Press Release November 27, 2023 HDFC ERGO GENERAL INSURANCE COMPANY LIMITED Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Non Convertible Debentures (NCD)	74.00	Not Applicable | Withdrawn	-
Total Outstanding	0.00	-	-
Total Withdrawn	74.00	-	-

Rating Rationale

­Acuité has withdrawn the long-term rating of the Rs.74.00 Cr Non-Convertible debentures of HDFC Ergo General Insurance Company Limited (HEGIL).  Rationale for the withdrawal The company has requested withdrawal of its outstanding rating with Acuite; since the rated instrument has extinguished (Redemption in Full) and the ISIN no longer exists for the underlying instrument. The rating has been withdrawn on account of the request received from the client and NOC received from the banker in accordance with Acuité's policy on withdrawal of rating.

About the company

­Incorporated in 2002, Mumbai based HDFC ERGO General Insurance Company Ltd. is a joint venture between HDFC Ltd-India’s premier Housing Finance Institution and ERGO International AG, the primary insurance entity of Munich Re Group. The Company offers complete range of general insurance products ranging from Motor, Health, Travel, Home and Personal Accident in the retail space and customized products like Property, Marine and Liability Insurance in the corporate space. The company operates across 170+ cities with a network of 200+ branches.

Unsupported Rating

­Not Applicable

Analytical Approach

Not applicable

Key Rating Drivers

Strength

Not applicable

Weakness

Not applicable

Rating Sensitivity

­None

All Covenants

­None

Liquidity Position

­Not applicable

Outlook:

­Not Applicable

Other Factors affecting Rating

­None

Key Financials - Standalone / Originator

­ Particulars Unit FY23 (Actual) FY22 (Actual)         Gross written premium Income Rs. In Cr 16873.1 13707.14 PAT Rs. In Cr 652.66 500.13 Combined Ratio % 103.29 107.48 Solvency Ratio Times 1.81 1.64 RoNW % 16.54 13.98

Status of non-cooperation with previous CRA (if applicable):

­Not Applicable

Any other information

­None

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Insurance Companies: https://www.acuite.in/view-rating-criteria-66.htm

Note on complexity levels of the rated instrument

I­n order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 30 Nov 2022 Non Convertible Debentures Long Term 74.00 ACUITE AAA | Stable (Reaffirmed) 01 Dec 2021 Non Convertible Debentures Long Term 74.00 ACUITE AAA | Stable (Reaffirmed) 30 Nov 2020 Non Convertible Debentures Long Term 74.00 ACUITE AAA | Stable (Reaffirmed) 24 Feb 2020 Non Convertible Debentures Long Term 74.00 ACUITE AAA | Stable (Upgraded from ACUITE AA)

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Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating Not Applicable INE092V08028 Non-Convertible Debentures (NCD) 18 Sep 2018 10.25 18 Sep 2028 74.00 Simple Not Applicable|Withdrawn

Contacts

Analytical Details	Contact Details
Mohit Jain Senior Vice President - Rating Operations Tel: 022–49294017 mohit.jain@acuite.in Soham Vaidya Analyst - Rating Operations Tel: 022-49294065 soham.vaidya@acuite.in	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in Tel: 022-49294011 rating.desk@acuite.in

About Acuité Ratings & Research

­Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai. Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.