Hi, good morning sir . Just taking cue s from one of the previous participant s question. On your partnership business, we have already seen , you counter share across all the new partnerships going up to 25% plus, which obviously has benefited you over the past few quarters. Now in terms of scope for onboarding new large partnerships or let u s say, this counter share increasing further, which could support the growth trajectory? What sort of visibility do we have on that? And also in line with that, can you break up your or at least give us some color on your product need between Axis or non-Axis channels, I mean, the non-Axis partnership channels.
Questions across 8 calls
Dipanjan Ghosh
Citi Group
Max Financial Services Limited
ICICI Prudential Life Insurance Company Limited
Hi. Good evening, sir. Just a few questions from my side. First, if you look at your protection business, it seems that after quite some time, your non-ROP business has grown at a very, very significant pace. So, just want to get some sense of this demand growth that we have seen, let's say, post-GST rate cuts and its linkage to pure term. Do you see some linkage of them? Secondly, is the non-ROP product significantly higher on the margin profile, which kind of benefited you during the quarter? Second, on the Credit Life mix, I think this question has been asked by previous participants. So, just wanted to kind of extend the discussion. In terms of your mix between MFI and non-MFI, how much that will be, let's say, for the nine months, so that we can gauge what can be the growth if microfinance were to improve in FY2027? And the last question is on the non-IBank banca channels. Do you see any sort of competitive pressure rising, or do you kind of hold on to the counter shares that you would have seen over the past half or nine months, or rather, in case they have increased from the previous levels?
Got it. Thank you and all the best.
Niva Bupa Health Insurance Company Limited
Sir, if you can give some color on -- you know, you mentioned your new business growth around 40%-41%. If you can kind of break that down across channels, or at least give some color on which channels are growing faster. My second question would be more of a qualitative question, which may not be pertaining to the quarter. It is more on, how do you see the claims ratio evolve as the vintage of the book really changes? Or in your portfolio over the past few years, when the customers are moving from, let's say, the three-year bucket to the five-year bucket, or when you're moving across different demographics or geographies, how does the triangulation really work in terms of the overall combined movement or the loss ratio movement, whichever you think is a better metric to l ook at? The third question is, the third and the fourth questions are more of data-keeping questions. One is if you can break your overall business between new and renewal for 1H or FY 2024. And the last question is, what proportion of your policies will be less than three years in terms of premiums or number of policies on the retail indemnity side?
Got it, sir. Just to follow up on the second question, you mentioned that your combined experience on the renewal book is better than the new book. This seems a little difficul t to triangulate when I look at some of your other listed peers, be it the SAHIs or the multiline players. I just want to get some sense of, is it more of a function of the new business distribution mix and the corresponding pay-out that is prevalent for your business as of date? And is that the driving factor of your combined experience on the back book being better? And is that subject to change based on how the new business origination or the pay -outs change? Maybe not today, but maybe let's say from a 3 to 5 year perspective.
Anand Rathi Wealth Limited
Just on the guidance part, when I look at it for the second half, you have built in almost a high single-digit sort of AUM growth. But when I look at the revenue numbers or even when I look at your PAT numbers, for the second half you are building in a lower than what you have achieved in H1. Now given the opex structure, when I subtract and get the opex number, this numbers seems to be broadly flattish what you're assuming between H1 and H2. Now just on the revenue part, why would you kind of assume a relatively lower revenue number for the second half compared to the first half, even when you are assuming AUM growth. That's my question number one. The second question is now when I look at your flows that you're getting into your business, just if you could give some color between flows from, let's say, the new customers and from the existing customers. What the breakup would be and if that has changed in the last year or quarter out there. And my last question is more from a structural perspective. I mean, in the segment that you're operating, do you see increased competition from some of the domestic boutiques. And if so, can that lead to some sort of maybe not immediate but maybe a near to medium-term pressure on the cost side?
Allocation of more on the competitive intensity, how these things are shaping up?
Life Insurance Corporation Of India
Just one question from my side. When I look at your persistency ratio trajectory between Q1 of last year with Q1 of this year and the decline in some of the buckets especially the early ones. I wanted to understand if you can give broad color on the product categories which have witnessed a decline? Or is it across the board that you have witnessed a deteriorating persistency trend. Also if you can break it up between some of the customer cohorts in terms of high ticket versus low ticket? Yes, that would be my question.
Sir, just a follow-up, sir, would you like to give some color b etween ULIP, par and non-par savings in terms of how the persistency trends have been? I mean, excluding the ticket size and the customer cohort in terms of the product category, which class has witnessed pressure?
Computer Age Management Services Limited
Just a few questions from my side. First, going back to the AIF segment. You obviously don't give the number of investors in your disclosures and AUM is only data point that we get. On that, over the last let's say, first half versus third quart er versus fourth quarter, we have seen some increase in yields, if I calculate revenues as a bps of AUM. Now is it a function of new clients getting onboarded or the WealthServ, platforms on the modules, digital onboarding modules that you have kind of maybe sold to your customers? So just wanted to get a sense of what is a recurring sort of revenues growth in this segment versus, let's say, if there is any one -off sort of upfront income that you're booking because of this rapid growth in the new clientele that you're onboarding? Second, as you said -- correctly alluded that your competition has taken a different view on this segment. So from a structural perspective, do you really see pricing being stable in this segment? Or should -- or can one see some amount of volatility out there? Second question will be on the entire non-MF businesses. Now you alluded to the fact that first movers in this segment obviously have some advantages in terms of both client recognition and trust. Having said that, you also alluded to the fact that it can be replicated over a period of time by competitors. Given that some of segments are quite nascent and maybe not duopolistic in nature, what is the pricing you are seeing in any of these non-MF business? Is it sustainable from a perpetual perspective or can there be some amount of volatility? Lastly, two data keeping questions. One is if you can give your KRA revenue mix for FY 2024 as a percentage of your -- sorry, for FY 2023 as a percentage of your overall revenues? And the second will be the 7,800 employee base, if you can just split it between permanent and contractual?
Just one small follow-up. With this employee number of 7,800, what total we did in '23 last year?
Kfin Technologies Limited
Hi. Good morning, sir. Just a few questions. First, taking cues from the last question. On your iss uer solutions business, I understand that not all of the revenues are linked to folio count. But if I look at it on an annualized basis, like issuer service revenues per folio, that have increased over the last one or two years to a decent number in FY23 and 24 versus FY22 levels or even 21 levels. Just wanted to get some sense of how much of this is linked to higher value - added services or higher non -folio linked revenues coming in from that segment and how much of it is led by, let's say, more number of IPOs happening during the year or maybe in th e course of the next year. In other words, if you were to forecast this number, how should one think about the revenue trajectory from both a folio and a non-folio perspective? Second, you mentioned the number of 5% of revenues during the quarter being li nked to upfront income on the hexagram entity, which obviously will have a certain recurring component attached to it going ahead. This 5% will be 5% of your total revenues for the quarter or 5% of your international and other investor solution revenues. And the last question from my side is on the domestic alternatives business. I understand that you have shifted to more of an AUM-linked revenue model, whereas maybe some of your competitors might still be on a flat fee with a slab -wise structure per scheme revenue model. Just wanted to get some sense of the stability in pricing in this particular business segment that you see evolvin g in the marketplace.
Yes, the first question was on the issuer service business. Yes. Just wanted to get some sense of, you know, from a folio -based growth versus a non -folio- based growth, how has it been for the last one or two years? Because I mean, we don't get that entire segregation between folio-linked revenues and non- folio-linked revenues.
UTI Asset Management Company Limited
Firstly, a data-keeping question, can you spell out the ESOP expense for the quarter and year for the stand-alone and consolidated entities? Secondly, on your equity outflows that you have seen during the quarter and year. If you can give some color on if there is a dominance of any particular channel or particular geography, be it B30 or any customer type, like HNI, where you are seeing relatively more outflows, some color on the quality of the outflows and also on the fresh gross sales , that are you seeing in the equity and hybrid category? And lastly, if I look at your other expense number, given that you'll be launching a plethora of funds next year, be it multi-cap or on the passive side or also on the thematic side, how should one think of NFO related expenses in your other expense going into FY25-26? Those are my questions.
Just if I can squeeze in one question on the yield part, if I understand correctly, there was some overestimation of commissions , and when the actual cash flows were compared with the estimations, you reported yield improvement. So, theoretically speaking, when you start from April 1 or if you look at Q1 FY25, it should be on a normalized basis, on the correct estimation basis. So, should 35 bps , or whatever blended yield you have kind of booked in the standalone business for Q4 FY24, be the right benchmark to start with?