HDFC LIFE PERFORMANCE FOR QUARTER ENDED JUNE 30, 2026

BSE Code :540777 NSE Code: HDFCLIFE

HDFC Life Q1 FY27: Value of new business (VNB) growth in line with APE growth; 25.0% New Business Margin, healthy growth in protection and annuity

Mumbai, July 15, 2026: The Board of Directors of HDFC Life approved and adopted the reviewed standalone and consolidated financial results for the quarter ended June 30, 2026.

India remained among the fastest-growing major economies in FY26, supported by resilient domestic demand and continued structural reforms. Growth for FY27 is expected to moderate, largely on account of the ongoing West Asia conflict and its bearing on energy prices. We remain watchful for anymaterialshiftsaswegothroughtheyear.Forthelifeinsuranceindustry,thisbackdropcontinues to reinforce the long-term, protection-led nature of the business, even as the sector adapts to a meaningful pace of regulatory change.

India's life insurance opportunity remainssignificantlyunderpenetrated relative to itseconomic size, withaprotectiongapthatcontinuestowidenashouseholdincomesrise.Thislongrunway,combined with an industry that is steadily professionalising its distribution and product design, continues to support the case for sustained, long-term growth.

VibhaPadalkar,MD&CEO,HDFCLife,said:

"In Q1FY27, while our proprietary channels led by agency and non-bank alliances channels grew by 17%,fasterthantheindustry,businessthroughourbancassurancechannelsawmoderategrowththis quarter resulting in Individual APE growth of 7%. We saw encouraging improvement in our counter share at partner banks as the quarter progressed, and we expect this to normalise further over the coming months.

Growth during the quarter was underpinned by strong customer acquisition, with the number of policies growing in double digits and ahead of industry. Our product mix also continued to improve, with non-participating savings crossing 25% of individual APE on a run-rate basis. Retail protection grew 42% this quarter, retail sum assured grew 31% and credit protect grew close to 20%. Together, these underscore the strength of our protection franchise and our continued focus on long-term, sustainable value.”

NirajShah,ED&CFO,HDFCLife,said:

“NewBusinessmarginforthequarterwas25.0%;excludingtheimpactofGST,themarginwouldhave been 25.6% compared to25.1% in thesame period last year.Value ofNew Business grew 9% to₹879 crore.WecrossedanimportantmilestoneduringthequarterwithAssetsUnderManagementcrossing

₹4 lakh crore. Profit after Tax for the quarter grew by 12% year-on-year to ₹611 crore. Excluding GST impact, underlying PAT growth for the quarter stood at 17%.

We stay focused on being a consistent, predictable partner to our customers and distributors as the industryworksthroughaperiodofregulatorytransition.Weremainconfidentintheunderlying

strengthofourfranchiseasweprogressthroughtheyear.ForFY27,ouraspirationremainsunchanged: to grow in line with or faster than the industry, and to deliver VNB growth broadly in line with APE growth."

PerformanceHighlights:

NewBusinessintermsofoverallAnnualizedPremiumEquivalent(APE)grew9%year-on-year, translating into a healthy two-year CAGR of 11%

Overallindustrymarketshareat11.2%

ValueofNewBusiness(VNB)grewinlinewithAPE;VNBforQ1FY27stoodat₹879crore,with margins of 25.0%; New business margins for Q1FY27, excluding impact of GST would have been 25.6%

Retail protection registered robust growth of 42% during Q1FY27; Retail protection mix expandedbynearly200basispointsyear-on-yearto8%,andincludingriders,protectionnow contributes nearly 11% of our retail business

Retail sum assured grew by 31% year-on-year, and we ranked amongst top two players, reinforcing the quality of our business mix

Assets under Management (AUM) including that of our wholly owned subsidiary HDFC Pension Fund Management crossed ₹5.7 lakh crore

Persistencyratios -13-month and61-month persistency at84%and65%respectively.These trendsreflecttheunderlyingproductandtiermix.Renewalcollectionsgrew19%year-on-year

EmbeddedValue(EV)stoodat₹65,860crore,withrollingoperatingRoEVof14.7%

Profit after tax grew by 12% to ₹611 crore, for the period Q1FY27. Excluding GST impact, underlying PAT growth stood at 17%

SolvencyRatiowashealthyat185%

KeyFinancialSummary

₹Crore

Q1FY27

Q1FY26

YoY

KeyFinancialandActuarialMetrics

IndividualAPE

2,969

2,777

7%

TotalAPE

3,515

3,225

9%

NewBusinessPremium(Indl+Group)

8,143

7,272

12%

RenewalPremium(Indl+Group)

9,023

7,603

19%

TotalPremium

17,166

14,875

15%

AssetsUnderManagement

4,00,870

3,55,897

13%

ProfitAfterTax1

611

546

12%

IndianEmbeddedValue

65,860

58,355

13%

Valueofnewbusiness2

879

809

9%

Q1 FY27

Q1FY26

KeyFinancialRatios

NewBusinessMargins2

25.0%

25.1%

OperatingReturnonEV3

14.7%

16.3%

TotalExpenses/TotalPremium

22.6%

21.9%

SolvencyRatio

185%

192%

13M/61MPersistency

84%/65%

86%/64%

IndividualWRPmarketshare(Overall)

11.2%

12.1%

ProductmixbyIndlAPE(UL/Nonparsavings

/Annuity/Protection/Par)

44/22/11/8/15

38/19/5/6/32

DistributionmixbyIndlAPE(Banca/Agency/Non-bank alliances/ Direct)

57/18/15/10

60/16/15/9

Percentagesmaynotaddupduetoroundingoffeffect

PATgrowthexcludingGSTimpactis17%forQ1FY27

ExcludingtheimpactofGST,VNBmarginsstoodat25.6%andVNBgrewby11%inQ1FY27

Onrolling12-monthbasis

Definitionsandabbreviations

Annualized Premium Equivalent (APE) - The sum of annualized first year regular premiums and 10% weighted single premiums and single premium top-ups

AssetsunderManagement(AUM)-ThetotalvalueofShareholders’&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 2025, the first monthly instalment receivedwouldbe reflectedas Firstyear premiums for2024-25and the remaining 11 instalmentsdueinthefirstpolicyyearwouldbereflectedasfirstyearpremiumsin2025-26,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

Total 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 plus commission paid to distributor

Totalexpenseratio-Ratiooftotalexpensetototalpremium

OperatingreturnonEV-OperatingReturnonEVistheratioofEVOP(EmbeddedValueOperating 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

Premium less benefits payouts - The difference between total premium received and benefitspaid (gross of reinsurance)

Renewalpremium-Regularrecurringpremiumsreceivedafterthefirstpolicyyear

Solvencyratio-Ratioofavailablesolvencymargintorequiredsolvencymargin

Total premium -Totalreceivedpremiumsduringtheyear includingfirstyear,singleandrenewal premiums for individual and group business

Weightedreceivedpremium(WRP)-Thesumoffirstyearpremiumreceivedduringtheyearand 10% of single premiums including top-up premiums

AboutHDFCLife

Established in2000, HDFCLifeis aleading, listed, long-term lifeinsurancesolutions provider in India, offeringarangeofindividualandgroupinsurancesolutionsthatmeetvariouscustomerneedssuchas Protection, Pension, Savings, Investment, Annuity and Health. The Company has over 75 products (individualandgroupproducts)includingoptionalridersinitsportfolio,cateringtoadiverserangeof customer needs.

HDFC Life continues to benefit from its increased presence across the country, having a wide reach withbranchesandadditionaldistributiontouch-pointsthroughseveralnewtie-upsandpartnerships. Thecountofdistributionpartnershipsisover500,comprisingbanks,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.

Disclaimer

Exceptforthehistoricalinformationcontainedherein,statementsinthisreleasewhichcontainwordsorphrases suchas'will','would',‘indicating’,‘expectedto’etc.,andsimilarexpressionsorvariationsofsuchexpressionsmay 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, butare not limited to ourability 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,cashflowprojections,ourexposuretomarketrisks,policiesandactionsofregulatoryauthorities;impact of competition; experience with regard to mortality and morbidity trends, lapse rates and policy renewal rates; theimpactofchangesincapital,solvencyoraccountingstandards,taxandotherlegislationsandregulationsin 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,advisersorrepresentatives,undertaketoupdateorreviseanyforward-lookingstatements,whetheras a result of new information, future events or otherwise and none of them shall have any liability (in negligence

orotherwise)foranylosshowsoeverarisingfromanyuseofthispressreleaseoritscontentsorotherwisearising 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-lookingstatementsarebasedonreasonableassumptions,itcangivenoassurancethatsuchexpectationswillbe 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 uncertaintyandcontingenciesoutsideCompany’scontrol.Pastperformanceisnotareliableindicationoffuture performance.

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