Prayesh Jain

Congratulations on great set of numbers. Sir, firstly, on the premium to notional turnover ratio on the options side, that has gone up in this quarter. And so how should we look at the sustainability of the same going ahead? And particularly on the gold contract, also, if you could highlight whether that would lead to a drop in premium to notional turnover ratio?

Okay. But sir, with respect to gold monthly contracts, ideally, if the period reduces, that would lead to a lower premium versus the current contracts?

Okay. Sir, secondly, on the SGF contribution bit, how do we see that going ahead? We have contributed in this quarter as well. So, if the volumes continue to surge the way they are, do you think we will need contribution to SGF on a regular basis?

Yes, hi. Good evening everyone. Sir, firstly, if you could now spell out or give some indications on what could be the technology cost , say, you had mentioned earlier that it will be -- you wouldn't have AMC cost in the first year. But what would be the AMC cost roughly approximately from year two and when does it start kicking in into our P&L?

Sir, can you give us the amount capitalized for the software cost now it would have been there in your balance sheet, right?

So, could you give that amount, at least, the capitalized amount?

This question is on the Motor segment. So, in the last quarter, you had mentioned about the growth in new versus old. So, it would be great if you could share a similar trajectory for H1 and just an extension to that, whether, if the growth in the renewal or the older business of the new vehicle has been stronger, what are the drivers for the same that you have been able to get more growth there?

Just a clarification on this. You mentioned the single-digit growth that you expect in H2, is for vehicle sales or is it for the premium growth of the Motor Segment for General Insurance industry?

The vehicle sales?

Sir, on the health ratio, loss ratio front, there is an increase from 78.7% to 83.6%. What is this really reflective of, are there any adverse trends that we have seen in the quarter and how should we think about this? That would be my first one. Second is on the motor strategy , wherein you have spoken about the older vehicles' growth has been stronger.

Just clarification on motor part. So, have we, you know, like in the last 6 to 9 months got more competitive in terms of pricing or what has been the change in the approach of ours which has , one, obviously, the industry trends have been feasible, but even from our side , what changes we have done with respect to pricing? Does that play a role?

Just a few questions, firstly, Sanjeev sir, could you elaborate on your strategy that you were talking about in your initial opening remarks? Could you just elaborate on that new philosophy that you are talking about?

Just looking at the industry data, if you look at the redemption levels in -- on the equity side, they have been clocking INR70,000 crores kind of number for the past few months. Is there any trend to pick up there that while the SIPs continues to be very strong, but is that the redemptions kind of picking up and what is the sense you guys are picking up from the ground on that?

Okay. So, the point that I was trying to understand is generally when the equity markets go through a strong phase, wealth managers kind of start recommending pruning positions to equity funds and especially in a scenario where the debt -- the interest rates are likely to be cut, money for wealth managers particularly start moving from equity assets to debt assets.

Okay. Second -- the other question was you mentioned that there are about 11 to 12 schemes where the rationalization of payouts have happened. That would account for what 75%, 80% of the AUM equity?

Just harping on the question on employee expenses again. So sequentially when we look at the employee expense it is up 17% Q -on- Q. So, what are the elements , is there an element of ESOP expenses have gone sequentially? What is that is dr iving this sequential increase because generally I understand that your variable pay gets amortized over the year - over the 4 qua rters.

Got that. Secondly, on the tax rate why is it low and how should we look at it for the full year?

Okay. Got that. And so , if we start looking at from a yield perspective now, we know yield sequentially improved and we guided also for improvement in the previous quarter, b ut how has been the NFO yield in this quarter given the state of NFOs that have come in the market, how has been the commission from NFOs?

Couple of questions. Firstly, just a clarification on the budget. There have been some calculation changes with respect to expenses that can be identified and does that impact our tax rate in any form? That is one. Second is on the surrender charges. You know, you mentioned that you will create a balance between all the three stakeholders.

Now that you had time to look at surrender charges and there is a talk in the industry that there will obviously be aggressive selling in Q2 and then possibly we will go through a period of new product launches in Q3 . So how should we look at the industry from the next 9 months ’ perspective? And within that what would be your strategy in terms of premium growth.

Got that. And from a margin perspective , the product mix has been favourable. S hare of protection and annuities have gone up sequentially. But still margins have come off and its primarily due to expenses. How do we look at full year margins?

Last question on retail protection, i s there a pricing action th at's happening in the industry ? And is there some pressure from reinsurers ? What will be the reason for a major re-pricing action?

Now that you had time to look at surrender charges and there is a talk in the industry that there will obviously be aggressive selling in Q2 and then possibly we will go through a period of new product launches in Q3 . So how should we look at the industry from the next 9 months ’ perspective? And within that what would be your strategy in terms of premium growth.

Got that. And from a margin perspective , the product mix has been favourable. S hare of protection and annuities have gone up sequentially. But still margins have come off and its primarily due to expenses. How do we look at full year margins?

Last question on retail protection, i s there a pricing action th at's happening in the industry ? And is there some pressure from reinsurers ? What will be the reason for a major re-pricing action?

Congrats on a great set of numbers. Just extending the previous question on Axis Bank growth next year. There has been, I think, with the Citi acquisition, there is Tata that has come, Aditya Birla is something that Axis Bank has tied up. So how do you see the wallet share kind of moving to Max Life? And also given the challenges on Axis Bank wondering having to raise deposits.

Hi Good morning, Sir. Just a follow-up on the previous question. How been the trend on the overall equity sale on a net basis? What has been the trajectory SIP has been doing well for us, but what has been the trend on the overall sales like equity sales for us and in the current quarter versus the previous quarter?

In the last quarter again positive.

Got that. And, sir, the momentum in SIPs that we witnessed, where is it coming from the online distributors, or is it across channels, could split that for us?

Hi, and congratulations on a good set of numbers. Just could you repeat the point on the VNB margins, what has contributed to improvement in margins?

And just structurally how should we think about margins and growth for SBI Life from FY '25 perspective, which are the product segments that would kind of see growth and particularly whether the nonpar segment would start contributing to growth again in FY '25, how do you see the product mix kind of playing out in FY '25?

And that should reflect -- ideally, if that translates, that sho uld reflect into better margins?

So, firstly, you know, if you look at your expense ratios to the basis points of AUM, that’s come out pretty strong and pretty healthy in this quarter and this fiscal. How should we think about this from a, say two to three-year standpoint as basis points of AUM? How would the trajectory be in terms of spending and which element of the business are we really investing into kind of see any elevated expenses?

And sir, just as you alluded to the alternate fees, how do you see this business scaling up to say in the next three years’ time frame? What AUM aspirations you would have for this segment?

And sir, on offshore piece, where are we in terms of different geographies? And what is the scale up that we can expect in ours? Are we in advanced stages in any of the geographies to launch new products? Where are we in that sense?

Firstly, on the yield bit again; you have been maintaining this two -three basis points fall which is likely to continue, how long could we expect this or at what level do we see this kind of coming down to something like one basis point kind of a fall because the transition from old assets to new assets, I would have assumed that it would have very less impact now given that it has been there for some time .

Any thoughts on the share of old asset versus new assets?

Okay, got that and secondly with regards to the net inflows that you would have seen in this quarter or for the nine months , would you give some understanding as to how much of it was in the small cap fund and how much is the rest or is it quite distributed or it is driven largely by small cap fund or the midcap funds?

Firstly, sir, like the spend on IPL now we’ve already have almost seen one month of IPL. How has been the impact of the spend that we are doing on this -- Is the experience better than what we had thought or what we were doing without IPL, how has been the experience so far?

But sir, when you say Rs.7.4 billion, does that include only cash portfolio churn or is this also includes F&O because these are the clients who are doing both F&O and cash, right, so would that mean that they would have also earned some profits on F&O and combined or possible in a combination of loss in F&O and gains in cash, is that the right way to think about it?

Compliment on the amount of data you are disclosing. This is helping us to understand the business granularly. Thank you for sharing this information.

Sir, just a question on your guidance. So if I look at your net margin that you are disclosing that is also similar to what you have reported in FY'24. And even if I look at your realizations of the yield, both that also looks flattish. Now given that you have given a guidance that structure products could go up or not a guidance or indicative trend. I would have assumed that these would have gone up.

So if I just, while you really spoke about a long-term target or long-term view of the company, But from, say, if I look at it from an FY '25-FY '26 perspective, now is it fair to assume that the costs you would be incurring would be in line with your revenue growth? And I would like to understand as to what elements of cost that are getting added?

And lastly, on your dividend payout, what are the thoughts in terms of overall future? How should we look at it? Should this level of payout be maintained? Or is there any scope to increase it further? How do we see this?

Yes, hi. Good afternoon, everyone. So just one-bit longer-term question as to how do you see your mix between MLDs and mutual funds evolving, say, in the next three years' timeframe, what is the kind of diversification that you would like to bring apart from these two products as well? If you could throw some light on this.

Sir, but in the sense that you know your customers, how many of your customers would be kind of subscribing to the other 20 other 19 products that you spoke of 21 products earlier, the 19 line of items? They will be subscribing elsewhere with other kind of wealth managers. And are we kind of missing out on that AUM?

Okay.

Hello. Good morning, sir. Congratulations on a good set of numbers.

Sir, just firstly on the Nuvama Wealth piece. If we look at the net new money that gets -- that's been getting added, it's been from the peak of around INR 2,400 crores in 1Q, we came down to INR 1,300 crores and now to INR 640 crores. What's really transpiring out there? And how should we see this? That is the first question.

Great. And just on this Nuvama Private, again, you know, from a new money flow perspective, could you throw some light there as well, the way you explain this? We have seen very strong in this quarter, which was closer to INR 5,200-odd crores. So just throw some light there as to how is this shaping up?

Firstly on, if you look at the Star thinking about Q4 from here on you mentioned that the loss ratios are significantly better and you would have a full benefit of renewal price hike of the Family Health Optima because a large portion of it was sold possibly in Q4 of last year.

Sir is it fair to assume that given the severity and the frequency of claims that we have seen in this year, if that would have sustained, possibly we can come within the guidance range of 93% to 95%? Would that be a fair assumption and with your Reinsurance treaty in place?

Secondly, if you could break down your Reinsurance treaty and could you explain that a bit such as the rationale for it? And if you could just give us for nine months as to how this has impacted each of the line items like the Premium ceded and your claims that would have come and the commission that you would have received on it?