the pain has to be taken with respect to non-par unviable business, it has already
been there in the current year, and on a lower base that should look little better going ahead, and
therefore the mid-teens growth can come. So, any colour on those lines will be very useful to
understand the growth trajectory going ahead?

Niraj Shah: So Sanketh, given the environment, difficult to put a number in terms of what growth comes
ahead as far as the specific question in terms of within HDFC Bank competitive intensity
increase in quarter four, yes. Do we expect that to continue into FY27 and beyond? We do not
believe so for all the reasons we mentioned because sustainable growth, profitable growth, which
is capital efficient, has to be done in a manner which kind of makes sense, even if you have a
lower profitability threshold.

So, like we mentioned, we don't have to be, you know, present in all the segments at all points
in time. There will be opportunities available to do a lot more granular work to get our counter
share where we would like it to be. And that's something that we're already working on. We
discussed geographies, we discussed kind of branches, we discussed customer segments.
Whatever applies at an overall level will apply to HDFC Bank also in terms of our approach to
get our counter share back up to where we would like to see it.

So, we we're not going to be sucked into unreasonable things that are happening on the ground.
We will push ourselves, definitely. We'll do our trade-offs between growth and profitability and
keep challenging ourselves in terms of are we missing something which makes sense. We've
done that in the past, we'll do that again. But anything that absolutely looks, you know,
unmanageable from our perspective, we will not step into even now. So that's our thought
process.

Sanketh Godha: But given maybe the capital will come in and maybe sub-debt raise, will it give a bit of little
more comfort or gunpowder to be little more competitive compared to what you were in the
current year? Maybe there was a border case business you missed, you chose to not to do it, but
with the capital, will that that thought process might change at the fringe level?

Vibha Padalkar: I think we have enough gunpowder to be competitive, but for different reasons, not necessarily
because capital has come in. Capital has come in for growth in the normal scheme of things
because RBC is likely to come after IFRS rollout has happened.

So, it's more to tide over that. There are quite a few things exactly like we did in the case of
protection, which was really being nuanced on driving the narrative rather than being forced into
doing things that we are not comfortable doing or don't see the end game in doing all those

Page 20 of 24
 HDFC Life Insurance Company Limited
April 16, 2026

things. So, you will have to just wait and watch because again not everything can be disclosed
on a call like this.

But yes, we are not just sitting and waiting until the whole thing blows over, but yes, there are
at least three or four things up our sleeve to manoeuvre the narrative in a direction that we want
to. And just in terms of giving a little bit of colour is that we are looking very granular within
our data to see for which customers we can take not an aggressive but a calculated call, and
which ones we absolutely want to avoid. So, it's not one size fits all.

Moderator: Our next question comes from the line of Prayesh Jain from Motilal Oswal Financial Services.

Prayesh Jain: The question is on HDFC Bank channel, and I think that's been discussed quite a bit, but just
one more angle to it. Whether commission that the competitors are paying to HDFC Bank, does
that also come into equation where the share has come down come down for us?

Second, when you say that the capital raise will give you additional solvency of 900 basis points,
do you also build in the additional debt that you can raise via the bonds to build that capital?
And lastly, on commission regulations if any that comes through, then how would kind of things
play out with your primary partner, which is HDFC Bank?

Vibha Padalkar: So, on commissions, everything is identical over here. We do calibrate product mix. So, we will
choose the segments in which we want to be materially present. To give you an example, if unit-
linked at a low sum assured multiple is the name of this game or lower premium payment term,
then we might take a back seat like we have done. You know, like two premium payment term
at full commercials and so on is something that don't see the end game in that.

So, it's not that the headline commercials are different, no they're identical. However, it's some
of the nuances of products that could vary, that's point number one. And as regards the outlook
in terms of commission regulations and so on, I think we will have to wait and watch. We have
had, since you're asking specifically about our primary partner, it is not that we haven't been
having conversations on what-if scenarios and they're fully aware, and they also sit at the Board.

So, they're fully aware of many different possible scenarios and, you know, what might be
viable, what tweaks might be required to business model and so on. Like I said, in the medium
term, whatever it is, the demand for insurance is not a figment of our imagination. Exactly like
the way demand really took off with this GST cut as far as protection is concerned. So that
demand is certainly there. How one taps it through what kind of products in a new environment,
if there is one, is something that we will quickly look at and collaborate with our partners for it
to be a win-win.

Niraj Shah: And Prayesh, if I could just quickly repeat your question on that solvency. You asked about
whether there is capacity to raise sub-debt? Answer is yes. We could raise on the back of INR
1,000 crores of equity, INR 500 crores sub-debt, which will give us an additional 4% as and
when we believe it would be required or we want to just exercise that option.

Page 21 of 24
 HDFC Life Insurance Company Limited
April 16, 2026

Prayesh Jain: Yes, so together these two capital raise options could positively impact solvency by 1,300 bps,
right?

Niraj Shah: That's correct. 1,300-1,400 bps, yes.

Moderator: Our next question is from the line of Vinod Rajamani from Nirmal Bang.

Vinod Rajamani: Yes, thank you for taking my question. So, I have I have one question on retail protection. So,
what proportion of buyers would you say on retail protection are first-time buyers? Is there any
sense that you're getting that the addressable new-to-insurance kind of pool, that pool is kind of
thinning or is that getting a little saturated? How should we think of that? And what is the kind
of sustainable quarterly protection growth rate into FY27?

Niraj Shah: Yes, so it is very encouraging to see that post-GST about 80% of the protection business is new
to HDFC Life customers that we saw. And as Vibha mentioned in her opening comments, we're
basically seeing fair bit of demand across different customer segments. And also, in terms of the
choices that they're making in terms of taking full advantage of the GST cut to either buy more
sum assured or so basically even after the changing price, we're able to maintain our average
ticket size, which basically tells you people are buying a lot more cover with the same amount
of money.

They could have chosen to buy similar cover with lower premiums, but the most customers have
not chosen to do that. So that's a very good sign. With all of this as well, in spite of all of this,
we are still fairly under-insured as a as a country and the customer segments that we believe
require more insurance.

So, we're far from saturated. Customers are taking making different choices to buy protection.
Some who are comfortable using the savings vehicle have these options that we discussed earlier
in terms of riders or higher embedded sum assured. But a lot of young customers are taking pure
protection products and the GST change has been a fairly big catalyst there.

Vinod Rajamani: The other specific question on the HDFC Bank channel. So, is the bank trying to kind of
deprioritize non-par savings? I mean, if it's a trend which is kind of visible in terms of the fact
that ULIP share has been increasing. So, does the bank kind of see it as competing with deposit
holders and so on? Is that something which is being felt?

Vineet Arora: No, we haven't seen this kind of a let's say a completely deliberate kind of a move towards one
particular product mix. The ULIP mix is mostly coming in from the demand from the customers
and more of an easier sale, especially, certain segments like we spoke about when you're able to
configure a shorter pay etcetera in ULIPs for certain insurance companies. So, I think that's the
reason why you've seen maybe a larger skew happening in the ULIP side in HDFC Bank.

I have not really seen the reason that this might be competing with a deposit. And also, we have
always focused on long-term guarantees, long-term products, which do not really fall into the

Page 22 of 24
 HDFC Life Insurance Company Limited
April 16, 2026

bank's competing foray. I mean they work on a medium-term kind of assured returns and our
products have always focused on much longer-term guarantees.

Moderator: The next question comes from the line of Tejas D'Cunha, an Individual Investor.

Tejas D'Cunha: I have two questions. What was the percentage contribution from HDFC Bank channel in the
individual overall new business premium? And the second one, you mentioned that the MFI
sector growing and catching up in Q4, what was the growth that was registered in Credit Life
new business premium business?

Vineet Arora: MFI, I think we saw the growth coming back in quarter four. Quarter four MFI growth was there
because there was also a subdued base last year, growth was in excess of 40% in Q4, while on
an overall year basis, I think we saw business growth of about 13-odd percent. Slightly slower
than our CP growth, but that's the full-year number in the MFI business. On HDFC Bank, our
NBP contribution on received premium is approximately about 40-odd percent.

Moderator: The next question is from the line of Manjeet Buaria from Saamya Advisors LLP.

Manjeet Buaria: Vibha, I had one question. Why did we not revisit our dividend policy and skip about INR 450
crores of dividend payout when we are simultaneously looking to raise INR 1,000 crores in a
primary issue?

Vibha Padalkar: See, we do have a lot of retail investors, close to 9-10 lakhs of retail investors on an average,
there are pension funds also. When you look at banks, let's take that example. Banks come to
the market to raise capital all the time, and they pay dividend. So, it's no different; it's just that
in life insurance, the back book so far has largely funded normal growth. Now, protection here
has been a lot higher than in the past 17-18 years that I've been associated with the sector.

That's a good problem to have, however it requires capital. So, this is growth capital. If there
was an issue in terms of some hole that is caused because of some inefficiencies or something
like that, then maybe what you're saying could be considered. But this is growth capital, no
different from any other sector, and this is business as usual as far as existing shareholders are
concerned, especially the retail shareholders. I think that's how we had to triangulate; hence
we've kept it flat. So, we've tried to balance the two objectives.

Manjeet Buaria: I understand that Vibha, but actually, you know, it's also indicative, right? The Board would not
want to raise primary unless we are at a fair price. And given the way our valuations have tracked
over the last few years, you're indirectly indicating that, we are already at a fair price. So, I mean,
ideally you don't want to do that, right? I mean typically banks have raised a lot of capital, they've
done it at much higher valuation multiples than their fair value multiples. But anyway, I was just
curious about it. Thank you so much.

Moderator: The next question is from the line of Nidhesh Jain from Investec.

Page 23 of 24
 HDFC Life Insurance Company Limited
April 16, 2026

Nidhesh Jain: My question is on margin. So, this year, we had a negative impact of 110 basis points because
of GST and 20 basis points of surrenders. So that should not recur next year. So, should our
starting margin should be higher than almost 130 basis points what we have shown in FY26?

Niraj Shah: So, Nidhesh, yes, I mean the GST impact is something that we will neutralize in the first half of
next year. Post that, it is completely baked into the business model and after that whatever
delivery happens should be on that basis. So, before GST, or rather I think end of quarter three
we did mention that we'd like to get back to the levels of FY25 in the 25-plus percent range. Can
we get to it? We possibly can, but like I mentioned earlier on the call, that's not something we're
going to prioritize.

What we're going to prioritize is to get the growth back to the handle that we are comfortable
with and deliver VNB growth at least in line with that. And if there is any potential and scope to
expand margins beyond that, absolutely we will try and do that. But the priority will be to get
growth back to where we would like it to be.

Moderator: As there are no further questions from the participants, I now hand the conference over to Ms.
Vibha Padalkar for closing comments.

Vibha Padalkar: Thank you for joining us today. Should you have any follow-up questions, please feel free to
reach out to our investor relations team.

Page 24 of 24