Analysts/Institutional Investor Meet/Con. Call Updates

July 22, 2026 Ref. No: HDFC Life/CA/2026-27/31 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 - Q1 FY27 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 July 15, 2026 to discuss the financial performance of the Company for the quarter ended June 30, 2026. The said transcript has been hosted on the Company’s website at https://www.hdfclife.com/aboutus/ investor-relations. This is for your information and appropriate dissemination. Thanking you, For HDFC Life Insurance Company Limited Nagesh Pai Company Secretary & Compliance Officer Encl.: As above HDFC Life Insurance Company Limited Q1 FY27 Earnings Conference Call July 15, 2026 Page 1 of 20 HDFC Life Insurance Company Limited July 15, 2026 Vibha Padalkar: Good evening, everyone, and thank you for joining our earnings conference call for the quarter ended June 30th, 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 on today's call are Niraj Shah, Executive Director and CFO; Vineet Arora, Executive Director and Chief Business Officer; Eshwari Murugan, Appointed Actuary and Chief Actuary; and Kunal Jain, Head IR, Business Planning and Strategy. Moving on to the macroeconomic front. Let me begin with the broader macroeconomic context. FY27 opened on a firm footing than we anticipated a quarter ago. The RBI's financial stability report reaffirms that the banking and corporate sectors remain healthy, providing a stronger cushion against external shocks than in past episodes of stress. That said, the environment is not without its watch points. Geopolitical escalations and risks can resurface quickly and we are watching this closely, given bearing on oil prices and broader market sentiment. El Nino also remains a factor we are tracking, though we do not see this as a broad-based risk at this stage. We believe this improving macro backdrop is constructive for long-term savings and protection businesses like ours, and we remain watchful for any material shifts as we go through the year. Moving on to our business performance. We commenced FY27 with Q1 individual APE and WRP growing by 7% and 8%, respectively, while overall APE growth was stronger at 9%, supported by robust growth in credit life and group business. On a 2-year CAGR basis, individual APE growth was 10%, and our retail private market share stood at 16.3%. Growth during the quarter was underpinned by strong customer acquisition with the number of policies growing in double digits and ahead of industry. Retail Protection continued to outperform the company average growing by 42% and retail sum assured should also continue to outpace the industry, which is a reflection of the quality of our business mix and our sustained focus on long-term protection outcomes. Importantly, this growth was broad-based. Channels other than HDFC Bank collectively grew at 17% in Q1 FY27, led by a strong performance by our agency channel and healthy momentum across non-bank alliances, demonstrating that the underlying engine of our business remains well set up. Business through the HDFC Bank channel remains subdued this quarter, reflecting softer volumes at the overall bank level. We have worked closely with the parent and encouragingly accounted share within the bank improved through the quarter and is now trending closer to where it stood at the same time last year. And this is on a run rate basis. While it is early days, we see growth pick up as a matter of time rather than anything structural, and we expect the channel to progressively contribute to growth as the year progresses. Page 2 of 20 HDFC Life Insurance Company Limited July 15, 2026 Our agency channel grew ahead of the company average at 21%, with particularly healthy traction in protection and annuity, a continuing payoff from our investments over the past few years, in distribution reach, frontline capability and branch productivity. Our non-bank alliances also delivered a strong quarter with retail protection growing by 60% year-on-year and market share across partners remaining largely stable. For FY27, we continue to hold ourselves to two clear markers, growing in line with or faster than the industry over the course of the year and delivering VNB growth broadly in line with APE growth as we prioritize profitable market share gains this year. We remain disciplined in our approach anchored in customer acquisition, product competitiveness and quality of business and confident that the machinery we have built is positioned to deliver on both. Moving on to product mix. Our product mix remains well diversified. Unit-linked products contributed 44% of individual APE, non-par savings 22%; participating products 15%, retail protection 8% and annuities 11%. Non-par savings crossed mid-20s on a run rate basis by the end of the quarter, aided by calibrated rate actioning across select cohorts supported by a favorable yield environment. We also saw some benefit from competitive repositioning in the category alongside a gradual shift in customer preference towards guaranteed return products, a trend we will continue to watch as the year progresses. Protection continues to be a standout, growing over 40% year-on-year as we carried forward the momentum from the second half of FY26. Retail protection's share of our business rose from around 6% to 8% and to nearly 11%, including riders. Credit Protect also delivered healthy growth of 19%, supported by a recovery in the MFI segment. Annuity saw strong momentum on the back of our variable annuity proposition launched in Q4 FY26 and which now accounts for just under half of our annuity mix and has opened new conversations with both distributors and customers. We believe continued innovation in this category will expand our addressable market over time. Unit-linked demand remained resilient despite market volatility. Looking ahead, we expect our product portfolio to remain balanced. We do not anticipate ULIP mix increasing meaningfully from current levels and expect the share of non-par savings products to improve gradually as customers rebalance their asset allocation towards long-term guaranteed solutions amidst evolving market conditions. We also expect protection to remain a key growth driver, although growth rates may moderate in the second half as the impact of recent tailwind normalizes. Moving on to financial and operating metrics. Our value of new business grew 9% to INR 879 crores during the quarter, aided by improvement in new business margins by 100 basis points sequentially versus Q4. On a 2-year CAGR basis, VNB growth was 11%. New business Page 3 of 20 HDFC Life Insurance Company Limited July 15, 2026 margins stood at 25%, aided by better product profile, which helped absorb scale-related pressure and a GST impact of approximately 60 basis points. Residual GST impact now stands at 60 basis points, and we remain on track to fully neutralize it over the coming quarters. Going forward, while margins should improve with scale and product mix, as stated at the beginning of this year, we will continue to prioritize growth over margin expansion. And hence, we expect new business margins to remain range bound at current levels. Renewal collections registered a healthy growth of 19%. Our 13-month persistency moderated by around 200 basis points to 84% broadly in line with our expectations and driven largely by specific cohorts and softer collections in unit-linked product [Showing first 8,000 characters — download PDF for full document]