Yes, good evening and thanks for the opportunity. My first question is that you know in the opening remarks you said that there is no negative impact of you know account of changes in TR regulations. So fair to assume that you have passed on all to the distributors?
Okay. Thanks for the clarity. And my second question is towards the employees. So, we have seen that you know empl oyee count has you know kind of increased 6% sequentially. So what was the reason for that?
Yes. Good evening. Thanks for the opportunity and congratulations on a strong set of numbers. My first questio n is towards the dis tributor payout. So, I think you have a very lower distributor payout despite being the highest equity AUM. So, I wanted to understand the model that, you know, how do you pay the distrib utor in the sense that is it based on telescopic pricing or is it revised periodically? If you can just throw some light on that, that will be helpful.
Understood. So, can we assume that maybe it is done, say, on a quarterly basis based on how AUM h as kind of, you know, moved or is it an annual exercise if you can just throw some light on that?
Good evening and thanks for the opportunity. Congratulations for the strong figures. So, I have got 3 questions. First is, I wanted to know if there is any evidence for the IRR in the non-par category over the last 12 months. And if I look at financial year '27, do you think there will be peak an increase in the offering rates? That’s question number one. Question number two, I was looking at your agency account…
Yes. So my first question was on non-par pricing. So I just wanted to know, have we done any revisions to the IRR over the last 12 months? And secondly, if I look at financial year '27, do you intend to increase any offering rate in the non-par category? My second question was in terms of the agency count. So I was looking at your agency count at the end of financial year '25, we were about 1.48 million. And now we are at about 1.45 million at the end of March 2026. So, there have been kind of a reduction, and obviously, our market share has also kind of come down in terms of number of agents. So how should we see that going forward? And lastly, in terms of the number of policies sold, so if I look at individual policies sold, they have gone up by 4%. But if I look at the policies sold by bancassurance and alternate channels has declined by a very strong 36%. So, just wanted to know the reason for that?
I was looking at your VNB margin walk. So I just wanted to know what was the impact of economic assumptions that 2.8% negative. So that's my first question. My second question is in terms of the number of agents. So I was looking at your number of agents added, which was like pretty impressive at 4,94,000 odd. But we also saw 4,22,000 agents being deleted during the year, and this number look like kind of increasing over the last 2 years. So what explains this kind of a deletion that higher kind of a number in the financial year '25. Yes, those are my two questions.
Okay. So are these agents basically not able to do 12 policies per year? Or what is the criteria for deletion?
So my first question is that in terms of the number of policies sold by BANCA and Alternate Channels have declined around 20% Y-o-Y. So what could be the reason for that?
Understood, understood. Sir, one more thing was in terms of the BANCA. I mean we saw that the individual NBP source for the BANCA has grown around 30%, 31%. And we have good 90/95 bancassurance partners. So just wanted to know since a top 3 or top 5, do you have a dominant share? Or is it kind of evenly distributed among the bancassurance partnership?
My first question is to the asset management business. Now if I look at '26, we had about INR1,800 crores of net inflows, obviously distorted by public markets now in '27 you have...
INR1,800 crores, right?
Yes, thanks for the opportunity and congratulations on a good set of numbers. My first question is on the regulation, so regulation that came with effect from 1st April, which has a potential impact of 5 basis points on equity AUM. Now that we are towards the end of April, just wanted to know what steps we have taken to mitigate the impact. And maybe how should we see that impact going forward?
Okay, so will that be through a distribution cut or how that should be?
Thanks for the opportunity. Congratulations on a good set of numbers. First question is towards the SIF strategy. First of all, how do you intend to take it forward? And now it is a six -member team, so how will the economics work in terms of yield and profitability?
Right. But do you think that over the medium term, next 2 to 3 years, we will have decent yields on these businesses, or do you think it will be little on our lower side?
Thanks for the opportunity and congratulations on a good set of numbers. I got three questions. My first question is that if you can throw some light on the ratio of return to premium to pure term, in the individual protection segment, at the end of nine months, and maybe how it has, evolved over the last 2 to 3 years, then that would be helpful. My second question is towards the attachment rate, if you tell me what was the attachment rate in the credit life segment ? And my third question is i n terms of the number of branches, I think you said that, you have increased the number of branches by 66 in this year. So, wanted to understand your strategy in terms of how it will go in financial year '27 and will it impact the cost ratio?
Okay, this is helpful. Thanks and wish you all the best.
Just one question. Non SBI Banca partners. I just wanted to know how much of this 14,000 branches are actually actively selling our products? What products they sell? What are the growth rates? If you can give some color, that would be helpful.
Okay. But what products they mostly sell, the growth rates, anything that you can share?
Thanks for the opportunity. So, my first question is towards the employee benefit expenses. So even if I remove that labour code extra cost, the employee benefit expenses were higher by around 20% Y-o-Y. So, what explains this increase in employee benefit expenses?
Okay. So, going forward, we should expect this to be recurring, or is it one-time?
Thanks for the opportunity. My first question is on the employee expenses. If I look, employee expenses grew 6% YoY in Q2. And if I look at Q1, the YoY growth rate was around 4%. And you said that the ESOP won't ideally come this year. Do you think it will remain in single digits at around 6% - 7% or will it grow in higher double digits for the entire year?
Understood. So, for the entire year, basically 10%-12% is something that we can expect, right?
I've got two questions. So actually, I was looking at your international operations where a meaningful portion now comes from the GIFT City. So I wanted to understand how the underlying economics compare, say, a fund administration pricing for a Malaysian client versus a similar work done for a client in GIFT City. So how does the pricing and margin profile differ? That's question number one. Question number two, continuing the question on Ascent. Basically, the top line numbers look very impressive. And I think you told that there have been one -off this quarter as well. My question is that how confident are we about sustaining or achieving a certain EBITDA margin? And what is the time frame we should look into that? Yes, that's it.
EBITDA margin, yes.
Thanks for the opportunity. My first question is towards the flows. If I look at hybrid category, which is our main target category, last year we had around 19 billion of net inflows and even H2 was better. But in H1, that actually declined to around 4 billion. How can we capture more flows in this category? What are our major strategies towards that?
And H2 should be better than H1, I would assume?
First of all, congratulations to Sumit for the new role and Prashant Sir for the future endeavors. So , I got 2 questions. First is that have we done any repricing in the protection segment? Also wanted to understand what is the proportion of ROP in the protection. Secondly, we have seen that the proprietary channel growth has been low if I compare it with, say, '25 annual numbers. So, two things in this. What do you think the proportion of the app that you launch will help in the growth, as well as what are the strategies for growing this proprietary space? If you could just elaborate, that would be.
Thanks for the opportunity. I was looking at slide 39 of your presentation deck and basically, I was looking at the case size. So what was a little surprising is that ULIP has actually declined and so is Annuity. Can you just specify the reasons for that?
Fine, that is helpful. Second is, in terms of number of policies, while I understand the non-PAR was not kind of a flavor in Financial Year ‘25 and we saw decline from 1,97,000-1,80,000 odd. But going forward, now that maybe ULIP may not grow as fast as maybe other segments, so can we assume that the number of policies in the non-PAR Savings should increase?
Thanks for the opportunity. So, I have got 2 questions. The first is in terms of the retail protection. So, we saw a good amount of growth. So, assuming that the pricing has not changed. I was just trying to understand that have we sold more policies with similar sum assured or similar number of policies with higher sum assured?
Okay. Okay. Understood. And secondly, in terms of, we have done partnership with 49 banks. Just wanted to understand, is it more concentrated or is it like well diversified across? If you could just throw some colour on that?
Yes. First -- I mean I've got 2 questions. So , first is on HDF C Bank. I think the share is kind of pretty constant. And I think last time you said that it's our parent, that we'll have more better efforts to increase the share. So, if you could just spell out more efforts that you have taken to boost the market share of HDFC Bank.
Yes, yes. So , from 5.9% is 6%. So , I think over the last three to four quarters, you're hovering around the 5%...