HDFC Life Insurance Company Limited at the Board of Directors meeting held on April 18, 2024 Mr. Deepak S Parekh has decided to step down as the Chairman and Non- Executive Director of the Company with effect from close of the business hours on April 18, 2024. Being the founder Chairman of the Company, Mr. Parekh has played a pivotal role in building one of the largest, listed private sector life insurance companies in India. Under his leadership, the Company has stood its ground through various challenges and intense competition, consistently doubling its topline, Value of New Business (VNB) and Embedded Value over multiple blocks of 4 year cohorts.

Over the years, HDFC Life has built a sustainable business model and now stands amongst the top 3 life insurers in India. The Board has unanimously approved the appointment of Mr. Keki M Mistry as the Chairman of the Board with immediate effect subject to approval of Insurance Regulatory and Development Authority. Mr. Keki M Mistry has been associated with the Company since December 2000 and is currently acting as Non-Executive Director.

Keki M Mistry is a qualified Chartered Accountant and a Fellow Member of the Institute of Chartered Accountants of India. Mr. Mistry was the Vice Chairman & CEO of Housing Development Finance Corporation (HDFC) Limited. With the amalgamation of HDFC Limitedwith HDFC Bank, Mr. Mistry superannuated from HDFC Limited and has been appointed as a Non-Executive Director on the Board of HDFC Bank Limited.

He is also a Director on the Boards of several other prominent Companies. He is a Member of the Primary Market Advisory committee (PMAC) constituted by the Securities and Exchange Board of India (SEBI). Mr. Mistry is currently a member of the Expert Committee constituted by SEBI for facilitating ease of doing business and harmonisation of the provisions of ICDR and LODR Regulations and is the Chairman of Working Group 1 of the Expert Committee.

Mr. Mistry is also a member of Standing Committee on Primary Markets, which has been constituted by the International Financial Services Centres Authority [IFSCA]. Mr. VK Viswanathan and Mr. Prasad Chandran shall cease to be Independent Directors of the Company, upon completion of their two consecutive terms of 5 years each on April 24, 2024.