Prayesh Jain

Firstly, on the group on the health business, could you give me the loss ratios in group retail and government which was there in first half and also comparable numbers for last year?

And retail?

Basically the first year, the first vehicle that is first at the beginning of the purchase of the new vehicle purchase versus the rest. So, when we look at this, old versus new would be in the range of maybe about 70 to 30. Yeah. And you mentioned on the motor business that agency channel has picked up again. So, do you mean that the payouts have gone up from what they were getting earlier? Yes, to some extent.

Hi, Good evening sir. I have a couple of questions. Firstly, on the group business, is there a significant increase in competition from private players and because of the expense of management regulation? And that is the reason there is a much sharper decline for us in the group business because of which we are losing out. Is that the case?

And considering the expense of management ratios, are we reconsidering our commission ratios? Have we changed the commission ratios on any of the products for agents or what are the processes?

Got that. And so lastly, the agency channel had a very high share of, you know, relatively to other channels, agency has a good share of five lakhs plus ticket size. And we have so many MDRT agents and COT and TOT agents. How has been their experience in the first half after the tax changes?

Firstly, was there some pressure on product line VNB margins, as you highlighted with regards to ULIP, wherein you saw some pressure because of the mix changing and the launch of the new product. Similarly, on non -PAR or Protection, any specific trends that would have impacted the product level margins?

Okay. Non-PAR, how many resets would have done in the quarter and because of where any resets, delay in resets, was there any pressure on margins?

Okay. Secondly, on the agency channel, how is the ticket size, say, compared to last year's first half and this year's first half? And do you expect the agency channel ticket size to move higher going ahead? Some understanding was given that in the first half, there was some apprehension with regards to the understanding of the tax change.

Just extending this question on the growth of premium, we have taken a 25% hike in both new business and in terms of your renewal business, we have seen a very strong growth in banca, we have seen a very strong growth in digital possibly the ratio would have gone down in terms of number of policies would have been 5%.

Interesting. Just a couple of more questions. Firstly, on the revenue, if I look at the loss ratio, you have seen around 120 basis points benefit coming in from the claim fraud detection mechanism which you have implemented. And in spite of that, you've seen an increase in loss ratio.

Just before going to the next question. So, 120 basis points benefit gets absorbed by the severity and frequency?

A couple of questions, firstly, on the outlook on yields, can you give some outlook on yields, so how could the yields have moved from here in the second half or specifically, you have a steady kind of a market scenario? Secondly, on the NFO yields - how has been the market behavior and what is your product line up for the second half?

Yes.

Can I just slip in one more, so just on the international flows into India, typically Nippon Life support to the AMC, what kind of growth it would be preferred, whether that GIFT City route would be preferred, or direct investment would be preferred or what is the outlook there, when can we expect real sales coming there?

Yes. Hi, thank you for the opportunity. Firstly, on the banca channel, particularly SBI, what would be the number of branches of SBI that would be selling SBI Life products today? And how do you plan to increase this going ahead?

Okay. Coming to the product mix. In the individual protection business, what's the mix of ROP and non-ROP?

85% is ROP and 15% is non-ROP?

Firstly, if I look at your market share it's been weak across segments, not just equity even hybrid in spite of the product launch that we ha d we just have a flattish market share sequentially. On income fund we have an improved market share, but the major categories we still have a decline. What is the strategy that we would do to improve the market share?

Any measures on the distribution side where you plan to increase commissions or something?

Just extending that point, the yield on the balanced Advantage Fund that was launched was much lower. We've been hearing from your competitors that the environment in the NFO market has been better than what we had seen in the last couple of years. But still our yields were much lower on that.

Just firstly on the yield front, the improvement in the equity and hybrid category you said it was 5 bps. Am I correct in saying that maybe on a sequential basis?

So, out of that, how much of that would have come from the B30 because that would have been only for one month, right?

Because until February, you would have paid the commission, and it is from March that the commission would not have paid. That is the reason I was coming from that point that whether the rates that you have mentioned are the exit rates, so the 5 bps are on an end-to-end basis or on an average basis?

Most of the questions have been answered. Just on the protection bit, what would be the share of ROP products? And could you highlight whether ROP products are margin dilutive for you with regards to the entire protection margin and also, how is the ROP kind of moving, say, this year versus last year?

And from profitability perspective, is it any different from the pure term?

What is the share of return of premium products? And is there a change where the share of return of premium products is increasing? And secondly, on VNB margins for the second half, do you think that you will be able to attai n the margins, which will allow you to have a flattish VNB margin as compared to FY23?

And that is also the reason why possibly the overall protection margin co uld be weaker than what we had earlier?

Yes, hi, good morning, everyone and congratulations on a great set of numbers. Sir, firstly, on the interest cost. You mentioned that there has -- there is some impact of the upstreaming element, then the margin trade funding book was also higher. But if I look at the interest cost, that's just gone up by Rs. 8 crores. And you had mentioned earlier that around Rs.

So just, Vineet, further extending that point, you mentioned -- so this quarter still, even if I assume that you have a very limited port ion of that Rs. 40 crores, that assume it's around Rs. 5 crores against, so the total cost has gone up by Rs. 8 crores only, where your funding book has gone up, your borrowings on the balance sheet has gone up.

So is it fair to assume that, out of that Rs. 40 crores, what you have mentioned, a good portion of, let's assume around Rs. 35 crores, is still yet to come? Or would you want to change that number of Rs. 40 crores to a lower number?

Just a couple of questions. Firstly, on the SIP book. Could you give some understanding at the industry level as to what is the -- I understand a large portion or majority will be equity, but some specific as to what is the di rect equity or hybrid at the industry level and for HDFC AMC?

Okay. In pure equity or hybrid will be...

Okay. Got that. And j ust extending the point of what previous guy was asking about the employee cost. See, sequentially, we have seen an increase of 10% in employee cost. But you mentioned that there is some additional ESOP cost which was I think closer to INR2 crores, INR2.5-odd crores. Apart from that, headcount increase which caused 8% kind of an increase.

Firstly, I missed the agency count number. Can you repeat that Gopal?

Good evening, Sir. So just firstly, on your product launch pipeline. So, what are the products that can be envisaged in the, say, next couple of quarters?

Thanks. On the yield front, the yield improvement in this quarter is primarily because of the mix, and right, there's nothing else to it?

Anything on the debt side where the mix has changed, that has acted favourably?