Questions across 9 calls

Aditi Joshi

JPMorgan

General Insurance Corporation of India

General Insurance Corporation of India CC-Jun25.pdf · 2025-08-08

I have a couple of questions. Firstly, on the top line growth. The growth in the international looks to be qui te impressive. So is it because of the changes in the credit rating that we have been seeing? Or is it mainly on the account of rates hardening. So if you could just provide some color on that as in how much growth is from the new contract, how much is fro m the rate hardening? And on the domestic, it was slightly lower in the international, but going forward, given in the portfolio such as fire insurance, the pricing is getting better at least for the primary insurers. So what is your outlook of growth in the domestic business, including the fire insurance and Motor insurance? So this would be my first question.

This 9% and 10% is in domestic or overall...

General Insurance Corporation of India CC-Dec24.pdf · 2025-02-05

A couple of questions. First of all, congratulations on a very good set of numbers. So, firstly, on the top line growth, it was quite a significant growth for the quarter. And when we look at across the business segment, it has been quite broad based across fire, Health and Motor. So, just wanted to understand your outlook of the top line growth for the next full year 2026? And specifically, if we break it down across the segments, what is your outlook? For instance, I think we are seeing some price hardening trend in the Fire Insurance segment. So, is it what it is driving in the Fire segment? And with respect to the Health Insurance as well, you've said that you are trying to focus more on that. So, going forward, should we continue to expect that growth in that segment as well? That is my first question.

Okay. I can actually go ahead with the rest of the questions as well. And second one is, on the investment side, I mean, it was quite an offsetting factor in the earnings growth. So, just the reason behind that, what actually led , is it because of the weaker equity market? Or are you seeing some slowdown in the interest income as well? And lastly, on the LA fires, do you have any exposure to that? And if so, what would be like the impact from that? Yes, these are my questions. Thank you.

General Insurance Corporation of India CC-Sep24.pdf · 2024-11-13

Sorry, I joined a little bit late, so please accept my apologies if I repeat the question. Sir, firstly, on the overseas portfolio, first of all, congratulations on the credit rating upgrade. Especially on the overseas portfolio, can you just provide a little bit of more detail as in which business line you think you will be more focusing on wit hin the overseas and which you think in your view will be easier for you to make negotiations first and make a deal in the fast manner? Like what will be your preferred portfolio to start with in the overseas line? And just I guess that because overseas were also getting a bit competitive and because we have had some relationships in the past. So, I think what level of aggression can we see in the overseas business line as in -- are we trying to stay more competitive to secure more business there? Or we'll just also be focusing on the profitability and not have such level of aggression there? And one more question that was related to the U.S. portfolio losses that was on the book, but you have stopped writing the portfolio. So just any update as -- did you see any more claims in this quarter? And how is the reserving so far for that particular risk portfolio? And just one last question also if I can ask. You have flagged that the biggest risk for you will be the natural catastrophic losses, and I think because the severity frequency might continue. So what are the measures -- risk management measures in your view will be best to take?

Got it. And just a couple of questions, if I can follow -up, please. On the natural catastrophic losses, we have not had that retrocession policy at the moment to manage the risk. But going forward, are you -- is this option under the consideration given we get the deal at the right pricing, et cetera? And just one follow-up question. I mean, one more question, if I can ask. On the health side, we have had a very good growth. So is it right to understand that the majority of it is from the group health? And if it is, what is the type of that business? I'm assuming it's a treaty in nature and there might be a proportional one. So just some clarity will be helpful.

General Insurance Corporation of India CC-Mar24.pdf · 2024-05-29

Yes. So just a couple of questions. Firstly, on the underwriting in the health reinsurance segment. So can you please help us understand as in what led to the improvement in the fourth quarter? Was it majorly attributed to the group Mediclaim side? And the second is on the domestic on the fire segment. So can you just explain or help us understand like what led to such high deterioration in the underwriting in that segment? And just last third question is on the fourth quarter acquisition costs. So the cost ratios have gone up both quarter-on-quarter and year-on-year basis in the fourth quarter. So can you please help us understand the reason behind that? And also, what are your thoughts on outlook, especially on the acquisition cost for this full year 2025?

Yes. And if I can also just follow up on the motor as well as in -- this was also a pretty good performance. So given that a few primary insurers are not very much comfortable about the motor third party pricing hike, let's say, in the full year 2025. So if we were just to assume that the prices in the motor third -party segment for the primary insurer, they remain unchanged. So what impact will that have on reinsurance business overall? Because I just wanted to understand as if the underwriting motor segment can be seen as improving in 2025?

General Insurance Corporation of India CC-Dec23.pdf · 2024-02-08

I have two questions. The first one is on the gross written premiums for the quarter -- in the third quarter. We saw that the premiums in both the domestic and the international lines were a declining trend. So the reasons for that, I understand in international that you have refrained from renewing fee book. But what is the reason in the domestic business line? And if you can also comment on what sort of growth you are targeting in the next year as in full year 2025? And the second is on the health insurance. Just following up on your comment that a lot of it as you said is coming in from an obligatory book. But I'm just wondering because there was an underwriting loss in the last quarter. So do you think that there are certain ways in which we can improve the performance of this segment? Yes, that's all.

Life Insurance Corporation Of India

Life Insurance Corporation Of India CC-Jun25.pdf · 2025-08-07

Just one question on the margin work that you have provided. If you are able to just share what is causing the positive support in the margins from the operating assumptions. So, is it the expenses that is causing the positive movement? And second, on the negative economic assumption re setting, is it related to the yield side? If you're able to confirm that? And if so, are we going to take any repricing measures going forward, which will sort of nullify that effect going forward? And the second question is for the full year 2026. Are you able to share any guidance of the margin profile as in, shall be based on a year-on-year increase in the margins in FY '26 as compared to FY '25? So, these are my 2 questions.

Okay. Got it. So, in the non-par, you will include the ULIPs as well, right, unit linked?

Life Insurance Corporation Of India CC-Sep24.pdf · 2024-11-08

A couple of questions. Firstly, on the VNB margin walk that you earlier have provided. If we compare the VNB walk in the first quarter, there was a negative impact from the higher product benefits. But in the first half one, it wasn't there at all. So can you please help me understand how shall we read it? And secondly, if you look at the share of urban business, versus the rural, we have seen it has improved. So can you just help us understand like what strategy you're using -- you're adopting as you're focusing more on the urban and will it be continuing going forward? And just last very quick question on the duration average policy term of the non-par savings. I can see in the presentation, it's somewhere around 72 years. So just wanted to understand like what is the typical premium payment term of these very long-term policy? And just -- also, you can share some trend on the hedging costs for these products. Do you see any higher hedging costs in this particular segment? And that's all.

And I had a couple of questions more if you can address that as well.

The New India Assurance Company Limited

The New India Assurance Company Limited CC-Jun25.pdf · 2025-07-30

Yes, thanks for taking my question. Just on the loss ratio side, just now you said that the 1st Quarter could have been better if it was not the case with the Air India losses. But if I look at the incurred loss ratio across the business line, it has broadly shot up in almost every category. So just firstly, with respect to the health insurance, actually, I wanted to understand what is your outlook for the rest of the year, especially given that we have taken some pricing hike and also cautious underwriting approach in that segment and also in the motor insurance side, now that the third-party premium hike has not come, so what is your outlook for the motor TP loss ratio as well? And if you are able to guide your total group level loss ratio for the rest of the year that will be helpful.

and that is the day, the golden letter day for health insurance in India and we will be surely on top of the charts to give that kind of service for our policyholders. And we have this additional regulation where we can't increase more than 10% in a year. So, our hands are tied at beyond 10%, when we cannot increase, the inflation is at 14%. We have a straight 4% differential there itself and then , this quarter, the hike is also because of an increase in infectious diseases, as you would have read in the press. Additionally, there has been a lot of regulatory change in health, which is very evolving and there are lots of circulars that keep coming throughout the year, when some of the latest ones include the inclusion of pre-existing diseases and that is also one of the reasons, and there is a new concept called robotic surgery, which is being increasingly used by our customers and this is something that has possibly not been priced for or taken into account during the pricing and because of these various reasons, our claim has shot up by 3%, which is pretty decent. Okay. So just to summarize that the pricing hike that we actually took in the last year, the impact of those hikes has largely translated into the loss ratio and now that going forward, it will largely be the function of claim frequency as well as the amount. Is my understanding correct? Yes, see this price cap of 10% came somewhere in the middle of last year, when there was a lot of hue & cry about retail premiums not being affordable by the larger public. So actually, the health, we have been, I mean, even earlier to that, we have been extremely, our increase in rates has not been on every year basis. So, we did change the rate applicable age wise, instead of band wise and that has somehow spread that kind of increase in premium across each year. But then, the retail, the premium growth has largely come from all segments, whether it's retail, GMC, government, we have increased the premiums even in government business by 20% basis, the ICR. On GMC, our prices have gone up by 14% in retail by 9%. But despite that, the claim ratio has gone up. So, which again reaffirms the fact that it is a service provider that now needs to be reamed in.

ICICI Prudential Life Insurance Company Limited

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

Thank you for taking my question. Just one question from me. So, you have stated in your initial comment that some weakness was seen in the MFI channel. So, just if you can help us understand like how to quantify that impact. So, if you are able to highlight the share of the MFI channel in the distribution mix? And what is the product mix which usually typically comes through that channel? And if this channel picks up in, let's say, 1 or 2 quarters, then what improvement in the sales number sho uld we be expecting? That's all. Thank you.

Yes. So, this is pure credit life, right? Nothing else in there?