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October 23, 2026 Ref. No.: HDFC Life/CA/2026-27/43 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 – H1 FY’27 We wish to inform 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 October 15, 2026, to discuss the financial performance of the Company for the period ended H1 FY’27. The said transcript has been hosted on the Company’s website at https://www.hdfclife.com/about- us/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 H1 FY27 Earnings Conference Call October 15, 2026 Page 1 of 21 HDFC Life Insurance Company Limited October 15, 2026 Vibha Padalkar: Good evening, everyone, and thank you for joining our earnings conference call for the half year ended September 30, 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 Chief Financial Officer; Vineet Arora, Executive Director and Chief Business Officer; Eshwari Murugan, Appointed Actuary and Chief Actuary; and Kunal Jain, Head - Investor Relations, Business Planning and Strategy. Let me begin with the broader environment. In its latest policy, the 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. Moving on to business performance. In Q2, individual weighted received premium grew 11%, ahead of the private industry at 10%, with market share improving 10bps to 16.2% in Q2. This took our H1 individual APE growth to 9%. 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. Growth was broad-based across channels. Individual APE sourced by HDFC Bank grew 12% in Q2, slightly ahead of company growth. We have sustained our counter share, building on the momentum we saw late in Q1 and supported by deeper engagement with the bank across branches, products and processes, and we expect our share to steadily improve going forward. Other bancassurance partnerships also grew well, delivering a YoY growth of 13% in Q2. We are pleased to announce our new bancassurance partnership with J&K Bank and we look forward to scaling the relationship, deepening our presence across its network and extending our reach to a wider customer base. Other non-bank corporate alliances clocked robust growth in Q2 of 13%. Agency continues to grow faster than the company and the broader agency market, at 13% in H1, and our position in this channel has strengthened. Investment in expanding our branch network is yielding good results: branches opened over the last 30 odd months now contribute about 17% of agency business, versus 12% a year ago. Agent additions and activation remain healthy, and frontline productivity has improved. The channel’s mix is also strengthening, with protection and annuity together contributing about Page 2 of 21 HDFC Life Insurance Company Limited October 15, 2026 30% versus 15% in the previous period. Even as we continue to perform well across our partner channels, investing in and building our proprietary channels remains a key priority. Next, on product mix. In H1, unit-linked products contributed 45% of individual APE, non-par savings 22%, annuity 12%, participating products 13% and retail protection 8%. Retail protection grew 33% in H1, a two-year CAGR of 30%, with growth broad-based across geographies and customer cohorts. Its share of individual APE rose to 8% from about 7% last year. Rider attachment also continues to be healthy, and protection and riders together now account for 11% of individual APE. In the second half of last year, protection grew 57% following the GST exemption. This year, we expect growth to normalize as the base starts to kick in and remain strong on a 2-year CAGR basis. Our retail sum assured grew by 21% in H1, with Market Share increasing by 20bps to 15.4% in H1. Credit protect grew 19% in H1, with growth broad-based across portfolios. Non-par savings and annuity together contributed 34% of individual APE. With interest rates at elevated levels, this is an opportune time for customers to lock in long-term guaranteed returns. In line with our focus on driving growth this year, we will continue to use the current interest rate environment to sharpen the value we offer customers across both segments. Unit-linked demand remained resilient despite equity market volatility. Moving on to financial and operating metrics. Value of new business for H1 was ₹2,037 crore, a growth of 12%, ahead of APE growth. VNB growth for Q2 was 15%. New business margin was 24.7%, compared with 24.5% in H1 FY2026. The improvement was driven by a strong product mix and the continued mitigation of the GST impact we had absorbed last year. Embedded Value stood at ₹66,461 crore, with rolling 12- month operating ROEV of 14.9%. Profit after tax for H1 was ₹1,119 crore, a growth of 13%. Assets under management stood at ₹4.1 trillion, up 14% year-on-year. Our 13th month persistency stood at 83% and 61st month at 66%. Persistency was softer on renewal collections in our unit-linked book amidst market volatility, and in a specific cohort of non-par business written last year. We are working closely with our distribution partners and expect some recovery by the end of the year. Our solvency ratio stood at 180% as of September 30, 2026, well above the regulatory requirement of 150%. The Board has approved raising up to ₹500 crore through subordinated debt, which we expect to complete during the current quarter, further strengthening our capital position as we invest for growth. Moving on to subsidiaries and ESG. The Pension business continued to scale, with assets under management of ₹1.8 lakh crore as of September 30, 2026, up 28% year-on-year. We also Page 3 of 21 HDFC Life Insurance Company Limited October 15, 2026 continue to see an attractive long-term opportunity in GIFT City for USD-denominated insurance solutions. On ESG, our MSCI ESG rating was upgraded to AAA from AA. This reflects our leadership in governance and the progress we have made across each element of our ESG framework. Finally, 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 supported by data and keeping policyholder interest at the centre of the conversations. As an industry, our shared goal is Insurance for All by 2047. Getting there will require widening reach, building greater transparency and trust, and improving affordability for customers. More attractive products and distribution partners who bring advice, service and reach to customers will remain central. Our business has been built around many of the principles the c [Showing first 8,000 characters — download PDF for full document]