Questions across 32 calls

Nidhesh Jain

Investec

Angel One Limited

Angel One Limited · 2026-07-16

My first question is on the -- slightly on the wealth management for the existing clients of Angel One platform. So if you look at our AUC of stock is very high at ₹ 1.7 lakh crores, but mutual fund assets that these clients are managing on your platform is quite low at, I think, around ₹ 20,000 crores. So how do you plan to, first of all, increase the engagement from a mutual fund perspective? And secondly, how do you see monetization of the AUC of stock that your clients are managing in terms of stock advisory or anything else?

And any plan to offer stock advisory, etcetera, to further your clients to manage their investment in stocks better?

Angel One Limited CC-Jul25.pdf · 2025-07-17

First question is on economics of the new customer that we are acquiring in terms of CAC. Last quarter, you mentioned that the customer acquisition cost has increased. How are the trends in this quarter? And any comment on LTV to CAC for these new customers? Second is, if you can share what is the approximate retention on wealth AUM? And what is the share of fee-earning AUM in mutual fund distribution? And the third question is on ESOP, how much ESOP expense we should budget on a quarterly basis going forward? These are the 3 questions.

Any comment on LTV to CAC? Earlier, we have disclosed 8x. And then I think recently, we've been talking about around 6x LTV to CAC.

Angel One Limited CC-Mar25.pdf · 2025-04-17

The first question is on a possibility of price hike that is completely off the table or that is still under consideration, given that we have already seen 3, 4 months of customer behavior after the regulations?

Sure, sir. Understood. And second question is that -- so we started as a digital broking business, then we are now doing a lot of things on the financial management side for the client. So do we also think that there is a possibility of entering into other financial service areas, specifically on the transaction payments, credit card side to become a holistic financial services platform over a medium-term perspective?

Bajaj Finserv Limited

Bajaj Finserv Limited CC-May26.pdf · 2026-04-30

Thanks for the opportunity. So, my first question is on life insurance. So, on persistency, what is happening in your view on at the industry level and for you also, that persistency after improving post-COVID for four-five years, this year we are seeing decline across the companies on persistency? And how do you see persistency trends going forward?

Sure, sure. Secondly, sir, if you look at the data in terms of household preferences, so protection annuity I think they are growing at a very healthy pace. But on the savings side, what we are seeing that the preference towards mutual funds and equities has been increasing and it's not just a one-year trend, it has been a quite secular trend for last four-five years? So in that context, FD’s and life insurance deposits are losing share in the household savings. So in that context, how as an industry or as a large life insurance company, how do we plan for next let's say five years because I think every year the share of household savings towards insurance is gradually, which at a very gradual pace, but it is declining for sure. So how we stay relevant from a savings to capture the savings pie of a household?

SBI Life Insurance Company Limited

SBI Life Insurance Company Limited CC-Apr26.pdf · 2026-04-22

Thanks for the opportunity and question is on VNB margin. So if you look at the full year VNB margin, there is a 150 basis point impact of GST. So that is for half year. So does it mean that for the full year the impact would be around 300 basis points an d our starting margin, let's say, on a like -to-like basis, it's 26% if the GST would have been implemented for the full year, which means that we have to show VNB margin expansion from 26% in FY27. So that is the first question?

Sure. And second, sir, as we move towards non-banca channels over the next 2 to 3 years or the share of non -banca channel increases in our overall mix. On a Ceteris paribus basis will that have a negative impact on margins because we believe that banca would be a slightly higher margin with channel versus non-banca. So if we don't do anything on the product mix side, will that have a negative impact on our overall margins?

SBI Life Insurance Company Limited CC-Jun25.pdf · 2025-07-24

Sir, first question is on protection growth. If you look at the monthly disclosure, our individual sum assured growth was upwards of 70%, but retail protection grew 7% Y-o-Y in APE terms. So what explains this difference?

So retail protection growth is 70% Y-o-Y or retail protection APE growth?

Home First Finance Company India Limited

Home First Finance Company India Limited CC-Nov25.pdf · 2025-11-04

Thanks for the opportunity. First question is on disbursement. So, how are the trends in terms of market share in your state-wise market share in the segment where you operate, which is Rs. 5 lakh to Rs. 25 lakh? Because disbursement-wise, we are seeing a bit of moderation for last three quarters. But in terms of market share, any trend you want to call out across states where we operate?

And how are the trends in near term, last three, four quarters? Because longer term we have gained market share, but have we also gained market share in last four quarters, let's say?

Home First Finance Company India Limited CC-Jun25.pdf · 2025-07-28

Thank you for the opportunity. First question again is on growth. So, if I do numbers to deliver 20% disbursement growth for the full year, we have to do a Rs. 500 crores disbursement per month from here onwards. And my sense is that we did around Rs. 430 crores - Rs. 440 crores disbursement in May and June. So, how do you plan to increase the disbursement run rate to Rs. 500 crores per month?

Okay. And secondly, so since our RM looks after collection as well as disbursement sourcing, so when 1+ DPD increases, the load on the RM for follow-up, etc., will also increase. So, in that context, how do you plan the bandwidth of RM? And how many cases does the RM handle on collections? And so to make sure that our sourcing engine remains intact, how do we plan the bandwidth for the RM?

Aptus Value Housing Finance India Limited

Aptus Value Housing Finance India Limited CC-Nov25.pdf · 2025-11-01

Sir, our company is doing quite well on asset quality and profitability. But on growth, disbursement growth numbers are weaker than, I think, what it should be. So in that context, sir, if you can share some data that what percentage of your disbursements in the past has been coming from below INR7 lakh loan so that we can adjust and we can see that what is the impact of this change in our disbursements. And if you can give some data on how is the disbursement run rate in October, which also can give us confidence that we should be able to show improvement in growth in coming quarters?

So what is the percentage of such disbursals in the previous quarters, if you can quantify that?

ICICI Prudential Life Insurance Company Limited

ICICI Prudential Life Insurance Company Limited CC-Sep25.pdf · 2025-10-14

Thanks for the opportunity. First question again is on GST, based on your experience of previous such instances, and your discussion with distributors, how much impact do you think you will be able to pass on to the distributor in the near term? Will it be 50%, 80% or 100% will be passed on to the distributor?

Increased volume on protection is anticipated, but on savings business, because the impact is not very significant and quite invisible, do you see increased volumes in the savings business also?

ICICI Prudential Life Insurance Company Limited CC-Mar25.pdf · 2025-07-15

Hi, sir. Thanks for the opportunity. Just 2 data keeping questions. Can you share the data on ICICI Bank APE share for the quarter and credit life APE share in overall APE for the quarter?

Okay. Sure. Thank you.

Star Health and Allied Insurance Company Limited

Star Health and Allied Insurance Company Limited CC-Jun25.pdf · 2025-07-30

My question is on the investment yield, which has declined roughly around 100 basis points from the previous years. In that light, if I assume that the decline in investment yield will be there for some time because interest rates have declined, how do we change our pricing strategy to deliver the reasonable ROEs? Do we take into account investment yield when we are pricing the product?

Secondly, we have seen improvement in, I think, a lot of m etrics, like fresh growth has picked up in FY2025 that continued, that has been quite a healthy trend in Q1. Then we have taken a decent price hike last year. This year also, I think we will be taking some price hike. When do we expect our loss ratio trajectory to improve and reach, let's say, 65% sort of rate? Do we expect now loss ratios to consistently decline on a quarter -on-quarter basis? Since we have been seeing these improving trends for almost last three to four quarters now.

Go Digit General Insurance Limited

Go Digit General Insurance Limited CC-Jul25.pdf · 2025-07-28

The first question is again on retention. So you mentioned that some of the business that we retained last quarter, we should have ceded and we ceded that in this quarter. So can you give some more context to that? And secondly, why are we ceding the 2-wheeler business that I think is quite granular, and we can keep that on our balance sheet?

Sure. Understood. Second question is on EoM limit. So with the rising share of 2 -wheeler and strong growth in 2-wheeler business, how should we see the EoM limit, which I think we have to comply by the end of this year?

Go Digit General Insurance Limited CC-Mar25.pdf · 2025-04-28

Thanks for the possibility, sir. Sir, the first question is on again on the growth front. If you look at till FY ‘24, we were growing significantly faster than the industry. But in FY ’25, the growth has broadly converged with the industry on GDPI basis. So I understand that we have also slowed down Motor TP consciously, but from a medium let's say three to five-year perspective, how should we think about our growth, not in absolute percentage but relative to the industry?

Yes, sure, sure. And second is, market share in the Motor segment has been pretty Healthy by around 5% to 6% range. Which are the other segments where we think we will be able to reach similar sort of market share, again, from a medium-term perspective?

CREDITACCESS GRAMEEN LIMITED

CREDITACCESS GRAMEEN LIMITED CC-Jun25.pdf · 2025-07-22

Thanks for the opportunity. The first question is on customer count, which has been written off this quarter and how should we think about active customer growth? When do you expect that to happen? And what is the expectation to reach active customer base by the end of this financial year?

Sure. And what is the count of customers which have been written off in this quarter?

HDFC Life Insurance Company Limited

HDFC Life Insurance Company Limited CC-Mar25.pdf · 2025-07-15

Thanks for the opportunity. My question is on NOP (number of policies) growth. Our NOP growth is still quite weak , though we have done quite fairly well on APE growth despite our base. But NOP growth is bit weaker. A couple of years back, when NOP growth for the sector started to decline, we ha d entered into a growth problem. So, how do you see NOP growth panning out going forward?

And the second question is on competitive intensity in non-par and annuity. What actually is driving that? Because post the surrender value norms, we thought that competitive intensity from unlisted players will reduce given the surrender assumption, etc. But it seems like the competitive intensity on pricing has further increased in Q1.

Muthoot Finance Limited

Muthoot Finance Limited CC-Mar25.pdf · 2025-05-14

Thanks for the opportunity, sir. Sir, on the yields, how should we think about next year given that competitive intensity is increasing, at the same time interest rates are also likely to decline , so how do you see yields panning out next year and interest spread p anning out next year? And also if you can share what is the incremental yield for Q4 FY25 on the gold loan business?

Sure, sure. And sir, yields are broadly similar for Q4 also, the Q4, the incremental yields that the loans that were in Q4?

Max Financial Services Limited

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

Thanks for the opportunity and congratulations for the good set of numbers. Sir, firstly, if you look at the growth in this year, we have done extremely well in the e - commerce channel. So what is driving the growth in that channel and how sustainable do y ou think that growth rate that we are putting out in that channel is there?

And sir, what percentage of e-commerce business is coming from our own website, of the Rs. 1,000 crore premium?

Cholamandalam Investment and Finance Company Limited

Cholamandalam Investment and Finance Company Limited CC-Mar25.pdf · 2025-04-28

Thanks for the opportunity. Firstly, in the new initiative, if you look at three businesses, all three have shown deterioration in asset quality, slowdown in growth, some recalibration in terms of strategy. So, what has actually gone wrong in terms of strategy in that business? In all three of them, we are seeing a bit of similar trends.

Sure. Thanks for the explanation. W hat share of our CSEL book will be Fintech as of March '25?

AU Small Finance Bank Limited

AU Small Finance Bank Limited CC-Mar25.pdf · 2025-04-22

Hello. Am I audible?

Hi, sir. Good evening. So the first question is on credit card, what all changes we have made on the credit card in the last 12 months and when should we start seeing increase in new credit card sourcing?