Questions across 8 calls

Madhukar Ladha

Nuvama Wealth Management Limited

Computer Age Management Services Limited

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

So first, really appreciate the upfront guidance on the yields. I think that was very well done and very clearly explained. My question is, first, how many of the mutual fund customers and the large ones come up for renegotiation in the balance part of FY '26 an d FY '27. If you can just sort of break down for FY '26, how many are there and then FY '27, how many of the customers do? And second question is on any guidance on capex for FY '26 and '27? And given, and the update on the technology transformation that you've been doing and moving the AMC stack on cloud. So, I wanted to get a sense of where are we? And from next year onwards, what sort of benefit it would result in, in terms of our EBITDA margins? And how should we also think about depreciation going forward? So, these 2 would be my questions.

Got it. Got it. Just Ram, I think you mentioned the maintenance capex for FY '26 at INR60 crores, but I don't think you gave me like the total sort of other capex amount as well. So, the total rearchitecture capex for '26. And similarly, if you could give FY '27 also some broad color on capex?

Computer Age Management Services Limited CC-Mar25.pdf · 2025-05-06

Most of my questions have been answered. I want just one clarification. I think you spelled out the non -asset-based MF revenue in different categories. So you said call center was INR30 crores, out-of-pocket expenses about INR50 crores. And then what is the application revenue? And yes, can you just give that split tha t adds up to about INR185 crores? That's my first question. Second question, I think last year, our net sales market share was about 75%. What would that number be for FY '25? And third question on depreciation. So we see a pretty big jump in depreciation in Q4, right? Would that be our run rate going forward for next year? And given that you also just gave out the capex numbers that INR100 crores is going into re -architecture and additional INR65 crores on other capex. So would that mean that this depreci ation would probably increase even more than that is what I'm guessing. I wanted some clarity on that. These will be my 3 questions.

The breakup of the non-asset-based revenue or...

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

Thank you for taking my question. So most of my questions have been answered. Just one on this move by this AMC from your competition to you, can you elaborate a little bit on why this is happening? Is it because of pricing? Or is it because -- what is the value that we are seeing in CAMS? Is it because your platform is more robust, quality of service, what is driving? So a little bit more specification and color around why this move, that will be very helpful. Second, by when do we expect this move? And if you could give some sort of number in terms of how much revenue potential this has immediately in FY '26 and there on. So yes, those would be my questions.

Understood. And any indication of the size? Yes.

Nippon Life India Asset Management Limited

Nippon Life India Asset Management Limited CC-Jul25.pdf · 2025-07-28

Hi. Good evening. A couple of questions from my side. Number one, so how has your inflow market share shaped up in this quarter? And two, there is this new discussion paper for AMCs which basically talks about if your scheme size crosses INR 50,000 crores, you can launch a new scheme and the new inflows would not be allowed in the old scheme. And the new scheme can charge a TER which is up to the old scheme ’s TER. That's sort of my understanding when I read that paper. If you could help explain what is the logic behind this? And it would seem that this would be marginally positive for the AMCs, is that the right way to sort of think about it? Some background thought process will be helpful on this topic.

Sir. And would this be sort of marginally better because given that you can launch a new scheme, with a TER which is equivalent to the earlier scheme, I would tend to understand it is that you would get a slightly additional yield. Is my understanding correct on this? Or am I missing something out of here?

Max Financial Services Limited

Max Financial Services Limited CC-Mar25.pdf · 2025-05-14

Hi, good morning. Thank you for taking my question. First on the Axis Bank channel, not only about the last quarter, so last quarter I think across the channels there has been a little bit of a slower growth number, but even if we look at the number over the last couple of years, the growth is about 10% last year and before that, I think one of their other partners was growing in that channel. So there were some challenges as a result of that. But even after that, growth from that channel continues to be just about 10%. While you maintain your counter share, but I would have expected the channel to grow faster, so what is really troubling that and in your plans, then how do you see FY '26 panning out in terms of Axis Bank channel in particular, what sort of growth can we expect over there? So that would be my first question. Second question, on the surrender value changes, so what has happened is that these were implemented in the second -half, so there is only sort of half a year's impact. So my question is, how should we think about it in terms of FY '26, would there still be sort of more impact left to come through in this year and just 50 basis points is on a blended basis, but on an overall product portfolio of traditional products, what would be the margin decline over there as a result of this, if you could help me understand and provide some clarity on how should we think about this? Thanks.

Understood. That helps a lot. Thank you and all the best.

Star Health and Allied Insurance Company Limited

Star Health and Allied Insurance Company Limited CC-Mar25.pdf · 2025-04-30

Just on the loss ratio, they continue to be elevated and even from a nine months to a full year, the loss ratios have only increased. Up nine months, this is about 340 basis points, and now it's again up to sort of 380 basis points. On a year -over-year basis, when should this trend start looking better? Where this is actually sort of coming off ? And in the group business, it should be an easier fix, and there loss ratios are elevated so, what sort of improvement can we build at least on the group side ? That will be useful to know . Also some data keeping questions, because the deck has changed substantially and the consistency of information is lost every sort of quarter, so while you have given a lot of channel wise fresh business growth, but I have tried to do some back calculation, the total fresh business for FY' 2025 is about Rs.40 billion is that correct? Finally, if you can give your ABCD split and GWP split between retail and group for FY’ 2025 that would be helpful.

Any comments on the group side, because group should be more easily fixable , and the loss ratios there have also increased substantially?

Bajaj Finserv Limited

Bajaj Finserv Limited CC-Dec24.pdf · 2025-01-31

First question on BALIC. So we see the growth has obviously come off significantly in this quarter and the mix has also changed as against the significant growth in the last few quarters. So I wanted to get a sense of what the growth trajectory in the near term would shape up like. Should we take this quarter as an aberration with sort of growth returning back to the 20%, 25% sort of level. What should we expect on the product mix then? And then on the health side, I think there is a significant confusion in terms of what sort of and the way commission payout should happen. While I think GI Council & IRDAI want commissions to be paid out on a yearly basis. And if payments are made upfront then that is not allowed. I think a large part of the distribution community is still sort of not in favour of this. So how do you see this progressing? What approach have we taken and so some sort of colour around that will be useful. Those would be my two questions?

And just on the VNB trajectory, so margins have improved sharply in this quarter, I'm guessing obviously because protection growth has been very strong. And any sense of what sort of a VNB growth target we can see over the next 3 years that could also be helpful or how much improvement could we see in VNB margins?

SBI Life Insurance Company Limited

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

Congratulations on good set of numbers. Just a couple of questions. See, the medium- term growth you're still guiding for is 15% to 17%. Now banca channel, as I understood, is not expected to grow that fast. So it'll probably grow at the, whatever, 8% to 11% sort of a range. And it's contributing almost about 65% to individual APE. That basically means that the other channels have to grow at almost probably 25% sort of a number. Now my question is that what is our right to win? How will we be able to recruit that productive and agency channel? And we are also not that competitive when it comes to commission payouts. So would that mean that in order to grow at this rate, we would have to like aggressively also increase our commission payouts? And that would then also result probably in an impact on the margins coming from this channel. So, some sort of clarification. And like what confidence do you have that you will be able to grow that other channel at that faster rate and the margins on that channel? So that would be my question. Yes, if you can give me some color on this?

Okay. Just a follow -up also on protection. You mentioned that 57% is now pure protection -- sorry, is ROP and 43% is pure protection. I just wanted clarification. This is on value basis, right, on a premium basis, right? Or is it on number of policies?