Press Release

October 15, 2026 Ref. No: HDFC Life/CA/2026-27/41 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: Press Release and Investor Presentation – Financial Results H1 FY27 Please find enclosed herewith a copy of the press release and investor presentation on financial results for the half-year ended September 30, 2026. This is for your information and appropriate dissemination. Thanking you, For HDFC Life Insurance Company Limited Niraj Shah Executive Director & Chief Financial Officer Encl.: As above PRESS RELEASE - PERFORMANCE FOR HALF YEAR ENDED SEPTEMBER 30, 2026 BSE Code: 540777 NSE Code: HDFCLIFE HDFC Life H1FY27: Q2 individual weighted received premium (WRP) growth ahead of private industry; VNB grows 12%, ahead of APE; 24.7% New Business Margin Mumbai, October 15, 2026: The Board of Directors of HDFC Life approved and adopted the reviewed standalone and consolidated financial results for the half year ended September 30, 2026. Vibha Padalkar, MD & CEO, HDFC Life, said: “On macroeconomic front, Reserve Bank of India raised its FY2027 growth projection to 7.1% from 6.7%, reflecting continued resilience in domestic economic activity, while the fiscal position remains well managed. At the same time, the RBI raised the policy repo rate by 25 basis points to 5.50% and moved to a stance of calibrated tightening, given elevated energy prices and a below-normal monsoon, which remain the key risks to inflation. Broadly, we expect macro conditions to remain stable, which in turn should support steady growth for the life insurance industry In Q2, individual WRP grew 11%, ahead of the private industry at 10%. This took our H1 growth to 9%, with market share improving to 16.2% from 16.1% in Q1. Overall APE grew faster, at 13% in Q2 and 11% in H1. The number of individual policies grew 9% in H1, ahead of the industry. We expect to sustain this momentum and grow in line with the industry in FY27. On the regulatory front, IRDAI has released consultation papers on the economics of insurance distribution, which propose significant changes for the industry. The regulator has encouraged industry participants to share their feedback backed by data and keeping policyholder interest at the centre of the conversations” Niraj Shah, ED & CFO, HDFC Life, said: “Value of new business for H1 was ₹2,037 crore, a growth of about 12.1%, ahead of APE growth. VNB growth for Q2 was 14.8%. Embedded Value stood at Rs 66,461 crore and rolling 12-month embedded value operating profit was 14.9%. Profit after tax for H1 was ₹1,119 crore, a growth of about 12.7%. Assets under management stood at ₹4.1 trillion, up 13.8% year-on-year. We remain confident in the sector’s long‑term growth trajectory and are well positioned to capture emerging opportunities with discipline and focus.” Performance Highlights: ▪ New Business in terms of overall Annualized Premium Equivalent (APE) grew 11% year-on- year, as well as on two-year CAGR basis ▪ Overall industry market share at 11.5% ▪ Value of New Business (VNB) grew ahead of APE; VNB for H1FY27 stood at ₹ 2,037 crore, with margins of 24.7% ▪ Retail protection registered robust growth of 33% during H1FY27; Its share of individual APE rose to 8% from about 7% last year. Rider attachment continues to be healthy, and protection and riders together now account for 11% of individual APE ▪ Retail sum assured grew by 21% 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 reached ₹5.9 lakh crore ▪ Persistency ratios - 13-month and 61-month persistency at 83% and 66% respectively. These trends reflect the underlying product and tier mix. Renewal collections grew 14% year-on-year ▪ Embedded Value (EV) stood at ₹ 66,461 crore, with rolling 12-month operating RoEV of 14.9% ▪ Profit after tax grew by 13% to ₹1,119 crore, for the period H1FY27 ▪ Solvency Ratio was healthy at 180% Key Financial Summary ₹ Crore H1 FY27 H1 FY26 YoY Key Financial and Actuarial Metrics Individual APE 7,080 6,471 9% Total APE 8,245 7,413 11% New Business Premium (Indl + Group) 19,126 16,222 18% Renewal Premium (Indl + Group) 20,443 17,940 14% Total Premium 39,569 34,162 16% Assets Under Management 4,09,673 3,59,999 14% Profit After Tax 1,119 994 13% Indian Embedded Value 66,461 59,540 12% Value of new business 2,037 1,818 12% H1 FY27 H1 FY26 Key Financial Ratios New Business Margins 24.7% 24.5% Operating Return on EV1 14.9% 15.8% Total Expenses / Total Premium 22.3% 21.6% Solvency Ratio 180% 175% 13M / 61M Persistency 83%/66% 86%/62% Individual WRP market share (Overall) 11.5% 11.9% Product mix by Indl APE (UL / Non par savings 45/22/12/8/13 42/18/4/7/29 /Annuity/ Protection / Par)2 Distribution mix by Indl APE (Banca/ Agency/ Non- 58/18/15/9 59/18/14/9 bank alliances/ Direct)2 Percentages may not add up due to rounding off effect 1. On rolling 12-month basis 2. Percentage mix; Percentages may not add upto 100% due to rounding off effect 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 2025, the first monthly instalment received would be reflected as First year premiums for 2024-25 and the remaining 11 instalments due in the first policy year would be reflected as first year premiums in 2025-26, 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 • Total expense ratio - Ratio of total expense 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 • 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 over [Showing first 8,000 characters — download PDF for full document]