Raj Lokhandwala

Good evening, thanks for the opportunity. So my question is regarding the competitive intensity on the health insurance side. So how is it shaping up in the recent years and how is it affecting the profitability in different segments, the retail as well as the group? Thank you.

Okay, fair enough. And second question is on the proposed demerger. So now that the RBI has rejected the proposal, is it fair to assume that the tentative deadline of Q1 FY28 would be slightly delayed?

Sure, thank you.