Nippon Life India Chairman Speech

Dear Shareholders,

On behalf of the entire team at NAM India, it gives me great pleasure to present this Annual Report for FY26, showcasing our achievements and highlighting our vision for the future.

Amid Global Volatility,

India Consolidates Growth Fundamentals

The global economy demonstrated relative resilience through CY25, navigating geopolitical tensions, evolving trade dynamics and policy uncertainties. Global growth was estimated at ~3.4% (as per the IMF) - similar to the level witnessed in CY24. However, there could be some moderation in growth in CY26, as forecasts have been revised downward partly due to the oil-price shock arising from the Middle-East war. Growth in the Eurozone and US remained subdued at ~1.4% and ~2.1% respectively, while emerging markets remained central to global growth, even as risks from inflation, trade disruptions and commodity volatility persisted.

Against this backdrop, India entered FY26 with strong economic momentum and resilient macroeconomic fundamentals. Growth for the Indian economy increased to 7.6% for the year, from ~6.5% in FY25, supported by broad-based demand across rural and urban segments, stable inflation and continued policy support. Inflation levels moderated, with headline levels among the lowest in recent years, creating room for supportive monetary conditions. Structural reforms, infrastructure investments and a continued focus on consumption-led growth reinforced the country''s medium-term outlook, maintaining India''s position among the fastest-growing major economies globally.

Equity markets in FY26 faced significant headwinds as compared with the prior year, with performance of major indices remaining lacklustre. On the other hand, precious metals had a strong year, with a significant upswing in gold and silver prices. The RBI cut the repo-rate by 100 bps to 5.25%, while the 10 Year G-Sec yield increased by 45 bps YoY to 7.04%. Despite volatility in foreign capital flows, robust domestic institutional participation helped anchor markets.

Continued Momentum For The Mutual Fund Industry

In FY26, the Indian Mutual Fund Industry continued on its strong growth path, reflecting sustained investor confidence and the movement towards financial assets. The industry''s Assets Under Management increased by 21% to '' 81.5 Lakh Crore in FY26 (on a QAAUM basis), despite the market correction in Q4 FY26. Growth was supported by strong inflows, especially systematic investments into equity schemes. Over a five-year period, the Mutual Fund Industry has grown at a CAGR of ~20% and as per various Industry Reports, AUM is poised to surpass '' 300 Lakh Crore by FY35.

During this period, I have been fortunate to serve in my second stint as AMFI Chairman, which has allowed me to contribute to the further development of the overall industry, taking forward the stellar work done by my predecessors. I look forward to continuing to carry this mantle, while charting NAM India''s future growth path.

Moving to the sustained SIP momentum, March 2026 industry SIP flow was at an all-time high of ~'' 32,100

Crore (up 24% YoY). Over the past nine years, monthly SIP flows have grown at an ~25% CAGR, demonstrating resilience across various market cycles, which illustrates the increasing popularity of disciplined equity investing among retail investors with a longer-term view. Contributing SIP folios increased by 20% YoY in March 2026 to 9.72 Crore and total SIP AUM increased by 13% YoY to '' 15.1 Lakh Crore. In FY26, the industry added 71.6 Lakh unique investors, to reach a total of 6.14 Crore investors -representing a robust 22% CAGR over the past five years. India''s demographic advantage, coupled with advanced digital infrastructure, and consistent efforts around systematic investing underpin the strong growth outlook for the Mutual Fund Industry in the times to come.

NAM India: Advancing with Strength

We had our strongest year yet in terms of profitability in FY26, driven by solid execution across key metrics, which helped us retain our position as the largest foreign AMC in India. NAM India achieved its highest ever Operating Profit at '' 1,748 Crore (up 24% YoY) as well as Profit After Tax at '' 1,529 Crore (up 19% YoY). With this performance, we reinforced our position as one of NLI''s most successful investments globally. Further, we are proposing to distribute 91.5% of our standalone profits to our shareholders, once again exceeding our stated dividend policy to distribute 60%-90% of our profits.

Our mutual fund QAAUM grew at 30% YoY to '' 7.25 Lakh Crore, which led to an increase in our market share by 63 bps to 8.89%. With this, we also achieved the fastest growth among the top-10 largest AMCs. Further, we retained our standing as the fourth-largest AMC. Driven by focus on consistent execution, NAM India has delivered the highest increase in market share among the entire industry over 1/3/5 years. Equity mutual fund QAAUM grew 25% YoY and market share improved by 24 bps YoY to 7.16%, supported by strong fund performance, extensive physical and digital reach, and prudent risk management practices. Our performance in recent years is an outcome of our relentless focus on people and processes.

We offer a full spectrum of products including equity, debt, liquid funds, ETFs, commodities, real estate, and VC funds, enabling us to meet the needs of individuals (retail and HNI) and institutions alike. Our unique investor base grew by 15% YoY to 2.38 Crore (ahead of industry growth), leading to an increase in unique investor market share to 38.8%. We remain humbled to have over 1 in 3 investors in the mutual fund industry invest with us, as we continue to have the largest investor base in the industry.

Systematic flows in the year grew 17% to '' 42,341 Crore despite volatile market conditions during the year, while Systematic AUM also increased by 17% over the year to reach '' 1.52 Lakh Crore. Our annualised systematic transaction book stood at ~'' 44,700 Crore as of March 2026 and our SIP AUM continues to demonstrate higher stickiness versus the industry. Our emphasis on retail participation has translated into a larger proportion of equity AUM (45% ) derived from systematic flows, well above the industry average. The stability of systematic flows compared to lumpsum investments underpins a strong base for continued future growth.

Our dominance in the Passive space remains firmly established, with our passive AUM crossing the

milestone of '' 2.50 Lakh Crore during the year. As of Q4 FY26, ETF QAAUM stood at '' 2.42 Lakh Crore, with a market share of ~21.4% (up by 234 bps in the year). We sustained a strong 45% share in industry ETF folios and also maintained a majority volume share of 52% in the ETF segment. This year we also saw significant growth in our Gold and Silver ETFs, aided by the rally in prices of these precious metals. Our Gold ETF is among the Top-10 globally

in terms of flows for CY26 (up to April).

As stated in the past, we continue to prioritise growth in our Non-MF businesses, majorly the AIF and Offshore businesses. The AIF business while on the growth path, should receive further impetus from the 40% stake acquisition by DWS (a leading European asset manager), which is part of the broader strategic collaboration announced between NAM India and DWS in November 2025. We are also strengthening our global presence and emerging as

a gateway for investing in India. Through our Singapore subsidiary (NAMS), we serve overseas investors across Asia, the Middle East, the UK, the US, Latin America, and Europe seeking exposure to Indian markets. Leveraging the strong network of Nippon Life Insurance and its affiliates, we enable seamless global capital flows into India while offering

Indian investors access to markets such as Japan and Taiwan.

We also remain committed to deepening financial ties between India and Japan,entailing bilateral capital movement, supported by the enhanced access we have facilitated for Japanese investors to Indian markets using GIFT City (aided by the NISA Scheme). In collaboration with the Indian Embassy in Japan, we have actively promoted India as a preferred investment destination for Japanese capital, contributing to the deepening of the India-Japan strategic partnership.

Further, Specialized Investment Fund (SIF) remains a strategic priority which needs to be built carefully with differentiated products, for which we already have a separate team in-place.

Setting the Benchmark in Digital Transformation

We continued to build on our strong digital-first foundation to accelerate growth during the year as we recorded a 19% growth in digital transactions in FY26, clocking 17 million transactions (Lumpsum new SIPs). This underscores the robustness, reach and effectiveness of the Company''s digital ecosystem at scale. Through the year, we have remained committed to delivering seamless, customer-centric and frictionless digital experiences while advancing overall digital transformation. Further, continued integration of advanced analytics and Artificial Intelligence has enabled us to improve customer lifetime value.

Human Capital: The Engine of Growth

We remain committed to fostering a culture that empowers employees to learn, innovate, and lead with purpose. By investing in their development and well-being, we not only strengthen our Company, but also aid in delivering sustainable value to our shareholders. As a result, we have been honoured to receive several employer of choice awards over the years, strengthening our reputation as a preferred employer in the Indian financial services ecosystem. I extend my sincere gratitude all our 1,203 employees for their invaluable contributions, both individually and collectively in driving our performance. Lastly, we also remain committed to increasing gender diversity in the workplace. This Women''s Day,

we published an ad with the names of every female employee, which was carried in leading national dailies, as a recognition of their contributions to the Company.

Creating Value Beyond Business

We at NAM India, take pride in our role as a responsible corporate citizen and uphold it with dedication. In keeping with this, we continue to embed ESG principles across our investment, governance, and operational practices, thereby ensuring alignment with the UN Sustainable Development Goals (SDGs). By becoming a signatory to United Nations Principles for Responsible Investment (UN-PRI) in June 2021, we reinforced our dedication to responsible investment and sustainability, ensuring our practices are aligned with international benchmarks and enhanced disclosure.

In FY26, we allocated ~? 23 Crore towards CSR initiatives, channelling resources into high-impact areas such as healthcare, education and skill development, rural development, environmental sustainability, and support for India''s armed forces. These initiatives have positively impacted thousands

of lives, and we remain committed to enhancing transparency, impact measurement, and stakeholder engagement. Additionally, through our Stewardship Code, we ensure that retail investors are empowered and minority shareholders'' interests are protected.

Future Outlook Remains Promising

While growth for the Indian economy is expected to moderate slightly over the medium term, it remains supported by strong carryover momentum from the previous year, easing external tariff pressures and domestic demand strength. India is still expected to have among the highest growth rates among both developed and emerging economies over the next 2 years. Escalating geopolitical tensions could however further weigh on global growth, while nudging inflation higher, however the outlook for India remains robust, backed by strong fundamentals and supportive policy measures.

India remains significantly underpenetrated in mutual fund adoption, with MF AUM to GDP at ~20% versus a world average of 65% , and with only ~4% of India''s population currently investing. As India advances on its path to becoming a USD 5 trillion economy, this represents a large yet-untapped growth opportunity for the industry as well as NAM India to capitalise on going forward. Apart from widening of the investor base, growth will also be aided by an upward movement in Per Capita Income for the population (currently in the range of ~USD 2,700-2,800). These

drivers are expected to support sustained growth For the Mutual Fund Industry in the coming years.

Within the industry, execution will likely be a distinguishing factor for AMCs that can capitalise on this growth, especially given the increasing number of newer AMCs and waitlist of potential entrants. At NAM India, we remain committed to sustaining the strong execution which we have displayed, while expanding our already significant investor base. I remain confident about the Company''s future growth, supported by robust processes and risk management practises.

Consul-General of Japan in Mumbai (Mr. Yagi Koji) with MD & CEO (Mr. Sundeep Sikka) at the inauguration of NAM India''s New Corporate Office

At NAM India, we believe that ''New India'' is not only emerging from the bigger cities, but also in smaller cities and towns and hence our focus remains on deepening outreach in these locations, as illustrated by our 97% pincode coverage. We were the first AMC to open a branch in Leh and our presence extends from here, all the way to Kanyakumari. By focusing on the smaller cities and towns, we contribute to greater financial inclusion and ensure that every Indian is able to participate in the India growth story. NAM India will also continue to contribute to financialisation of savings and enable long-term wealth creation in India.

We will continue to leverage our strengths, namely, our employees, our diversified distribution channels, our extensive retail investor base, our reach across smaller cities and towns and passive category dominance, as we continue to deliver meaningful outcomes for all stakeholders. As we move into the next phase of our continuing growth journey, I am pleased to share that in FY26, we have relocated to our new owned Corporate Office, which was inaugurated by the Consul General of Japan in Mumbai.

To conclude, I wish to emphasise that the NAM India remains steadfast in its dedication to delivering value across its stakeholder ecosystem i.e. investors, shareholders, employees, partners, and the society at large.

Sundeep Sikka

MD & CEO