Questions across 69 calls

Dipanjan Ghosh

Citi

HDFC Asset Management Company Limited

HDFC Asset Management Company Limited CC-Oct25.pdf · 2025-10-15

Hi, good evening, sir. Just one or two questions from my side. First, if you look at across channels, obviously your market share has been holding up well on the active equity side across most of the channels, but if you were to kind of look at, let us say the past 12 months or 18 months, has the trajectory of improvement or shift in your market share across all the channels been similar or do you feel there are one or two channels where you can probably kind of scale up a bit more, and if so, what would be the strategy around it? The second question is more on the cost side of things. I just wanted to again get some color on in terms of currently building capabilities on the alternate side or even on your investment management team on the mutual fund business, or expanding your sales capabilities, how should one think of, incremental employee additions over the next, let us say two, three years

Got it. Thank you, everyone and all the best.

HDFC Asset Management Company Limited CC-Jul25.pdf · 2025-07-17

Hi, sir. Actually, going back to one of the participants previous question where you mentioned that your flow market share across most of the channel partners have been healthy. I think a similar question was the equity -oriented market share has broadly been stable over some time now. And if I look at -- and one of the reasons you pointed out is obviously the differential mark -to-market and composition of schemes within the equity - oriented bucket which is fair. But if I look at across schemes, it will probably be some scheme, let's say, some of the schemes where market share has kin d of been down a little bit over the last 6, 9 months and maybe some of the categories, the market share is probably a little bit up on an AUM basis. So the question really is if you were to look at flows that you have seen over this past quarter, over the past 9 months, or maybe 12 months, have there been any sort of skew towards the categories, let's say, where your concentration within the portfolio is high, let's say, some of the categories where you are relatively more dominant or the mix of those c ategories within your portfolio is relatively high. Has there been any sort of skew and ex of that, how are you seeing the flow trend across different scheme categories, or quantifying in terms of the trajectory?

Got it. But, Navneet, already like fair to assume that, let's say, across most of the large categories within the equity-oriented side, the flow market share has been holding up? If I were to kind of look at each individual category separately, just on a flow basis, sir?

HDFC Asset Management Company Limited CC-Dec24.pdf · 2025-01-14

Hi. Good evening, sir. Hope I'm audible.

Two questions. One is on the other expense side. If I see there has been a sharp decline sequentially, and also on a Y -o-Y basis, it's quite controlled, despite the first half being quite high in terms of activity and engagement. Just wanted to get some sense of how should we see this going ahead in terms of trajectory on the other expense side, if there is any further head room to control it, or what sort of growth should we assume, given that you opened a few branches also here and there in January? And in line with that, also on the employee expense side, should we expect some amount of investment on the sales franchisee or the non-MF side, let's say, over the next 12 to 24 months? The second question is on, again, going back to the gross SIP flow market share. If I just see the ticket size for HDFC AMC versus the industry over the past, let's say, 12 months, both for December and September, HDFC AMC has witnessed a decline in ticket size for both these period ends, whereas the industry has seen an accretion. So is it fair to assume that, and anecdotally, you also know that the ticket size tends to be relatively lower on the FinTech channels. So, is it fair to assume that maybe there has been some moderation or customer churn o r resilience of the customers during this market downturn is a little lower on those channels, and you're facing the heat of that? Just wanted to get some color on that.

ICICI Prudential Life Insurance Company Limited

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

Hello. Good evening. Just two questions from my side. One is when you're having this incremental discussion with the distribution fraternity in terms of realigning the commission structures, I just wanted to get some sense of across different channels, what is sort of accommodative stance being taken by different cohorts, like, for example, between proprietary or partnership distribution or banca? I mean, which channel partners do you think would be more accommodative in this discussion? And second, just a data keeping question, if you can give your credit protect growth for the quarter on an APE basis?

I am sorry, just one small follow up. I mean, in line with the product mix, would it be fair to assume that non -par for the first half has grown at more than 50% - 60%? I mean, given that the mix has changed from two -thirds to almost equal weightages?

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

Hi, good evening, sir. Just two questions from my side. One, in terms of the ULIP trajectory, if you can for the quarter or maybe incrementally for the initial half of July, how has been the direction? Let's say, June versus May or May versus April in terms of the ULIP trajectory, how things are shaping up? Or in terms of incremental ULIP queries, do you see kind of any sort of pickup out there? Second, in terms of the non -linked savings business t hrough non-ICICI Bank banca channels, any sort of colour? At those non-ICICI Bank banca partners, is counter share or wallet share of non-linked savings higher than your overall business? And how has been the growth in some of those channel partnerships?

Got it. And just a follow-up on this. How is the product pipeline stacking up for the next 9 months?

ICICI Prudential Life Insurance Company Limited CC-Dec24.pdf · 2025-01-21

Just going back to one of the previous questions, if I just look at the margin, you mentioned that on a sequential basis adjusted for the group funds business margins are almost stable. If I do sensitivity and let's say assuming that there is no change in margins of group funds business between 1H and 3Q, even if you assume zero percent change in margin on the business, it seems that the other segments there have been at least a 60, 70 basis points decline between 3Q and 1H. Firstly, is that a fair assumption and to start with the group funds margins were similar across quarters?

Second is on your ULIP segment. Would it be fair to assume that the momentum is holding on even during the current quarter?

Life Insurance Corporation Of India

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

So just a few questions from my side. First, if you can give some color on the trajectory of the VNB margin in the group business? How has that shaped up on a Y-o-Y basis? Second, obviously, there have been some discussion on the agency part, and you mentioned that in terms of the sum assured and ticket size going up, while number of policies are still a little sluggish. In terms of the activation rates, can you give some color of how the activation rate on the agency has been, let's say, from October onwards versus post p re-October? And the reason I'm asking this is because I think there was a point where you mentioned that attrition rates in agency have been a little high and you would kind of focus on acquiring more millennial sort of agents. And lastly, in terms of any reduction from the government in terms of overa ll shareholding, any timelines or any views on that?

No. And the third question in terms of any timelines for the government stake?

Life Insurance Corporation Of India CC-Dec24.pdf · 2025-02-07

Just a few questions from my side. First is, did you mention on the persistency part and that in the new product regime, given that you have kind of changed some of the cohort selections in terms of ticket size and age, and you expect the surrender incremental to do better? So I just wanted to understand when you're kind of calculating the margin number are you -- have you kind of changed any of the assumptions? Or are you building better assumption from this new product that have been launched since October? So that is my first question. Second question is -- can I mention that you don't -- you're not giving out the Embedded Value number for December. But since we get the public disclosures with a lag, can you just mention the balance sheet data for the credit and debit in Fair Value Change Account? Is that possible? And third question is, when you look at the ticket size of your individual new business, across the board, whether it's non-par, par, we have seen a significant jump compared to historical averages. So is this what you're referring to the kind of focus on higher-ticket cohorts? Those are my 3 questions.

Yes. And the question on the balance sheet data, if that's possible?

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

Sir, just a few questions from my side. Firstly, when I look at your persistency ratios, be it for 2Q or 1H, across the few buckets, we are seeing deterioration. So just wanted to -- and especially in the early buckets, 13th month, for example, in 2Q is moving fully down. So I just wanted to understand, is it more of a function of mix change towards a little bit of high ULIP or if you can give some colour on the product level persistency how you are seeing that evolving, let's say, over the past few quarters? Second question is more on the embedded value. I know that you don't give the breakup for the first half. But if you can at least give some colour on whether the operating variance would be positive on a Y-o-Y basis or up? And also, if -- correct me if I'm wrong, but has unwinding rates gone down a little bit? And if so, is there a change in the real world excess return that you're assuming? The third question is on the investment mix in the non-par, given that the mark-to-market movements have been quite sharp, what would be the investment mix in your non-par book currently? And the last question is going back to the surrender charge. The way I see it is this current circular on the backdrop of your persistency ratios basically means that there is a certain amount of drag that should come in everything else remaining constant. Now there are only a few places, which the drag can be absorbed either in your own margins or as lower as higher premiums for the customer or maybe at the distributor level. Now your commentary seems to be that almost all these things will remain unchanged or in some cases, actually the distributor might be well off also for certain high-ticket policies. So just wanted to get an understanding of which of these 3 aspects or where is the pain really going to get absorbed, I mean, if you can give some broad qualitative colour on that?

And just the last question was on the surrender part. I mean, where is it getting absorbed exactly? I mean there has been a change in the surrender norms, right? So anything else remaining constant, there would be a certain negative cash outflow drag, right, over a longer time horizon, assuming everything else remains constant. Now you obviously picked the product design. You mentioned that you have not materially changed the commission structure. In fact, in some cases, commission structure might have actually improved also. You also mentioned earlier in the call that margins should broadly remain where they are and in some cases, you have maybe taken a little bit of premium hike. So I just wanted to understand, in which of the areas, I mean the stakeholder, right, the corporation, the customer and the distributor right? So who will clearly going to bear the pain of this negative drag exactly?

Computer Age Management Services Limited

Computer Age Management Services Limited CC-Aug25.pdf · 2025-07-31

Just a few questions. You mentioned on the reduction in pricing asymmetry on the mutual fund side of the business. And I understand there have been a couple of repricing by this large player in the last few years. But let's say, 2 years out, 24 months from now, when this particular player looks at their mutual fund RTA yields, let's say, on the more dominant portion of the book, which is equities, do you think that they will feel comfortable when they compare them with the other large 3 or 4 players, let's say, 24 months, 36 months from now. So just wanted to get a quantum of whether the repricing and the stabilization is done more from a long-term perspective? Or is it just like relative divergence has narrowed for now? Second, in terms of the nature of these contracts, I just wanted to understand, are these open for ad hoc repricing also? I mean, if can a particular player always come up for renegotiation, even if the contract is currently ongoing? And third will be on the Alternatives business. If I look at the revenue trajec tory for the last 4 quarters, it has revolved around that INR9.5 crores to INR10 crores quarterly run rate despite multiple new logo wins. So just wanted to get some sense of what's happening out there?

No, sure, Ram. Just one small follow -up. I appreciate on the AIF par t; it was lower in the last quarter base. But if you look at from 2Q onwards, which is last 4 quarters, it has been around that INR9.5 crores to INR10 crores. So in case you were to get to, let's say, 15%, 16% growth on last year's base, you probably have to kind of scale up the current run rate by at least 10%, 12% over the next few quarters. So, is that visibility kind of out there for you guys?

Computer Age Management Services Limited CC-Dec24.pdf · 2025-01-30

So just going back to the yield part. When I look at your equity schemes and the RTA schemes that you charge let's say for your top 5 partners or top 6 partners, there seems to be clear distinction between 2 players versus the remaining 3 or 4. And if they were to realign with the other top 3, 4, it seems that the overall impact on the book, be it this year or the next 3 to 4 years, can be may be around -- maybe as you said, it may be 0.1 to 0.2 basis points on the overall book. Is that a fair assumption that one should work with? And am I thinking in the right direction? Second, on the non-MF businesses, you have a vision to kind of scale it up to 20% of the mix. So if your MF business with this yield pressure, let's say, grow at 10% to 15%, that calculation will suggest that non-MF has to grow at 30% to 35%. While currently, this quarter has slowed down to 22% sort of a percentage. Now obviously, the capital market activity momentum is something that maybe we can't really forecast. But if markets are to remain subdued or maybe the last year's euphoria doesn't repeat, how is this feasible? I mean, what are the levers that you really have to drive the sort of a revenue growth on the non-MF side? Third, on the AIF business, your AUM, if I look at it for the last 7 quarters, has been almost stagnant at INR2 trillion to INR2.3 trillion in spite of new logo wins. So is this new client wins, smaller in size or has there been some sort of change? Just wanted to get some color on that? And lastly, on the non -MF businesses, has the pricing across multiple business lines really stabilized or should one continue to expect that the revenue growth may lag the underlying volume or asset growth in this segment?

Got it. But the reason I was asking about the AIF portion is because if you repeat this sort of a revenue run rate or maybe a marginal increase in next 1 or 2 quarters, then suddenly, the Y-o-Y revenue trajectory starts looking quite weak. And so maybe the only way you can do it is more schemes or more logo wins. So is that a fair assumption? I mean, some of these things will play out over the next few quarters?

Star Health and Allied Insurance Company Limited

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

Three questions from my side. First, in terms of the persistency number that you have given, would it be possible to give some clarity of the persistency across customer behavior or cohorts for the segments where you have taken price hikes over the past six to nine months? I just wanted to get a sense of the quality of persistency out here. The second question is on the claims ratio part. W hile you have given the retail health claims ratio number and I know that, you know, your price likes normally take around a year or more to flow through to the NEP , but even for the first six to nine months, can you give the claims ratio or some qualitative understanding of the claims ratio increase on a Y-o-Y basis for the cohorts where price hikes are taken versus others and a similar reference for FY2025? Lastly, on the claims part, in terms of the rise on a Y-o-Y basis, how much would it be driven by medical cost inflation and how much would it be by claims frequency or intensity? Those were my three questions.

Just one small follow -up on the second part. In terms of the claims ratio between products where price hikes have been taken versus products where price hikes have not been incurred, any color on the trajectory of claims ratio in these two different product baskets?

Star Health and Allied Insurance Company Limited CC-Dec24.pdf · 2025-01-29

Hi, good morning, Sir. So, just a few questions. First, you know, when I look at your renewal premium growth, that tends to be in the retail health side, my calculations say that it should be around 10% to 13% range and you also mentioned the blended price hikes that you have taken over the last nine months is around 8% to 10%. Broadly speaking, I just want to understand how has the retail persistency ratio been holding up if I look at the number of policies? That will be my first question. Secondly, What I understand is in your Group business you have scaled up the Banca business over the past maybe 8 to 10 quarters. Despite that, the claims are standing at like more than 80%. I just wanted to understand on the employer-employee side what would be the mix today in your Group Health and how has that segment really behaved including large corporates. And last question one is on the overall book, let's say that you have originated post let's say FY22 or maybe in the last 10 to 12 quarters. What would be the composition of this new book?

Kfin Technologies Limited

Kfin Technologies Limited CC-Jul25.pdf · 2025-07-25

Just 2 questions from my side. First, from the previous participant's question, if I look at the international and domestic wealth or AIF businesses, excluding GBS and excluding pension, growth rates which was tracking -- so if I just take cues from the previous participant's question. In terms of the international and other investor solutions, excluding GBS and pension also, the growth rates which are tracking like say, 45%, 50% in the first, second, third quarter of last year on a Y-o-Y basis now has come down to like 25%, 30% in the last 2 quarters. So in terms of incremental client onboarding or in terms of the pipeline, given the fact that mark- to-market is also probably a little better than historical averages, how should one think of this business incrementally? And second, on Ascent's part, if I just look at third quarter metrics compared to the first half or the last 2, 3 quarters of the previous year also, it seems that the incremental number of clients added, incremental AUM growth quarter-on-quarter, all these metrics have kind of tapered down quite a lot. So if I just look at the number of schemes, that's up like 5%, AUM is up 5% compared to, let's say, historical average, which is far, far higher. So just wanted to get some s ense of this new salespeople that they've onboarded, should that kind of drive some amount of revival in the business momentum?

Kfin Technologies Limited CC-Mar25.pdf · 2025-04-29

Yes. So, just a few questions. First, on the employee expense growth number for FY2025, would it be possible for you to kind of break this number between fixed cost inflation, new employee additions and maybe others in terms of more deployment on the sales side or business development side or product side? Second would be when we look at the Issuer Solutions business, this year obviously the folio growth has been quite strong. So, again, I mean if you can break it up between primary activities driving this folio addition versus more companies that you're getting from competition and maybe others? The third is on the domestic alternates and this is more qualitative. Is the entire portion of the revenue annuity in nature or is there some portion which is more transactional based? And lastly, in response to the previous participant's question, when you mentioned your proprietary deal pipeline on the international side, was it in terms of AUM or revenue out there?

Got it. Thank you all and all the best.

Kfin Technologies Limited CC-Dec24.pdf · 2025-01-24

Just a few questions. First, going back to the BlackRock Aladdin partnership. While you mentioned the opportunity size in terms of the number of clients and AUMs managed on the Aladdin platform. Just wanted to understand in terms of the eight partners who are already existing, would you have done some due diligence on the revenue clock by this partnership still now, be it BNP, StanC and the eight put together, what would be the revenue pool sitting out there? Second, if you can quantify the Hexagram revenues for the quarter or maybe 9 months? And lastly, on the Issuer Solutions business, you mentioned that there can be some volatility in yields depending on the underlying holdings pattern. So if you can give some clarification on that, that will be great?

The Hexagram revenue and the Issuer Solution yields.

SBI Life Insurance Company Limited

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

So three questions from my side. First, you guided for around 25% growth at the agency counter. Now if you look at for FY '25, your productivity growth at agency was around 15%, mainly coming in from incremental agency. So if I were to look at the future guidance of 25% growth at agency, how would that break up between new agent additions versus productivity improvement? And how much scope is there to improve productivity? Second question on this part is on the agent part, are you also focusing on improving the product mix at the agency counter, basically saying that maybe trying to improve the margin at the agent base? The third question is in terms of the contribution of the parent bank. while you have mentioned the APE mix, can you give some color of the contribution of the parent bank to the overall VNB of the company? Those are my three questions.

Just one data keeping question. If you can give the credit life APE for the year or quarter?

SBI Life Insurance Company Limited CC-Dec24.pdf · 2025-01-17

Just a few questions from my side. First, if I look at the embedded value between the third quarter and the second quarter, there seems to be a significant decline. So, I would assume this would be because of the equity market movements. If you can just break that up? I know you gave it on an annual basis. So, if you can just give some color on the EV movement and if there were any assumption changes or operating variance on the negative side. And if it was investment variance, if you can break it up between equity and debt. Second would be your non-PAR growth through the agency was quite strong during the quarter. So, is it a function of both term and non-PAR and whether most of it was driven towards last month of the quarter? And is the new product that is witnessing growth in the fourth quarter also being driven through agency? If you can give some qualitative understanding on that. And lastly, one question on your agency. When you mentioned that your agent activation rates have increased and you are witnessing pr oductivity benefits also, could you sh are some kind of positive understanding on the differential activation rate or the differential increase in activation rates that you've witnessed between, let's say, newer agents versus higher vintage agents? And a similar qualitative data on the productivity side?

Got it. Sir, just one thing I would like to highlight. In the presentation, there is some typing relating to the Indian embedded value. It's mentioned at INR618.4 billion. I think 1 and 8 have got reversed between the BSE filing of the presentation. So…

Aditya Birla Sun Life AMC Limited

Aditya Birla Sun Life AMC Limited CC-Sep24.pdf · 2024-10-29

Hi Sir, good evening. So, first, a few data-keeping questions. One is if you can give the overall employees for the quarter as in the period ending, the second is SIP flows for the quarter. And third, is the revenue from the non-MF businesses since they have been doing quite well . And apart from the data-keeping question, I have two more questions which are, if I look at some of your peers, especially some of the leading ones, they have undergone certain changes or are undergoing certain changes in terms of the payout structure to the distributors, either on the back book or an incremental flow in certain cases. So, I just wanted to understand, have you taken any such exercise or envision taking any such exercise in the near future. And my second question is on the non -MF businesses, what sort of incremental investments be it on the investment team, sales team, or other teams that one should kind of factor in going ahead?

Okay. So, SIP was of 1071 or 117?

Nuvama Wealth Management Limited

Nuvama Wealth Management Limited CC-Sep24.pdf · 2024-10-28

Hi. Good afternoon, sir. Just a few questions. So the first question is, again, none of us would probably know the direction of movement of market, but let's say things hold up at current levels after the sort of correction that we've seen over the past 1 month. And in that case, how would you quantify the IB pipeline in terms of assuming, let's say, 80%, 90% of whatever deal pipeline you have, fructify? Second question is on the new flows that you're seeing, be it in private or in Nuvama Wealth. Given that you have added a lot of RMs, your client additions have all picked up in the last 12 trailing months, how would the proportion between flows from new clients to existing clients have shifted, let's say, 18 months or 24 months prior to, let's say , today? That would probably give us some understanding of how the productivity benefits shape up over a relatively longer time horizon? A third is on the competitive landscape we have seen RM exits across some funds or other competitors. We are hearing some new entrants also coming into the marketplace? So could you give some color on how your sort of RM discussions are shaping up in terms of both new additions, as in top RM additions, both in private and wealth, and also in terms of retention? And do you expect any pressure on the cost side in case things heat up? And this last one question is on the Nuvama Wealth business. Between your active customer base, which is like 20% of the 12 lakh customers that you have, how much would be serviced by your in-house RMs and how much would be serviced by the external asset m anagers? And also, if you can give some color on the product mix sourced by the in -house RMs versus the external asset managers. I assume that the clientele quality would be a little different in both cases?

Yes, so second question was on the flow between new and existing clients in the wealth management?