Hi, sir. Thank you for taking my question. So, just 2 questions. One was I wanted to understand this internal process seasonality, which you mentioned in your opening remarks. How should we think about it? Second was on the tenure of the Wholesale 2.0 portfolio. So, that seems to be coming down. What's the impact there? Is it just driven by the prepayments or how is that happening? So, yes, those are my 2 questions.
Okay. Got it. Also, one more question if I can just squeeze in.
So, just two questions. One, I wanted to understand on the product pipeline. I remember last call we had mentioned something about the variable annuity product. So, if you could share more color on that. Second was on the highest sum assured ULIPs. So, just wanted to understand. I think currently it is more than 1/4 of our mix for ULIPs. So , is that growing faster than the overall ULIPs growth? And also, what is the margin differential between the two variants?
Sure. Hi. Thank you for taking my question and congrats on a good set of numbers. Just first question was on the regulatory front. I know you said that there is no update on the distribution reforms. But in general, just wanted to understand, are we expecting any other types of reforms to come in over, let's say, next 3 to 6 months period? So, anything that is in the works, if you could give some more color? And second was on the banca side. So, one, just a bookkeeping question, if you could give the APE mix for ICICI bank and the other banks. I just wanted to understand like this quarter; did we see higher growth on the other banks side or how was it on the banca channel?
Any other reforms or anything else which is in the work that can come up in the space? Anything that you have heard?
Hi, thank you for taking my question. Most of the questions are already answered. I just have one data keeping question. So, can you let us know what is the mix of ICICI bank channel in the total banca ? And secondly, while you answer that, so expecting some improvement in growth in the second half, my question is that, if we are not able to, let's say, achieve the growth which we had expected in the starting of the year, will that impact our VNB margin as well because it's based on our expected cost absorption? Just those two questions. Thank you.
Sure. Got it. That is all. Thank you. Moderator: Thank you. Our next question comes from Sanketh Godha from Avendus Spark. Please go ahead.
Hi, thank you for taking my question. M ost of my questions are answered. Just one , first question on the protection side. So you are delivering quite strong growth on the total retail and health protection and you share that 34% is the pure protection. I just wanted to know what was the pure protection growth this quarter last year. And similarly, for the rider attachment rate, that is around 37% rig ht now. What was that, let us say, for the full year FY25 and this quarter last year?
Perfect, sir. That is very good . Secondly, sort of you answered on the o pex side. But this time, our opex to GWP was quite low. So just wanted to understand like how should we see this going forward . Was this just a timing thing o r for the full year, we can see some improvement in our opex versus last year. I just wanted to get more color on that.
Just one question. So there was earlier we had a news article, right, that General Insurance Council was...
Sure. Is it better now?
Most of the questions are already answered. Just s ir, could you give some more color on the competitive intensity. So, I know we have talked a lot about growth, but if you could just talk about more how you see the PSU banks behaving going forward , t hat would be helpful. Secondly, if you could give some more color that I know we are not reducing PLR and all the impact is there. But can the incremental yields come down further from current levels? How should we think about it?
That was on the incremental yield. How that impacts?
Just a clarification. So, you said you expect individual protection to be more than 10% of individual APE. Can you give some timeline as to when do you expect this to happen?
Okay. Individual protection to be more than 10% of total APE?
Congratulations on a good set of numbers. Most of my questions are already answered. Just one question. So your opex was also better this quarter. So can you give us some guidance on this, how you are looking at it going forward?
Right. Okay. So any particular guidance on this front or...?
Yes, sure. So most of the questions have been answered. Just two questions on my side. Can you give us some more color as to where do you see a non-par mix going in the medium term? And where do you see it stabilizing?
Okay. Got it. And just the second question is regarding the operating assumption change. So if you could give more color. So, it's both in the EV and the VNB walk, if you could just explain it.
Yes. So congrats on a good set of numbers. So I have 2 questions. One is just around your Gold Loan portfolio. So I'm seeing that the LTV is quite high around 71%, 72%. So I just wanted your thoughts regarding this. Is that a concern area? And what happens in case Gold Loan prices drop, right? So if you could just give some color regarding that?
Okay. Sure. And my second question is regarding your borrowings. So can you just tell us what is the mix of fixed and floating rate borrowings? Also, if you could share your expectations as to how cost of funds will move in the next 3, 4 quarters and if there are any plans to diversify our borrowing? That's all.