Questions across 16 calls

Aditi Joshi

JP Morgan

SBI Life Insurance Company Limited

SBI Life Insurance Company Limited CC-Jun25.pdf · 2025-07-24

Just a couple of questions on the product mix within the channel. So there is quite a varying growth in the particular product. For example, non -par in the banca was weak, whereas it was strong in the agency. And similarly, there was some differential within the ULIP sales as well, which was strong in the banca, but weaker on the agency. So if you can just help us understand that what is causing this variance or differential in the mix across the products, it will be helpful. And second question is on there has been some news on the new Chairman appointment by the regulators. So if you can just comment on, what policy expectations will you have from the new Chairman? And what is the outlook or your view on those? That would be helpful.

Just a follow-up question. On the agency side, you think the mix that we had posted in the first quarter could likely be continued in the coming quarters as well?

SBI Life Insurance Company Limited CC-Mar25.pdf · 2025-04-24

Just one question from my side. And this is with respect to the solvency ratio. So quarter -on- quarter, we have seen some 8 percentage point decline in the solvency ratio, whereas at the same time, look at the interest rate, those have gone down, so you could have some gains on the bond valuation. And equity markets were also broadly flat quarter -on-quarter basis. So I'm just wondering apart from the macro being either flat or favorable, what actually caused to that decline?

SBI Life Insurance Company Limited CC-Jun24.pdf · 2024-07-24

So, two questions from my side. Firstly , on the composite licensing thing. So , are you still expecting that this compos ite licensing might come into play and then if it actually takes into effect then what sort of benefits can you reap out of it? And from a channel perspective again from a composite licensing perspective which will be a key focus of channel in terms of distribution? And second on this agency side , do you have any particular product mix on that particular distribution channel in terms of what products you would like your agency to sell? Because in this quarter we saw that the ULIP growth was pretty much higher even in the agency side. But going forward do you think that we might see some higher share of protection products coming in from that side? And just lastly on these new high net worth , higher sum assured products that you mentioned , which distribution channel are you focusing on for this product segment?

And can I just make a quick follow up question, on your comment that going forward we will be focusing on riders a s well. So, is it going to be higher rider attachment on the ULIP products as well? So, what sort of products will we have this increased attachment in the rider?

SBI Life Insurance Company Limited CC-Mar24.pdf · 2024-04-26

Thank you for taking my question. Just my first question is on the economic assumption change. So when I compare this economic assumption change the impact of this in the embedded value movement versus the NBV movement, the economic assumption change is positive for EV whereas negative for VONB. So can you please help explain this difference? And just a related on that before you change your assumptions, how many years of experience you observed as in the last 2 to 3 years or 5 years before you think that it's time to make the changes in the assumptions? And my second question is related to the growth differential between Tier 2, Tier 3 and Tier 1 cities, if you are able to share some growth numbers as in where the growth is higher in NBV. Is it higher in Tier 1 as compared to Tier 2 or Tier 3 or vice versa?

Okay. Just one follow-up on the experience. I think I remember just one of your peers they observed the last 2 years' experience before making any changes to the assumptions. So is it last 2 years experience for you as well or you wait for more years before changing any assumptions?

HDFC Life Insurance Company Limited

HDFC Life Insurance Company Limited CC-Mar25.pdf · 2025-07-15

My question is broadly related to the channel side. The agency channel has somewhat suffered across the industry from the surrender regulations and given this quarter’s trend, the growth could be higher in the other channels like banks. But going forward, do you think this trend is likely to be continued or we can see some pickup in the Banca channel, especially given that agency could remain at this level of gr owth for a while ? So, just some color or how you're thinking about the growth across the channels will be helpful.

So, especially on the bank side and you even split this as HDFC Bank and others,, you think it is basically only the base effect that is showing up as a low double-digit growth this year or how are you thinking about that?

HDFC Life Insurance Company Limited CC-Dec24.pdf · 2025-01-15

The first one is on the participating product, the category growth has been particularly weak a nd when I talk to some of your pee rs, they have been saying that they would like to grow this particular category. So , I just wanted to understand like what are you thinking about this particular product going forward? And the second one is, can you just help explain the g rowth differential between the Tier 2, Tier 3 and the Tier 1? And just particularly in the context of Tier 2 and Tier 3, I just wanted to understand that even in terms of the ULIP product is it again like a popular product in Tier 2, Tier 3 because somewhat the Tier 2 -Tier 3 are less risk averse? So , I just wanted to understand that if the ULIP continues to be popular in those cities as well.

HDFC Life Insurance Company Limited CC-Sep24.pdf · 2024-10-15

The first one is on the participating product, the category growth has been particularly weak a nd when I talk to some of your pee rs, they have been saying that they would like to grow this particular category. So , I just wanted to understand like what are you thinking about this particular product going forward? And the second one is, can you just help explain the g rowth differential between the Tier 2, Tier 3 and the Tier 1? And just particularly in the context of Tier 2 and Tier 3, I just wanted to understand that even in terms of the ULIP product is it again like a popular product in Tier 2, Tier 3 because somewhat the Tier 2 -Tier 3 are less risk averse? So , I just wanted to understand that if the ULIP continues to be popular in those cities as well.

ICICI Lombard General Insurance Company Limited

ICICI Lombard General Insurance Company Limited CC-Mar25.pdf · 2025-04-15

Yes. Thank you for taking my question. Just a very simple one. Sorry, could not go through the presentation. With respect to the investment income, in the Q4 FY2025, it was lower on a year on year basis. So just wanted to understand, is it majorly on account of interest income or on account of lower realized gains?

Okay. Thanks clear. Thank you.

The New India Assurance Company Limited

The New India Assurance Company Limited CC-Dec24.pdf · 2025-01-28

My first question -- actually, a couple of questions. First question related to the investment yield side. So possible to explain as in what were the reasons why we had a lower investment yield? And even if I look at the yield without annualized gains and losses, it actually came off a little bit. So it is because mainly -- it is mainly because of fall in the interest rates? Or was it because of the lower equity markets? 0 THE NEW INDIA ASSURANCE CO. LTD. _. ' t -4-1t9;IT 74414-4r -11Fir* Rtitle7 And if you can also provide your comment on what's the outlook as in it's going to remain weaker in the next coming quarter as well? Because even if we improve the underwriting profit, but if we have, let's say, a weaker investment income, then it actually weighs on the profit after tax. So that's actually first question. And second question is actually related to the growth in the Motor segment. We saw growth in both Motor OD as well third party, but specifically speaking about third party, it was quite high, and it has been quite high within the industry as well. So if you are able to explain as in what's causing that growth, especially in the third-party segment? And also if you are able to provide some comment on the portfolio mix change as well? Like you have mentioned in the comment as in the mix of -- how the mix between the private cars or 2-wheelers in the commercial vehicles have changed and what's causing that growth? Yes, that's it from me. Chandra lyer:

Yes, yes, that's clear.

ICICI Prudential Life Insurance Company Limited

ICICI Prudential Life Insurance Company Limited CC-Sep24.pdf · 2024-10-22

Just a couple of questions. If I look at the presentation and page 67, you have specified the reference to September 2024. So, we try to assume that you have taken some cut in the economic assumptions and that could likely impact the EV movement in some way. And second question is related to the yield movement that you have mentioned that it has had some impact on the margin profiles. Now, when we look at the non -linked product category, it has been somewhat weaker. So, I just wanted to understand a bit more from you as in which particular product cate gory has been affected by that movement in the yield curve. Is it fair to assume that some impact has been seen on the annuity level margins as well? Yes, those are my questions. Thank you.

You have mentioned somewhat substantial amount of economic variances, but any comments on the operational variance that you are able to make for the first half EV movement?

ICICI Prudential Life Insurance Company Limited CC-Jun24.pdf · 2024-07-23

It's Aditi here from JP Morgan. I have two questions. So, firstly on the product side, on the non-linked segment, can you please help us understand that within that segment, split between par and non-par, so what was the reason for a weakness in that product segment? And secondly, on the other partnership channel, it's still not majority portion of the business is coming from there, but see that in FY2024, we have added some significant number of new distribution partners in that segment. So, in that segment among the all channels have delivered a strong double-digit growth but still lower than the other channels. So, going forward do you think that there might be some growth pick up in that segment? These are my questions.

And is there a reason why we had seen some weakness in the non-par? And going forward, what is your sense where this product line will go ahead?

ICICI Prudential Life Insurance Company Limited CC-Sep23.pdf · 2023-10-17

So, my question is on the agency side, and I actually wanted to understand if we are targeting a further increase in the head count of the agents in the second half of this year, and I'm sorry if I missed it previously. I just wanted to understand, what portion of this new agents are split between Tier -1 or Tier -2 and Tier-3? And just one more question, if I may, on the rider side, we have a pretty good, impressive suit of rider available to us. So, just wondering how much is the push from the management or what is the strategy across the channel on moving the rider attachment?

General Insurance Corporation of India

General Insurance Corporation of India CC-Jun24.pdf · 2024-08-12

Good morning. Thank you for t aking my question . Sir, I have a couple of questions. So just following up on the crop comment that you made that the growth looks higher because of the changes last year, but I am just wondering that those changes, th ey do not apply this year because, if so, if they do apply this year, then probably the growth looks high. The second is that, can you please comment on the April renewal cycle in terms of the reinsurance pricing trend in various segments such as health or motor or even crop? Have you seen any insurance pricing hike in this renewal? And also, what is your outlook of the pricing trend for this rest of the year and the next year? This is one question. And just on health side, you mentioned that you would like to focus and you are focusing on the retail side of the business. But if we look at the jump in the premiums in the health insurance business, it's quite a lot. So I'm just wondering then, what is causing that jump? Is it also some portion of that growth is coming from the group side as well? And also, just on the health insurance underwriting, the primary insurance -- non-life insurance have reported somewhat elevated claims. So how is your experience in the health insurance -- health reinsurance underwriting? Yes, these are my questions. Thank you.

Yes. So, on the crop side, firstly, can you -- I'm sorry, but can you please explain very briefly what was the changes in the accounting probably which happ ened last year? This is one. And the second, just following up on the growth, so as we mentioned that retail health does not come to reinsurers very easy. So what is your outlook on the growth of this business line for the rest of the year?

Star Health and Allied Insurance Company Limited

Star Health and Allied Insurance Company Limited CC-Jun24.pdf · 2024-07-31

Just I have one question. And actually, it was very interesting to hear from you that you have started planning for the composite licensing scenario, if at all it happens. So, just firstly, can you please help us elaborate more as in what sort of product structure you are planning under this scenario? As in likely in terms of let's say duration or just broadly mortality morbidity sort of structure, what can y ou share at this point? And secondly, related to this one, in terms of timeline, can you please share your thoughts as in by when, if at all this happens, could happen? So, these are my questions. Thank you.

Go Digit General Insurance Limited

Go Digit General Insurance Limited CC-Jun24.pdf · 2024-07-26

Thank you for the opportunity, Aditi here from J.P. Morgan. Two questions from my side. Firstly, on the product mix and on the overall product portfolio, I'm just wondering, what's your thought process on expanding this product mix or introducing new product categories? Are you thinking of introducing any new product categories because what we have seen in the other markets, especially in case of online insurers, let's say some product categories of cyber insurance or pet insurance, for instance. So any thoughts on that? And also, because you've highlighted that you have very strong tech capabilities on the AI side and the automated claims processing, etc. So just any plans of adding, let's say, a technology export segment to just help other insurers on a tech export business segment? And just lastly, on your investment side, I was just wondering, in terms of the equity exposure, it's somewhere around 2% level. So why is it low as compared to the peers? And do you have any plans on changing your asset allocation mix going forward?

Thank you so much.

Life Insurance Corporation Of India

Life Insurance Corporation Of India CC-Dec23.pdf · 2024-02-09

So I have a couple of questions. The first one is related to non-par. Just if you are able to provide some details on it. The first one is, sir, can you please share the duration of these products as in what is the typical duration as compared to your par products? And the second, can you also provide split of the type of premiums, which is coming from these non-par as in split between a single premium versus the regular premium products? And from a risk management perspective, how do you plan to manage the risk from these products, especially from a perspective of investment spread management. Again, I just want to understand your thoughts as in what challenges are you facing? Or if not, is it is that -- is the asset management assets liability matching comfortable at this point? Or what challenges you might face in the future? The reason I'm asking that as you shared previously that the mix because you're trying to limit is around 15%. So I'm just trying to understand what is limiting you to this 15% mix because given the margins are pretty much higher for this product? And just a related one is that as you increase the share of non-par in a mix, how will it affect the unwind in your embedded value because the EV mix is largely skewed towards the value in force. And if you look at the EV movement, a large of it comes from the unwind. So this is the first question.