Questions across 68 calls

Avinash Singh

Emkay Global

Life Insurance Corporation Of India

Life Insurance Corporation Of India CC-May26.pdf · 2026-05-21

Hi. Good evening. Thanks for the opportunity and great set of numbers. My question again is around capital and dividend policy. So if we look in terms of the current solvency regime 235% now, we have solvency ratio that I would say the strongest in the sector. And of course, it has been rising. Now when it comes to dividend, of course, your dividend payout ratio is at a different level. However, I mean given this kind of a capital glut and solvency accumulation, and we would expect it to be even higher. But you are -- you seem to be a bit or reasonably more cautious around risk based capital whereas if we see some of your -- I mean, the private sector peers, they have kind of a hopes of risk-based solvency leading to some sort of releasing capital or you can say that less capital strain. Now what sort of -- what is the reason behind your cautiousness? So what is driving that, okay, you are fearing that there could be kind of increased capital requirement once you transition to risk-based solvency? I mean, what is this apprehension about capital?

Yes. Thanks. One follow-up -- sorry, another question. Regarding your margins. GST came as sort of a post one-off this year. Now that has consumed 2% of margin. If I remove that, the margin side is 23%. Now, next year, when I see the two benefits that you have derived this year, product mix changes and also the economic assumption changes probably in terms of movement in terms of shape and absolute level, would probably not be there. Also you will have to respond to this rising yields by offering probably higher IRR. Nevertheless, in a kind of a stable product mix and these economic assumptions, is it fair to assume that, okay, the margins will be looking more towards 23% next year?

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

Good evening! Thank you for the opportunity. So, a couple of questions. The first one is my question on solvency and your dividend paying policy. I mean, as we can kind of observe that since the time you have listed and you of course, you have this bifurc ation of account and the policy change on surplus transfer from non-par, the solvency now is inching up. I mean Y-o-Y solvency is up 18%. Now it is 217%. And still, you have kind of a very sizable chunk of surplus sitting in the non-par book that is still kind of where MTM is not part of your solvency capital. So, on that, my message is that -- or question is that solvency is too strong, the profit generation remains strong. what stops you from increasing dividend meaningfully? I mean, nearly last year, your profit was Rs.48,000-odd crores, now even quarterly Rs.10,000 crores kind of profit generation, but we are kind of still not going ahead with dividend increase or step change. So that's the first question. And second question is, I mean, now you have start ed your non-par share has increased and the scale is also meaningful. And if I recall correctly, last year, you took the call to enter into that FRA market. So can you sort of provide some color into what is the total quantum of FRA derivatives that you have kind of entered agreement into? And what percentage kind of your exposure is hedged or unhedged? These are the 2 questions.

Sir, a follow-up to first one. So, what would be your comfortable range of solvency? Because I mean, we have seen the corporation listing in and around 160-odd percent solvency. Now we are at 218%. So, what sort of a comfortable range of solvency that you are comfortable with? And is this kind of preserving the capital some way also linked to some uncertainty around solvency once we move to a risk-based solvency regime or what so these are my 2 linked questions that what is the comfortable range of solvency? And is this cons ervatism in terms of preserving capital linked to kind of uncertainty around risk-based solvency implementation?

Star Health and Allied Insurance Company Limited

Star Health and Allied Insurance Company Limited CC-May26.pdf · 2026-04-29

Thanks for the opportunity. Congratulations on a great set of numbers. A couple of questions. I mean the first one more around that a lot of the actions you have taken on multiple parts of your business including the repricing of portfolio and all. Now of course the BAU based repricing or price increase we will continue. But do you see the way that medical inflation and your claims experience are going forward- I mean any sort of a major repricing need is at least not there in FY27 and it will be normal I mean whatsoever single digit or whatsoever possible typical price increase. So, is that current price sustainable with the kind of a claim in present to settle you in your desired combined ratio zone? The second on the regulatory side, I mean of course I guess you briefly touched upon the expected EoM/commission regulation to be out in near future. On this Bima Sugam that finally seems to be kind of making some progress. I mean what's your evaluation? Is it going to be kind of augmenting your sourcing or it is more going to be the renewal and maintenance? On that front or is the regulator looking at the product I mean whether it's a new or renewal to be priced differently on this platform because this pl atform is being projected as a direct -to- customer and for customer only. So, is there some sort of a rebate or discount that the insurer has to offer to the customer on this platform if the customer is buying new or renewing the policy? Thanks.

Now looking back this EoM regulation that had a kind of a March‘26 as a deadline. What is the regulator's view now because I mean a number of players will be non-compliant. Of course you are in the compliant bucket but across the board because eventually when this new EoM regulation was launched on 1st April ‘23, I mean there was a deadline, there was a kind of amendment and companies had to give a glide path how they are exiting March‘26 with those kind of a limit, the 30 % or 35% limit , depending upon the class. Now what is the regulator's view now for the non -compliant companies? Because this kind of a will set that okay how in future the companies will take regulatory awards. I mean if even with a three-year deadline, if there is no sort of action or a nudge from regulators for non-compliance, then I mean it is very difficult to believe that in future regulations will be taken that seriously.

Star Health and Allied Insurance Company Limited CC-Feb26.pdf · 2026-01-29

Yes, hi. Good morning. Thanks for the opportunity. Good set of numbers. Anand, a question I will stick to the one particularly on the claims ratio side. Certainly, there is an improvement if we see sequentially on a YoY basis. But if we look at more on the nine -month basis and the retail claims ratio, because a significant portion of improvement has come from group. Now, on the retail side, I mean, versus 69.6 % of last nine months to this nine -month 69.4 %. T he improvement is there, but it is kind of a minimal and it is on the back of also the price hike has been taken, a lot of remedial exercise were taken. So, the question is that, if we were to look, say, over maybe two, three years kind of a thing, where maybe a desirable number for you on the claim side would be even lower from here. So, how do you see this panning out? Given that apparently medical inflation has started to bit of a cool down in recent quarters. You have taken the price hike and remedial action, and you also have a very impressive fresh growth and overall growth. Yet, you know, the claims ratio improvement over these nine months YoY basis on retail side is still a 20 basis point. So, how do you see the journey over next two, three years and where would you see or your desire to settle this claims ratio piece? Thanks.

Got it. Thank you.

Star Health and Allied Insurance Company Limited CC-Jun25.pdf · 2025-07-30

A few questions. The first one would be, again, on a trend that , I mean, anecdotally and some commentaries from some of the lenders and all, it seems like there is a kind of a divergence in terms of how patients’ flow are, whereas large corporate hospitals continue to see good kind of growth across all the parameters, whereas smaller nursing homes or maybe shops are seeing challenges. Now, in terms of, of course, you have been taking price hikes, but if this trend continues to sort of incremental flow going towards the bigger corporate -led hospital, I mean , do you think or do you see right now the trend is stable so that your current price hike should be taking care of that? And what else could be your kind of incremental move if this trend continues because that will continue to have an impact on the average claims cost? That’s a similar kind of problem going to a smaller nursing home versus going to a large corporate hospital. What are the kind of measures taken that can kind of address these concerns? And of course, you can also tell that if the trend is there or not, because, I mean, I will have a limited anecdotal point on what I am seeing. That is one. Second, in terms of the fresh versus renewal, and this is more of a, I would say, data-keeping request, this fresh and the renewal retail premiums, if you can help, I mean, I will separately get in touch. The absolute numbers in terms of the quarterly trends, these premiums, because many times, since this 1 by N has come into picture , and then there are certain other things mixed up. The actual number looks a bit difficult because for the quarter, the number says 25% fresh retail growth, despite a 97.7% kind of a premium persistency, but based on that, because the last year, same quarter, your premium persistency was lower. What I am getting is a higher base number for fresh last year. Could you provide the absolute number?

Just a quick follow-up on this. How are you see ing the traction of that product, you know , or rather rider that kind of allows the premium to reduce by excluding a certain set of hospitals? Is that traction, I mean, if you can quantify, I mean, how has that traction been where, I mean, a customer can c hoose to sort of buy and add the rider that excludes certain hospital and premium become affordable ? There has been kind of, I would say again here, a bit of a diversion commentary, some of the large distributors saying that there is a good traction , whereas some insurers saying that it is not really seen. What is your experience on that front?

SBI Life Insurance Company Limited

SBI Life Insurance Company Limited CC-Apr26.pdf · 2026-04-22

Congratulations on a great set of numbers. Thanks a lot for the opportunity. A couple of questions. The first one, if I see persistency has done well across the cohort, barring 61st month where it has seen a drop, likely it would be coming out of some ULIP during the COVID time, the policies sold. And possibly, that is the explanation. But in that context, I wanted to know, is that operating assumption changes that are kind of a negative in the VNB walk. Are they kind of leading to some bit of a reset in persistency assumptions or there are other factors behind this marginal operating changes? So that's one. Second, again, if I look back how kind of you have delivered over the last 10 years and you have presented in the slide, I mean, in terms of your APE market share or individual APE market share or embedded value compounding. But if we were to look back those 10 years and break it into 5 and 5, possibly the first 5, of course, coming from a lower base, had a very, very strong growth on all parameters, including the kind of a margin expansion and all. Now if we look back , when the margin is more or less stable, but expansion part is difficult. And of course, the base of growth and everything is coming into picture, the growth is also going to be measured. In this backdrop, if I kind of - - I were to ask, I mean, what would be your experience over the next 5 years? Again, I'm not coming off to quarterly volatility. But if I'm saying that, okay, what would be the number in terms of your retail APE growth or kind of where the VNB or margins will come down for the next 5 years, what would you have to say?

Okay. And lastly if I can ask one more. I mean in this par, of course, in your mix it is still a smaller portion. But typically, you have been more like a ULIP protection and guaranteed non-Par. What I mean is, it is kind of intent or what is the demand factor that is kind of bringing this strong growth in par?

SBI Life Insurance Company Limited CC-Feb26.pdf · 2026-01-28

Hi, good evening. Thanks for the opportunity. Good set of numbers considering the GST level code impact, the kind of consistent margins and a very strong VN B growth, particularly in the quarter. That's kind of a great achievement. First is particularly a bit I would like to know on product mix. So, in the current environment where there has been a kind of a repo rate cut that leads to deposit rates going down, but bond yields kind of holding or inching up, typically a non -par savings growth one would have expected to be better or rather stronger than the overall growth. But at least in the quarter it has not been. So, what's happening there, I mean, that is kind of a hampering the demand of non-par in the market, I mean, your experience. And secondly, slightly unrelated, solvency at 191% is far, far above, I would say, the regulatory requirement of 150%. But typica lly in your embedded value assumption and all, I guess, management threshold is 180 % odd. So, do you see, I mean, this solvency and organic profit generation to be sufficient enough for you to allow a strong growth across product segment like, say, whatsoever product is growing, maybe protection non -par. So, I mean, do you see any sort of a limitation coming from that side that can kind of lead to some optimization on product or rather your solvency or capital is totally adequate to provide a strong growth across the products? So, these are two questions. Thank you.

Thank you. And just a quick follow -up. If I were to see the labor code impact or GST impact, everything now particularly is already in numbers, and also in product mix terms, typically, I mean, par have done or other outgrown non -par. So, all these factors are already in base. So, is it safe to kind of assume that going ahead, the margins typically would be better than where it has been in the quarter? Is it a safe kind of assumption?

SBI Life Insurance Company Limited CC-Oct25.pdf · 2025-10-24

Just two clarifications. The first one is, again, on margins. So, the 20-basis point margin impact is for last 9 days or 11% of first half individual business. Does that mean that 60 basis point impact is coming from that 89% of the business that you wrote where you had to kind of adjust your maintenance expense assumptions? So is my understanding correct that this 60-basis point impact is coming on the business written after 1st April 2025 until 21st September. And on that business, you have to now readjust your maintenance expense assumption? So that's one. And the second piece clarification, of course, I mean, you clarified that you are going to adjust or rather pull-on other levers at the product level and operational efficiency to drive or rather adjust for this margin loss, GST impact. But does that mean that, okay, I mean, if you are not going to touch the distributor commission of course, that's already very low. But if you're not going to touch that and also, if you are not going to touch your product construct in ULIP, I mean, your reduction in yield, does that mean -- I mean, at the product level, ULIP is going to see some softer margins? These are my two questions.

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

A couple of questions. The first one is on margin front; it's a commendable performance. But my question is that, I mean, given that now you sort of have been focusing to move more or grow more outside the bank as well. And that's where I mean, agency expansion and opening of branches has been planned. So , I mean, this opex assumption in this margin calculation. Keeping that in mind, I mean, whatever your branch expansion and agency addition for kind of plans you have. So if you were to kind of accelerate those branch opening this year, will that have some kind of any changes in your operating expense assumption or the current margin calculation keeping sort of that part of assumption? And second piece, again, related to agency only. Agency has been kind of a focus area, and I mean, you have a strong track record of your agency being productive. But if we look at this point in time, the growth in agency looks weak. So I mean, is there something, I mean, not clicking or is it unexpected lines, if at all by when we can expect a turnaround or other acceleration agency growth?

HDFC Life Insurance Company Limited

HDFC Life Insurance Company Limited CC-Apr26.pdf · 2026-04-16

A few questions. The first one on growth. Yes, as we acknowledge there were multiple factors, some external and some internal. In this context, the particularly the factors which are affecting growth in HDFC Bank channel, be it the competitive intensity or maybe irrational pricing. How has particularly your wallet share within HDFC Bank channel behaved in Q4 vis-a-vis what it has been for the nine months? How has that changed? And now what steps you are taking or what you are seeing competitor withdrawing or competitive intensity changing that gives you hope that okay, things will normalize or go back maybe to say in the past levels in FY27? So, this is the question more around HDFC Bank channel and what sort of things giving you confidence there in terms of your growth outlook. The second one would be, there is a very small piece of business that is the participating group and pension. Now, in your GAAP filing, there is a kind of a sizable negative surplus or deficit in that par segment, even though the business size is very small. So , what exactly is the nature of this and why is there such a big deficit in this segment of business? And lastly again related to this, the back book surplus is going in an impres sive way even this year, it's 14%. But when I look at the new business strain, I mean given, there is a strong growth in individual protection but at the same time non -par savings have given way to par where typically the new business strain would be lower , but the overall new business strain at the company level is growing very, very strongly. Is it something to do with the cost structure still remains a bit unfavourable? What sort of explains that? So, these are my three questions.

Vibha, counter share in HDFC Bank, In Q4 versus 9 months?

HDFC Life Insurance Company Limited CC-Jan26.pdf · 2026-01-15

The first one is regarding product mix. In an environment where bond yields have been kind of holding on, and also, we have seen yield curve movement where your ability to offer a better guarantee rate is higher, whereas the repo rate and all bank deposit rate have gone down , so, typically, one would expect a reasonable comeback in non -par. But if we see h ere, I mean, in your case, it is par that is still outperforming. Non -par is not showing strong growth, and that largely seems to be driven by the banca channel, if I look at the product mix. So, what is kind of putting you in a situation where you are not able , in an environment where one would expect non-par to bounce back? The non-par is not bouncing back. So, that is one. Second, just to clarify on Labor Code, this about Rs. 100 crore impact largely, I would say is due to gratuity shortfall, probably pertaining to your permanent and fixed-term employees. So, is this a one-time impact, and on a rolling basis or ongoing basis, there should be no further impact to expect?

HDFC Life Insurance Company Limited CC-Sep25.pdf · 2025-10-15

Two questions, first one is on capital. If I see sequentially, solvency ratio has dropped 17 percentage points, I would think nearly 6-7 percentage point impact would come from some retirement of your sub-debt, some part of it will be growth and partly, it could also be due to yield curve movement-led MTM adjustments on some of the hedging positions. Are there any other elements here? And more importantly, tis this the capital level comfortable to support your growth? Do you have any plan to raise sub-debt or any other way to augment the capital? So, that is on capital and growth. Second, on GST and margin, if I were to just glance through the sensitivity given, i.e., how VNB changes if there is a 10% increase in acquisition cost and maintenance, that’s on a ceteris paribus basis. But the impact, looks meaningful, 18% cost increase on nearly 50-60% of costs that are non-salary related. So, there is a reasonable amount of acquisition cost and maintenance going up. So, that is where my question is, as you pointed out that, over the next two-three quarters, you will be doing the adjustments to overcome this impact. So, is there a possible way out unless, the distributor also shares the burden? Because, if this burden is to be absorbed only by product changes or to be absorbed by you, it looks a bit on the higher side. So, are distributors going to part of this burden sharing? Will they sort of share some bit of this load as well?

Max Financial Services Limited

Max Financial Services Limited CC-Feb26.pdf · 2026-02-12

Yes. Hi, thanks for the opportunity and g reat set of performance. The first question would be more on growth. So right now, if I see, of course, on an APE basis, the growth is extraordinarily strong even on that individual rated premium, the growth is strong. Now looking forward, I mean, because in the last 1 year or so, there have been some mathematics around the monthly premium paying terms coming in between earlier. So of course, right now, the APE versus to, I would say, strong. Now looking at growth, where do you see your anchor to be? I mean more like the 20% plus where your IRP is growing or you can still grow faster than that? I mean, particularly, I am asking this question because in the recent months, there could have been some tailwinds in terms of the GST and all and that at some point, we start to stabilize. So, some bit of a guidance on growth? And second, I mean, again, more from the industry any perspective, of course, your non -par growth has come good in Q3. But looking ahead, given the scenario where kind of a bond yields are rather sticky, where deposit rates have seen a significant decline. Is it kind of a typically a very, conducive environment for non -par sales. Do you see that non -par sales to kind of accelerate? Because I mean, your non-par sales is good, but overall industry has not done that greatly non -par in an environment that would be likely a conducive non-par. So, these are my two questions? Thanks.

Got it. Thank you.

Max Financial Services Limited CC-Jun25.pdf · 2025-08-08

Congratulations to Sumit. You have resolved most of the issues related particularly the non -operating issues at the company. So, of course, expectations are going to be high for Sumit as well. Two questions. The first one is going to be in terms of your product mix, not so much margin. I mean, you are back to kind of where typically you want it to be, ULIP and non -ULIP mix. Is this trend going to continue for the rest of the year? Or I mean, if at all, the market environment turns conducive, you would be okay to increase ULIP. So that's first on product mix. The second one, more again a bit, I would say, fundamentally, I can see, yet I want to answer. Again, time and again, sometimes media news comes around some of your promoters are increasing or infusing capital. But when I see, I mean, your solvency is now even close to 200 odd percent and reasonable, I would say, back book profit generation. In that case, I mean, given that typically your 180% is the comfortable solvency than you would like to be, do you really see any need for external capital for the next 2-3 years, even if assuming the growth accelerates?

Bajaj Finance Limited

Bajaj Finance Limited CC-Nov25.pdf · 2025-11-10

Quickly, if you can help, I mean, the softness in other operating income, is it -- I mean, lower recoveries from written off account? Or is it on the lower marketing fees and all? That's one. And in FY '27 credit guidance, I understand that, I mean, of course, the captive 2-wheeler going out and gold and new vehicle increasing. But is there some risk? I mean, now your customer franchise is close to INR 12 crores, you go further deeper, then each of the business lines where you are, probably you are going to a more of a bit of a slightly at the margin riskier customer. So I mean, is that understanding wrong? Or I mean -- or will you see some impact from t hat part because you are going perhaps deeper in each of the product segment?

ICICI Prudential Life Insurance Company Limited

ICICI Prudential Life Insurance Company Limited CC-Sep25.pdf · 2025-10-14

Hi. Good afternoon. Thanks for the opportunity. A couple of questions I have. First one, again, continuing on the cost reduction part. I mean, just wanted to understand if these cost reduction measures are sustainable, particularly in the backdrop of whatever sustainable growth we aspire. I mean, will this kind of cost reduction have no bearing on that growth? And if you can help with some sort of numbers, is this kind of cost reduction also coming because of rationalisation of headcount, if you can provide the year-on-year sort of a headcount changes? So, that is my first question. And the second one is more on understanding this EV more particularly when I am looking at the ANW and VIF. There is a kind of, on slide 15 you have this. So, if I were to look at the March-September, March and now again, September, there is a huge volatility in terms of where ANW is moving. So, like last March to September, there's a huge jump. Then September to March is broadly stable. And then again, from this March to September, this is going down. So, if I were to look again from the gap networth to ANW typically adjustment, there is a reasonable amount of MTM generally. So, is it kind of these movements happening because of the yield movement or some equity related? And is there some kind of a, if at all, any impact of this GST related impact on EV going on in this ANW here? And if you can also confirm that, okay, the 1% kind of impact on EV from GST you have taken in this H1 number? Thanks.

Now, if I were to look at H2, so in H1 of course, the GST hit has come for a very limited time and also the favorable bond yield moves have helped. But at the same time, you did not have enough time to take managerial action. Now, looking into H2, when you can take managerial action, but the GST input tax credit impact is going for the entire time period, both offsetting for the GST impact and you taking actions, is it fair to assume you will be able to sort of nullify the impact of margins if the product mix were to stay as it is?

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

Good afternoon. Thanks for the opportunity. Two questions. The first one is on this persistency drop. Yes, if you look at June 2023, June 2025 are flat, but there is a kind of a decline versus last year. Is it that particular full capital return pension product that you had launched, is that, surrender or higher surrender in that product, particularly impacting this? And if that is the case, will there be a visible negative operating variance impact this year from that, higher surrenders in that? So, that's question one. Second is on broadly on mortality trend. If you were to kind of exclude the Covid delta wave impact, do you see in a similar customer profile, the geographic and demographic profile, do you see any sort of change or deterioration in mortality trends in the last 6, 7 years. Of course, Covid delta wave quarter was a very, very exceptionally high sort of mortality. But in normal course of business, do you see for a similar economic and demographic strata, any sort of a change in mortality profile over the years? Thanks.

Yes. So, you are not seeing kind of any unusual thing in the surrender that may have impact on operating variances at this point?

LIC Housing Finance Limited

LIC Housing Finance Limited CC-Jun25.pdf · 2025-08-04

So a couple of questions. The first one is now, I mean, as RBI has cut 100 basis point repo rate and the housing loan interest have gone down. So my question is that, I mean, on your existing book, that is largely, I mean, floating rate, the individual loan, how much of that book has been repriced? And how much is yet to be repriced? So basically, assuming that, I mean, the rate is still where it is in repo rate, what kind of yield side compression you see over, I mean, the next 2 quarters? And given that your borrowings are also repricing quite fast this time, what kind of overall NIM compression do you see over the next, say, 2, 3 quarters?

Yes, sir. Yes, sir. Yes. So in fact -- and that's why sort of -- I mean I saw that spread increasing. And that's why my question was that your peers are largely the public sector bank. I mean your competition is largely private sector bank -- public sector bank. And in that context, my question was more that the 25 -basis-point cut you have kind of done on your existing portfolio where what the MD said that one third portfolio has been repriced and the rest will be priced over time. My question was more that, okay, is this 25 -basis-point cut, I mean, next year kind of an offering attractive enough to kind of control balance transfer? Or will you be required to kind of bring in more cuts? So I mean is this 25 -basis-point cut sufficient? Or will you be required to kind of respond with the higher cuts because your competition is public sector banks?

Go Digit General Insurance Limited

Go Digit General Insurance Limited CC-Jul25.pdf · 2025-07-28

So my first question is on retention that you explained in detail. Yet I needed some clarification because the 65% retention, I mean, it's pretty kind of low and particularly in your context because traditionally, you have been highlighting our strategy is to retain more, I mean because you have the understanding of a risk and you have capital. So this is going down. And even if you were to kind of consider that, okay, nearly 20% of fire is almost totally kind of ceded, yet it seems that the retention has gone down or cession has gone higher in other segments. And on this, I mean, in the case of that higher reinsurance cover, typically, one would have expected that commission expenses to be lower. But the commission expenses are still staying higher. So if you can sort of try to explain has commissions gone higher in certain segments? Or how are you sort of accounting th e inward commission -- I mean efficient commission, so basically the higher reinsurance, its impact on commission and how are sort of accounting? And particularly, have you changed kind of a rete ntion in motor OD and TP? So this is basically question number one. Secondly, more on sort of a strategy. I mean, of course, motor TP you have been writing profitably, but at the same time because of no price hike and all, you have been kind of also voicing that now kind of with the claim inflation continuing the kind of -- the prices are getting gradually inadequate in many lines, not all, but in many lines. But now you have kind of an accelerated rising motor TP. And again, we have seen no price hike. And yet, I mean that your claims ratio is increasing, but not typically what I would say, a typical claim inflation would be closer to 8% - 9% kind of a thing in motor. Yet, I mean, without price hike, your claims ratio increased, at least at this point looks lower. So what sort of a strategy on motor TP that's working right now? So these are my two questions.

A quick follow-up if I may. You now -- your group, I mean, had you got also the reinsurance license. So now what is going to be the kind of inward reinsurance strategy at Go Digit? Does it remain unchanged? Or will large part of -- I mean, inward reinsurance will become a sma ller portion of your business at Go Digit?

Mahindra & Mahindra Financial Services Limited

Mahindra & Mahindra Financial Services Limited CC-Jun25.pdf · 2025-07-22

Good evening. Thanks for the opportunity. A few questions. On your venture into housing, rather universal housing approach, so what are the updates? I mean, of course, we heard you kind of explain the turnaround in your rural housing subsidiary, but the kind of universal housing business that you were kind of you announced last year that you were doing in that parent entity, so what sort of an update there? That's one. Second, if we were to look, I mean, in terms of the distribution approach followed by your peers and all. I mean, your branch, of course, I mean you are Wheels driven kind of NBFC, yet you have been trying to diversify. But if you look at your branch count, I mean, nearly five years it is kind of stagnant. So, now if you plan to diversify away more from Wheels, what sort of your strategy going ahead in terms of the distribution? Is it going to be also branch -led or you are kind of happy with the branch where it is and you kind of focus on digital or

Yes. And a quick sort of one more, if I may allowed. On CV side, I mean, of course there's a sharp decline in disbursal, I mean, of course the market is tough. But can you share, I mean, your assessment, I mean, how kind of quality or quanti tative assessment, in the new CV financing, how the market has grown or shrunk? And if at all, I mean, you have applied certain strategy in certain geography where you have kind of seeded market share for whatever you underlying concerns. So, if you can just provide some more color on the CV financing market?