Questions across 4 calls

Madhukar Ladha

JP Morgan

HDFC Life Insurance Company Limited

HDFC Life Insurance Company Limited CC-Apr26.pdf · 2026-04-16

First, if I just compare the IRRs on the non -par product in sort of the principal HDFC Bank channel offered by your competitor, the difference is quite substantial. Now, what I wanted to understand is if you were to offer higher IRRs, what would be the impact on your margins? Why can't we sort of offer a more competitive product and capture that counter share? And can you quantify the operating variance and assumption change between the various elements like persistency, mortality, expenses, if you could give that split?

Got it. Maybe I can just squeeze in one more question. So, on margins, see on a Q-o-Q basis we were expecting about a 100 basis points improvement because, every quarter we were trying to lower the GST impact. That has not p layed out this quarter. Also , I am guessing it is partly because of the full-year assumption change that also would have impacted. But given, you know, there is a negative expense drag also on the margins, negative sort of assumption change as well, how sh ould one see margins shaping up in FY27 and beyond? I believe it is probably going to be difficult to maintain the earlier sort of guidance of 25.6%. Any comments around that would be helpful?

HDFC Life Insurance Company Limited CC-Jan26.pdf · 2026-01-15

The operating variance that we see negative of about Rs. 70 crore, can you give us a breakup of that? How much is persistency, mortality, expenses? And also, on the VNB, there is a negative Rs. 60 crores because of expenses. Is this again related to Project Inspire? Or is there something additional? And lastly, given we had a target of doubling the VNB over a period of four years, given this hit because of GST and all the multiple changes obviously happening on the business side, what do you think our target would be? Would you sort of revise any bit of that over the next three, four years? What are the goals in terms of top line and VNB growth?

HDFC Asset Management Company Limited

HDFC Asset Management Company Limited CC-Apr26.pdf · 2026-04-16

Hi, good evening. Sorry, I missed a little bit of your call because your sister concern had a call running parallelly. So, I wanted to just -- if you've not given, can you spell out the asset class -wise yields? And this quarter, I think on a blended basis, yields are slightly down. So, is that mainly because of mix or is there some internal sort of change in the yield? So that would be my first question? Second, on expenses, admin and other opex has seen a slight increase. Nothing too big, but what sort of run rate are we looking at over here? And also , on your flow versus book market share, how has that trended in 4Q? Are we sort of broadly flow share is b eating book share? Yes, those would be my three questions. Thanks.

Got it.

Max Financial Services Limited

Max Financial Services Limited CC-Feb26.pdf · 2026-02-12

Hi, morning. Congratulations on a very good set of numbers. So just going back on the partnership channel. And there, actually, Axis Bank growth, if I look at 9 months number is just about 7.5% year - over-year. Now even within that, I am assuming that, obviously, there will be some bit of group credit life also where you would have seen higher growth. So what is the organic individual business growth? And that seems to be a little bit sluggish. On the other hand, if you look at the other partnerships, their growth is much better. So can you also talk a little bit about - who are the key sort of partnerships or and what is the growth runway available in those key partnerships. I understand that we are also adding a lot of partnerships right now. So if you could speak a little bit about that. And the other thing I wanted to know was the merger process, how this is like you have to get Axis Max Life listed and however, Max Financial is listed right now, which is also the holding company. So what are you thinking in terms of the structure of the reorganization that will happen on this. Any thought process? I understand that the guidelines are yet to come out. But those two would be my questions. Thanks.