Questions across 69 calls

Dipanjan Ghosh

Citi

SBI Life Insurance Company Limited

SBI Life Insurance Company Limited CC-Sep24.pdf · 2024-10-23

Just two questions from my side. First, can you shed some color on your growth across the non-SBI banca partnerships? And do you see traction in some of these channels or your counter -share across those channels? And second, while you ’ve seen improvement in persistency across most of the buckets on 1H or 2Q, I just want to get some color on, is it more a function of back book product mix? Are we seeing improvement in persistency across each of the product classes? So, if you can give some color on the product level persistency trends?

Just to get some clarification on the second part, is it more of a degrowth at this partners or is it more of some competitive pressure?

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

Hello. Good evening. Hope I am audible. So two, three questions from my side. First, a data-keeping question. If you can split your expected return on the existing business in your EV work between the unwinding at the reference rate and unwinding on real-world excess returns. I assume you used to report it historically. Second, on these other channels which has been the non -SBI non -agency channel which has been reporting quite a strong growth. I just wanted to get some sense of how do you think of the payout shaping up at these counters once you start expanding at a very fast pace at some of these counters? And lastly, on the margin front, let's say, next year when ULIPs, for example, let's say, we have to compress, do you see competitive pressure rising in some of the other channels in terms of the pricing pressure that maybe your competitors are willing to offer. So is there a risk to your product l evel margins ? So those were my three questions.

Sir, just one follow-up on the first question. Will it be safe to assume that your excess returns, I mean, the real-world excess returns, the assumptions have not changed meaningfully this year. Would it be a safe assumption to make?

ICICI Prudential Life Insurance Company Limited

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

Just two questions from my side. First, if I look at your non -linked savings growth, that has been quite weak. It was down 10% and 15% in Q2 and H1. And this seems to be a tad lower than some of your private peers. And also, you mentioned that in the second quarter, it was more skewed towards par over non -par. So, the question over here is in case, let's say, ULIPs were to go through some sort of slowdown in the second half, how do you think some of the par and non -par products will see traction from a going concern basis? And my second question is if I look at your Cost-to-TWRP ratio for the savings business and again you give the first half and first quarter number but my assumption would be that the second quarter Y-o-Y increase in cost-to-TWRP for the savings business would be higher than the Y -o-Y increase in Q 1 despite the fact that ULIP mix increase Y -o-Y was relatively lower in Q 2 compared to Q 1. So, just wanted to get some sense of the payouts till the quarter and also how do you see it incrementally?

So, completely agree. I just wanted to understand that while it has increased marginally in the savings business, but also your ULIP mix has gone up significantly, both Q1 and H1. And I would assume that some of these products, because ULIPs have lower margin, maybe your payouts also you would be relatively more conservative in that. So, despite that, the ratios have increased. I just wanted to get some colour on the market competitiveness

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

So, just a few questions from my side. First, you know, going back to the cost by TWRP ratio, especially for your savings business, now what I understand is, your ULIP mix during the quarter has been substantially higher. Despite that your cost by TWRP has been stable or maybe marginally up. So, just wanted to get some colour on product level cost by TWRP within the savings business and how that is stacking up. Second, have you seen any margin level changes ex of the cost impact or the operating assumption impact? Has there been any margin level change because of the sub- segment or sub-product mix change within respective product segments? And lastly, if I heard correctly did you mention that ICICI Bank and StanC Bank growth was around 31%? I just wanted to get that number rectified.

Dhiren, just on the cost part, I mean, if I understand your fourth quarter cost by TWRP for the savings should have been anywhere ballpark around 14%/15% sort of a number, and I while I understand that fourth quarter is high on volumes and this quarter is like 19% despite ULIP mix thing like almost 8%/9% higher than fourth quarter. So, adjusted for the higher ULIP mix which probably gets offset by the higher volume that you see in fourth quarter, should one expect the exit run rate for Q4-FY2024 and Q1-FY2025 to be similar in terms of the payout across different savings products?

HDFC Asset Management Company Limited

HDFC Asset Management Company Limited CC-Sep24.pdf · 2024-10-15

So firstly, on this new asset class, which is likely to be introduced. Just wanted to get some sense on how the expense ratios or the payouts will be structured in this category. I mean , what I understand is in the normal equity MF category bans, it's regulated with a certain threshold starting with 2.25%. So just want to get some sense of how the pricing will be regulated in this new asset class, whether it will be like the PMS entities or the equity MFs? Second, in terms of now the AIFs or the alternate segment, you've got some commitments during the quarter end from PMS. Just wanted to get some sense of what are the yields in this segment or your revenue from the segment on a quarterly run rate basis? And lastly, in terms of the repricing of the back book for certain distributors, just wanted to get some color on whether you have implemented this across your entire distribution landscape or it has been more scattered across different distributor categories?

Sir, can I just follow -up on the second question on the alternates. I mean, how does the product pipeline stack up or in te rms of new initiatives or joint ventures, or anything that you're looking at to kind of scale up the non -MF portion, obviously, on a small base, but your incremental strategies on that part of the business?

HDFC Asset Management Company Limited CC-Jun24.pdf · 2024-07-15

Yes. Sir, just 2 questions, sir. Just wanted to get some sense of the distribution mix for that particular NFO? And was it materially different from your equity-oriented distribution mix on the back book? And second, your MFD mix in your equity-oriented business or AUM has been on a declining trend. So just wanted to get some understanding of whether is it a factor of other channels growing very fast, or you are seeing some amount of maybe counter share pressure? So, in terms of the top 10 0 MFDs or to 1000 the data that you track, if you can give some qualitative understanding on that?

Yes. Sir, if I can just extend that point. So -- let me ask you in a reverse way. If you can give breakup of your direct mix in terms of -- and I think Jayant also asked this direct would be a combination of both maybe direct money coming in some of the wealth platforms maybe some of it to your own website and maybe some others to the FinTech partnerships. So which channel would be probably growing the fastest or some color on those parts.

HDFC Asset Management Company Limited CC-Mar24.pdf · 2024-04-19

Hope I'm audible. A few questions. First, the 59 bps that you mentioned, I would assume that is as on the closing AUM of March 31. So that's the first question. Second would be, I would also assume that current yield on your fresh equity flow will still continue to be lower than the blended book. Qualitatively, can you give some color in terms of the divergence o r the delta between the fresh versus the blended? How would that divergence would have changed over the last few quarters compared to, let's say, April 1, 2024 versus, let's say, last year, April or the year prior to that. How that would have changed? Third would be on the MFD. If I look at your equity gro wth through the MFD channel versus others, there has been some significant diverging for the quarter and also for the year. So , is it that your flow market share accretion in MFDs would lag other channels? Also , in respect of this, I think you have gained in the direct side. And given the current construct where your yield from fresh is lower than blended, every time you mix in direct increases on the equity, you tend to benefit on the blended yield s. So, assuming this trend changes MFDs business through ba nks, HDFC Bank revise, can that lead to some amount of margin pressure out there? So those are my questions.

Just my last point, if I understand correctly, the direct TER is your gross TER minus sir, blended distributed payouts on the back book, not on the fresh business. Now given that fresh books payouts are tad higher compared to the blended payout on the back book, I mean, very mathematically, isn't the net realization on incremental direct flows better than the net realizations and incremental to regular flows?

HDFC Asset Management Company Limited CC-Dec23.pdf · 2024-01-11

So first one, data keeping question, which you answered earlier. If I heard correctly, on the equity yields of 63 basis points, was it the exit run rate for the quarter? Second, on the opex side if you see, and you correctly mentioned that you have been investing in kind of growing the franchisee and the potential in India. So just wanted to get some sense, let's say, over the last, let's say, next 12 to 24 months, if markets were to kind of remain relatively lull, in that sort of a situation, what sort of flexibility do you have on the expense side, be it on the overheads or fixed cost variable on the employee side, if you can give some color on that? Those are my two questions.

Got it. And just to follow up, if you can kindly mention the exit run rate, if that's possible? The equity yield, let's say, maybe for December, or exit run rate, whatever.

Kfin Technologies Limited

Kfin Technologies Limited CC-Jun24.pdf · 2024-07-29

Good morning, sir. Just two questions from my side. First on your domestic alternate business. When I look at your revenue yields, whether I look at it on per fund basis or on an AUM linked basis, that has been increasing for the past few quarters. I just wanted to get some sense of the reasoning behind it and how should one think of it going ahead? Is it more of a new fund acquisition-led part of any upfronting or is it more structural in nature? Second, on your international business, you know, while you've done quite well in your Malaysian market, in some of the other south-asian markets, I mean the number of clients have broadly remained stable, at least on the RTA part of the business over the last almost 12 -18 months now, batting one or two wins here and there. I just wanted to get some sense of your non -Malaysian geography targets or plans of you organizing some events in some of these markets. I just wanted to get an idea about the traction that you expect in some of these markets over the next year or so?

Sure. Just one small follow-up. I mean during an inorganic acquisition in Malaysia way back in time and then scaling up the business versus, let's say, organically building the platforms or kind of leveraging on the platform and some of the geographies and then kind of trying to target clients in a new geography like you said for Singapore and Hong Kong. Do you think is there an inherent difference in the scale of strategy between the two strategies and on that point the acquisition that you're talking about on the international front, is it linked to this similar sort of a hypothesis?

Kfin Technologies Limited CC-Dec23.pdf · 2024-01-29

Good morning. Just a few questions from my side. First, on the domestic MF business, if you can kind of break it down between the AUM link portion versus the non-AUM link portion, let's say for the third quarter or nine months versus what it would be last year? Second on the issuer solutions business, it's when we calculate the revenue portfolio adjusted for seasonality, like comparing 3Q versus 3Q, that seems to have gone up, so is it more of corporate actions or value- added services? If you can get some more color on that? Lastly, on the international and domestic alternate business segment, I only get the growth number of around 100% in 2Q and almost 80% -85% this quarter. But if you can just split it on an absolute basis for 3Q nine months this year and last year, that will be really helpful?

Yes, just a small follow-up. You know, on the issuer solutions business, is it fair to assume that this quarter there are market tailwinds leading to higher corporate actions with supported revenues? Just wanted to get some sense of how much of this, would you consider as more from the current market situation versus how much can you consider as more of recurring and your penetration of clients through various value-added products?

Go Digit General Insurance Limited

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

Hi, good evening, sir. Just two questions on my side. First, you know on the health insurance side of the business, if you can kindly mention how the overall claims environment is behaving in terms of frequency or incidence of claims. Some of your competitors seem to be highlighting that the claims incidence has kind of seen a little bit of an uptick during the past few months. Second, you mentioned that you know the overall environment on the payout side and the competitiveness on the Motor TP business have seen was high for the last few months. I just wanted to get some sense of whether things have been improving in June or let's say early trends in July. How would you read into it? And lastly, in terms of your B2B businesses, which is fire or liability, I just wanted to get some understanding of the strategies for this business and how should one think of growth prospects for your company in this segment over the next maybe 12-18 months?

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

Go Digit General Insurance Limited CC-Mar24.pdf · 2024-06-14

Hi, good evening, sir. Just a few questions. First on your strategy on the B2B businesses, which is more of fire, engineering, maybe group help. Just want to get some sense of how you kind of see the businesses scaling up and what sort of reinsurance support would you require or how are the discussions going? And also, do you want to retain more or kind of how should one think of the tiering ratio in these businesses? So, the overall strategy on these businesses. And also, in this context on the B2B businesses, just wanted to get some sense of, you know, what is the right to win in any of these businesses for someone who is, let's say, relatively smaller in scale? Do you focus on product bonding or it's more of the relationships that you really build out, or is it just based on pricing? My second question would be on the investment leverage, and how should one think of the trajectory of the investment leverage from here on? And my last question would be on the retai l health business in terms of your plans on scaling that segment up. Those are my three questions.

Sir, if you can just give a bit of some color on the first question on the B2B businesses, in terms of your strategies on those businesses, and whether it's relationship dependent or pricing dependent, or something else, and what do you think would be your right to win or scale up strategy from the 3-5 year perspective in the B2B businesses particularly?

Aditya Birla Sun Life AMC Limited

Aditya Birla Sun Life AMC Limited CC-Jun24.pdf · 2024-07-25

Good evening, Sir. Firstly, you can give some colour on the net flow movement for your equity assets, excluding the sectoral funds . I mean, you have a large chunk of sectorial funds. And obviously, the industry has seen strong momentum in that. But if I were to see the net flow movement, excluding the sectoral funds, how that would be? And from a quarter -on-quarter perspective, how has the trend been in terms of market share on that particular chunk of the business, ex of sectoral funds? Second, you mentioned that you had growth in other Opex and per cost , employees will be around the 10%-12% ballpark number. Sir, is this for FY25 or do you expect this to remain a steady state guidance going ahead also? Lastly, three bookkeeping questions. You can give your ESOP expense for the quarter, and employees for the quarter . Yes, that was the last question.

Okay. So, Parag sir, just a follow-up question is the guidance of cost, is it for FY25 or in terms of, let us say, when the market kind of stabilizes a bit in FY26 or FY27, assuming it stabilizes, what sort of flexibility do you have in terms of them because obviously, you will be adding employees. I mean if I understand correctly, last quarter you added around 70 employees. So suddenly if markets were to stabilize, what sort of ability would you have to control your overhead? Just wanted to get some sense on that. And just one more question if I can chip in, you can give some understanding of your yields on equity for fresh versus back book and how the payouts are shaping up?

Aditya Birla Sun Life AMC Limited CC-Mar24.pdf · 2024-04-27

First data-keeping questions. If you can give your ESOP expenses for the year? And how do you forecast it for, let's say, FY'25 and FY'26? Second, your employee count as of March 31st The third will be, that you've given your SIP flows for March, would be great if you can kind of give it for the past two, or three months also, will give us some colour of the traction and the pace of traction we are seeing in the channel. And lastly, in terms of the product pipeline, how does it stack up for the next few quarters?

This will be for FY24, right?

HDFC Life Insurance Company Limited

HDFC Life Insurance Company Limited CC-Mar24.pdf · 2024-07-15

First, on the non -par business, you clearly mentioned that growth has been across a spectrum, be it geography or ticket size, but if you can give some breakup of the low-ticket growth in non-par versus the 5 lakh plus growth in non -par for the quarter? Second, just a data keeping question. If you can give your HDFC Bank mix in your individual business for the quarter.

Just a follow-up. I just wanted to know that out of the INR100 of individual APE that you have written, how much would the HDFC Bank for the quarter?

HDFC Life Insurance Company Limited CC-Jun24.pdf · 2024-07-15

First, on the non -par business, you clearly mentioned that growth has been across a spectrum, be it geography or ticket size, but if you can give some breakup of the low-ticket growth in non-par versus the 5 lakh plus growth in non -par for the quarter? Second, just a data keeping question. If you can give your HDFC Bank mix in your individual business for the quarter.

Just a follow-up. I just wanted to know that out of the INR100 of individual APE that you have written, how much would the HDFC Bank for the quarter?

HDFC Life Insurance Company Limited CC-Dec23.pdf · 2024-01-12

First coming to the Tier-2 and Tier-3 markets, if you can give some color on the margin profile for similar products in Tier-2, Tier-3 versus Tier-1. Now I un derstand it will depend a lot on multiple operational factors, channels, persistency, pricing etc., but if you can throw some color on how that has been evolving. And on that context, if you can just also mention the demand or the customer appetite in Tier-2, Tier-3 versus Tier-1 in terms of product profile, duration, ticket size out there?

Anand Rathi Wealth Limited

Anand Rathi Wealth Limited CC-Jun24.pdf · 2024-07-12

Hi good morning sir. So a few questions from my side. First if you can give some color on the flows that come into your business between existing clients versus new clients that we acquire. And how has the trend been, let's say for the past 12 to 18 months compared to let's say, years prior to that or across different cycles where markets are good versus markets are, let's say, tepid. So how does the old existing money to new existing money really change during market cycles? Just wanted to get some color on that. Second on your client acquisition strategy, if you can, shade some color on what will be an incremental client acquisition strategy in terms of, obviously, the competitive landscape tends to be shaping up quite aggressively. Most players are ramping up their engine, be it the foreign ones or even the domestic ones. Some of them plan to scale up. So how do you really kind of want to position yourself? So I wanted to get some color on that. Lastly, two data keeping questions. If you could give your total employee base for the quarter and maybe March 24. And I missed the data on MLD issuance. If you can kindly repeat that, that would be great. Thank you.

The first was on the old to new money?

Nuvama Wealth Management Limited

Nuvama Wealth Management Limited CC-Dec23.pdf · 2024-02-14

Hi, sir. Good morning. Congratulations on a good set of numbers. Just a few questions from my side. First on the number of family increases that we have seen in Nuvama Private. And you mentioned that there have been some monetization events. Just wanted to get some sense of what will be your, let's say, client penetration in the new monetization events that you're seeing or the wallet share that you're getting in the new flow from an industry perspective compared to your peers. Second, you mentioned that there has been some variable cost realignment in Nuvama Private RM. If you can give some color on that and mention that the entire cost has been absorbed or there can be some spillover impact on that. The third question is on the IB pipeline. I mean, you would have probably some visibility on the next six to nine months and maybe give some color if the current trends are sustainable, assuming the market hold up at current levels. Lastly, two or three data -keeping questions, which you gave in the last quarter also. Your corporate treasury AUM, which was around, I think, INR10,000 crores last quarter. And the recurring flows into Nuvama Private, which I think were around INR 5,800 crores for first half, if you can just give those two numbers.

Got it, sir. If I can just squeeze in one or two more questions. One is on the yield part in the Nuvama Private, ex of loans, recurring ex of loans. Based on whatever numbers you gave, it seems that has kind of jumped a bit, quarter -on-quarter. Is it because of more MLDs that you did in the quarter or if you can give some color on that?

Star Health and Allied Insurance Company Limited

Star Health and Allied Insurance Company Limited CC-Dec23.pdf · 2024-01-31

Star is probably only one of the few companies on the SAHI side and excluding the PSU which have been in operation for almost more than a decade. So, given that your growth has kind of slowed down from pre-COVID levels on the gross premium side and you are seeing vintage of the book also rising. You are also taking some price hikes here and there. So, can you give some colour on how the vintage -wise loss ratio is shaping up, not quantitatively, but maybe if you can give some colour qualitatively, let us say what it was five years back versus what it is now? Will give us some understanding of both medical inflation and how the portfolio is behaving? Second, I think more from the FHO product where you have incurred the price hike and just wanted to understand for the customers who have fallen off or where you have seen persistency loss because of the price hike versus the customers who are still retained in your portfolio, how would be the claims ratio between these two cohorts ? Or in other words just trying to understand is it higher claims ratio customer which falls off or the better-quality customers? Some kind of understanding on that ? And lastly just going back to the previous participant question, if we do the back calculation schemes that fresh business through agencies probably has declined by a good margin compared to, let us say, your agency growth should be better. Also if you look at this growth on a 2 year basis, I mean because you have been adding agents also at a very sharp phase, it seems that the growth does not look that great, so what are the steps you are taking? And by when can we expect the agency growth to really kind of revive? So, those are my 3 questions.