Niva Bupa Health Insurance Company Limited CC-Sep24.pdf · 2024-11-25
As of H1, our growth on agency was 25.6%. In terms of look, the reason why the share of agency has come down frankly is that Banca has grown faster. We have opened up more white spaces within our banks. We have added more bank partners. So it is the outcome of an organic process. We would be comfortable with the channel mix as it stands today. So that is broadly the reason. It is the outcome of what has happened with other channels as opposed to anything inherent with respect to agency. Agency is doing as we have envisaged as of H1. In fact, I would submit it is doing marginally better than our own internal ambitions. Overall, in terms of retail new business growth, we have grown H1 at 40% -- that was the growth as of H1.
Firstly, thank you, Manish, for the comment. Yes, on the Indian GAAP basis, historically, if you look at the last several years, our Q1 and Q2 are the weakest quarters and Q3 and Q4 are the strongest quarters. So you can expect the same this year as well. I’ll request Vishwanath, our CFO, to add. Just one other comment. We do declare and for the last two financial years, we have published our audited IFRS statements. As you may all know, this has been notified by the Ministry of Corporate Affai rs. The Indian insurance regulator is in the process of finalizing the timelines for the insurance industry. So IFRS will become the standard sooner or later as far as insurance in India is concerned. We consolidate our reports with Bupa on an IFRS basis. And we have our audited results available. And there, the results are a lot smoother, if you observe. Vishwanath spoke about the IFRS numbers as well. The results there are much smoother, but on an Indian GAAP basis, there is this lumpiness.