Questions across 83 calls

Sanketh Godha

Avendus Spark

General Insurance Corporation of India

General Insurance Corporation of India CC-Jun26.pdf · 2026-06-01

Sir, my first question is with respect to the commercial lines or fire segment in the current year in the domestic market. What we understand from the primary companies is that the pricing is very soft in the current year when the renewals happen. So just wanted to understand how much impact it would be for you from a growth point of view, given the market is soft, whether -- as you were just highlighting, we will be okay to forgo the business to the competition or it will have a meaningful negative impact on the growth given it's one of the largest line of segment in domestic lines? And on similar lines, if you can give this color in the international piece, too, because I believe the pricing market might be weak in international, too, if it is there in domestic. So likely impact on the growth, again, given that it's the largest segment in the international piece?

Understood, sir. So sir, is it fair to say that given the prices would be soft, the domestic pieces growth could be very low single digit? Like last year also, our growth was not strong, both in domestic and international market. Just from a growth point of view, is it fair to say that even if we achieve a low single -digit growth overall will be the most likely number to end up in fiscal '27? And second thing, sir, with respect to the pricing correction or softening of the market, we almost improved 250 basis points combined ratio in the domestic market compared to FY '25 to FY '26. You see this 10 1, 102 kind of a combined to hold up for the domestic business next year, or it can potentially deteriorate because of the soft market?

Niva Bupa Health Insurance Company Limited

Niva Bupa Health Insurance Company Limited CC-May26.pdf · 2026-05-08

So the first question, Vishwanath, if you can quantify your group health loss ratio for the year or the quarter would be useful. And second is -- whether in the fourth quarter, whether there is any change in group health mix towards more indemnity, which expedited or corporate health which expedited your EOM compliance relative to compared to 9 months? And lastly, from an IFRS point of view, if you can give your outstanding DAC number in the balance sheet broken down into both Retail and Group, if possible?

Second was more on Group Health composition, whether it has changed in the fourth quarter. Typically, we have two third, one third, that is one third is Corporate Health and two third is -- sorry, Banca-Based Health. So whether that number has changed or is it broadly the same?

Niva Bupa Health Insurance Company Limited CC-Nov25.pdf · 2025-11-03

Sorry, my question is again on group health. So group health, if you see without 1/N, for the half, it is 13% and for the quarter, it is 6% year -on-year. So naturally, it is little lower than typically what you used to report in the past. The slowdown is predominantly visible in corporate plans, that is indemnity plans, or it's more because of the benefit -based products, if you can clarify? And related to that, out of the total group, which you did around INR1,173 crores in 1H FY '26, how much will be affinity -based products and whether the contribution has gone up or declined compared to last year?

Understood. Maybe -- sorry to harp on that point. But just wondering whether the -- we know that multiline companies are paying on N basis on commission, but we moved to 1/N strategy. So...

Cholamandalam Financial Holdings Limited

Cholamandalam Financial Holdings Limited CC-May26.pdf · 2026-05-08

Sir, my first question is more on growth. So the GDPI -- actually, the direct premium has declined in the current year. GWP growth is predominantly because of the reinsurance acceptance. Now given we are EOM compliant, will the approach to the business going ahead will be a little different? Whether the focus will be more on direct business? And if that is the case, which lines you will try to recover back a kind of market share to deliver growth in the next year? So that's my first question, sir.

And any other line of segment, like maybe you chose to slow down even motor segment a bit, especially the OD part. So any revisit to that business given naturally we are -- I mean honestly, that was the reason why I said EOM compliant, whether we'll be -- if crop come back and whether we will do the lines which were traditionally very strong in a way which we used to be in the past.

Cholamandalam Financial Holdings Limited CC-Feb26.pdf · 2026-02-09

Sir, honestly, it's the same question probably on the combined ratio. If I look at your numbers 9 months to 9 months, even if I assume that your motor TP, you have been conservative, there is a possibility of a reversal going ahead. Then the 2 segments which gave the most pain is OD and health and PA on delta change compared to last year to current year. So motor, you already told in the call that you took a corrective action with respect to not chasing 2-wheelers. Despite not chasing 2-wheelers or taking corrective actions, still our OD loss ratios are higher. So is it fair to say that if the competitive intensity remains the way it is, then are we seeing any respite to happen because one leg of corrective action you have already taken. That's the way I wanted to understand whether there is any room left over further to take any corrective actions. And honestly, maybe I asked this question last time also. On health, maybe the loss ratio being 14% is higher compared to the last year. Any way to improve it? Maybe in EOM compliance, we probably do a little more group health. we probably ended up with more combined rather than improving the combined. Any thoughts you have how to change it or -- I mean, honestly, if these 3 products are fixed, I think combines might come back. So I just wanted to understand this part a little better.

Understood. But sir, within the motor part, given you scaled down the 2 -wheeler business, the pain is more in CV segment or car segment, which is leading to this little elevated numbers. From...

Cholamandalam Financial Holdings Limited CC-Nov25.pdf · 2025-11-07

Sir, this INR570-odd crores of reinsurance accepted business what you did in first half. Can you just give the color of that business? Is it predominantly sitting in crop given we lost it on direct. We started doing it on reinsur ance or it's more towards commercial lines? Just wanted to understand the color of that business. And how profitability of that segment has played out in 1H, given we did a little more than usually what we do in the past?

Okay. Understood, sir. But sir, if the float in that business is a little lower and even if the combined is closer to 100 then from ROE point of view, it might be still depleting compared to the leverage benefit what we get from the direct business, especially from TP. If I can ask on ROE basis, still it is ROE equity.

Star Health and Allied Insurance Company Limited

Star Health and Allied Insurance Company Limited CC-May26.pdf · 2026-04-29

Yes. Thank you for the opportunity. Sorry, Anand and Amitabh, it's the same question, probably in a different way. See, the loss ratio improvement honestly was a positive surprise, very positive surprise. So, if you really want to attribute a major reason, is it that the last part of the improvement happened in the renewal book and naturally, the new contribution would have played a role, but the bigger delta came from the renewal book because of your cohort based or pricing strategy which you adopted maybe five quarters back. That is getting reflected in the numbers and therefore if that strategy was useful and if you try to implement to the entire book, is it fair to say that the renewal book delta will be the biggest change to bring the loss ratio improvement going ahead? That was my question. Basically, I just wanted to understand the breakup or waterfall of the loss ratio improvement, whether it is new, renewal or severity or, or hospital management. Just, if you can give a bit of a color, there it will be useful.

Understood. So, Amitabh, just on this frequency part you said, is it that it was in general lower than what it usually is? Or this frequency coming down is more structural because of the Telemedicine and all the measures what you just told is playing out?

Star Health and Allied Insurance Company Limited CC-Feb26.pdf · 2026-01-29

Thank you for the opportunity. My first question is again on the loss ratio for the 3rd Quarter. See, we have a reserve release of Rs. 142 crore and that played a significant role for delta improvement in the loss ratio. If I ignore the reserve release, then your loss ratios probably are very similar to what you reported in second quarter. So, I just wanted to understand this release, how sustainable it is and from which product you have seen this release. Because the release clearly benefited on the loss ratio is my read. The second question is that even if the improvement has happened in loss ratio, any role was played by the GST cut with respect to consumables on the bill s, which I believe is around 20%, 25% of every bil l on an average, the GST cut of around 7% change had any additional benefit on the overall loss ratio what you reported in the 3rd Quarter. That is my first question on loss ratio.

Understood. Maybe that part might be getting reflected in the Opex side. So, only on the claims, whether you had 20, 30, 40 odd basis point positive or above because of the GST benefit?

Star Health and Allied Insurance Company Limited CC-Nov25.pdf · 2025-10-29

Thank you for the opportunity. Anand, in the presentation we have 17% growth in retail. But you told that NOP growth is 3%. So, the divergence in the growth is predominantly because of increase in the contribution of long -term plans or just the ticket sizes have gone up even in the regular plans has led to that divergence in NOP growth and the GWP growth in the retail health?

So, Anand, today in the entire retail health, what portion of your business is long-term in 1H of current year compared to 1H of last year or full year of last year?

SBI Life Insurance Company Limited

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

Sir, you said that our growth most likely will be in the range of 14 -odd percentage for the next few years. But if I look at your banca growth, maybe for last 3 years, it has been stuck in the range of 9 to 11 -odd percentage. So just wanted to understand i f the 14% growth has to be delivered, then there should be a heavy lifting of the growth from the other channels, either agency or other relationships? Sir, just wanted to understand if you want to give a color of that 11% trend to continue in banca and it will be largely driven by the other channels in a way to drive the growth? That's my first question, sir.

Sir, then is it fair to say that the banca growth in that range of 10% to 11% is a realistic number going ahead for us?

Multi Commodity Exchange of India Limited

Multi Commodity Exchange of India Limited CC-Feb26.pdf · 2026-01-27

Sir, my first question is more on product license fees. See, we saw a significant growth in the revenue on a quarter-on-quarter basis, but our product license fees hardly grew. And if I do it as a percentage of the transaction income, it comes around 4.1% for the quarter and while it has been in the range of 6 to 7 percentage for previous 5, 6 quarters. So, I just wanted to understand how this exactly works, whether the license fees, what we pay grows in line with the revenue or it has a fixed slab and then incremental percentage what you pay for the licenses grows at a meaningful very low rate. Just if you can give a color on how it works, it will be useful. That's my first question. And second question is out of this INR 665 crores, I think INR 601 crores is transaction income. How much is coming from core float income, investment -- float income that is from the margin money, not the other income? So, if you can answer these 2 questions, it will be useful.

Okay. It's around INR 45 crores. Fine. And lastly, ma'am, if I can squeeze one. From September to December and to January, I know that silver has seen a margin increase in the month of -- in third quarter. But any other product which has seen margin requirement going other than silver in third quarter and even January till date?

Go Digit General Insurance Limited

Go Digit General Insurance Limited CC-Jan26.pdf · 2026-01-22

Thanks for the opportunity. A couple of questions. If you would have not done this reinsurance in the two-wheeler electric segment, how much our profit would have been lower or how much COR would have been impacted? We just want to understand on IGAAP basis the extent of benefit you got because of this reinsurance you did in two-wheelers?

Understood. And second maybe from a data keeping point of view, if you can tell me out of the total two-wheelers you do, how much is electric? Whether it is significantly higher compared to overall industry sales? And second, suppose the overall trend in the industry is moving more and more electric, then is it fair to say that maybe assuming no significant change in technology, is it fair to assume that you will keep on doing reinsurance in this segment and therefore the retentions in the 46:17 motor OD business will keep on coming down?

Go Digit General Insurance Limited CC-Nov25.pdf · 2025-10-28

So, my question is on Motor OD. Given 70% loss ratio, in general, is higher compared to what we have historically reported. Now with GST thing and new sales improving, IDV is coming down, naturally loss ratios will deteriorate. So just wanted to understand, this 70 percentage what you reported and if you chase new vehicle sales, how much this loss ratio further can increase because of IDV value and premium realization coming down? And the second thing -- and related to that, can you tell me whether it will be ROE accretive still because of the advanced premium or the float that you will get? That's one -- first question OD part. And second question is on TP. Is that -- how much exposure you have in the TP, the 25% of the business, to CVTP segment, where the GST cut has been from 12 to 5 and you have full input credit benefit? So how do you see this to play out incrementally for yo u? So that's the second question. And lastly, lastly, on the reinsurance accepted number, which seems to be INR 288 crores, declined year-on-year. Any major segment like crop or government health or something which led to -- or your fire getting recognized more in direct, not in reinsurance accepted led to that decline? And how do we see this number playing out?

Yes. It's understood. And la1stly, if I can squeeze one. See, the opex trajectory seems to be -- I mean, the absolute cost seems to be coming down year-on-year for every quarter. At least I see that benefited your numbers even in the current quarter. So I just wanted to understand that INR 207 crores of opex, what you reported, I mean, is this trajectory of declining the opex will continue? And if that is the case, then what is the likelihood of the combined we can see for the full year? Or do you have any target in your mind to deliver in the current year?

Angel One Limited

Angel One Limited CC-Jan26.pdf · 2026-01-16

Sir, my first question is on the gross b roking income mix. I mean honestly, if you see last 8 quarters data, largely the authorized person contribution, it remains in the range of 41 -42%. Despite adding so many number of clients, the direct customers contributi on significantly did not change in last 8-odd quarters. Sir, just wanted to understand, is our reliance on authorized person to delive r the growth has increased off late and or there is a slowdown in the traction in the direct guys? That is point number one. And the second thing related to that thing only, two things which I wanted to check was that, you used to disclose EBITDA margins of AP channel and direct channel separately in the past. If you can reshare that number, that would be useful just to understand the colour of the profitability. And related to the authorized person only, if you can give a colour on how the margin trade funding book works? It is skewed towards AP customers or more skewed towards direct customers. That is the thing which I wanted to check.

Yes. The reason, sir, I am asking this question is that because if the operating leverage needs to play out very strongly in the company, I was under the impression that the direct growth should be much stronger because it takes us down directly to the bottom line. And there is a kind of stagnation in the gross broking income between authorized person and direct. So that is the reason I wanted to check on that particular point.

HDFC Life Insurance Company Limited

HDFC Life Insurance Company Limited CC-Jan26.pdf · 2026-01-15

So, the measures which we took on GST on commissions or anything of that kind is already reflected in nine months and 3rd quarter margin, or do we see the benefit to play out in subsequent quarters? Just want to understand the point. Basically, Niraj, you j ust said that 300 bps impact you managed to reduce it to 200 bps. So, 200 bps is more partial because you might have done mid -quarter. Maybe the benefit will be more there in 4th quarter. That is one first question I had. And the second on the margin again, despite GST impact, will you attribute entire holding up of the margins from nine months to six months is predominantly because of the protection mix change, or your yield curve benefit also played a role meaningfully for supporting those margins?

So, Niraj, structurally, will we be able to a rrest the entire impact of GST to less than 100 basis points, maybe if I look at from FY27 perspective?

ICICI Prudential Life Insurance Company Limited

ICICI Prudential Life Insurance Company Limited CC-Jan26.pdf · 2026-01-13

Thank you for the opportunity. Dhiren, I had one question on the margin, 24.5%. If you can give a broader waterfall, the 24.5% on one edge falling to a margin of 24.4%, how much was dragged by GST and how much it was pulled up by either product level margins or product mix change? If you can give a broader colour there, it gives an understanding how it plays out and how do you see it to play out from a full year perspective in the margins in that sense? So, that's my first question. And the second question is, cost cutting exercise, which you alluded to, supported the margins and it has been on the focus area. That exercise is broadly done, or you still believe there are efficiencies to play out further and which can contribute incrementally more to the margins? These are the two questions on the margin. And I have one more question on growth. Maybe if you answer these two, then maybe I will ask later.

I understood. And on margin trajectory, I mean, if these levers of product mix and product level margins sustain, then this 24.5% kind of a margin should hold up for next two years, or this year and the next year, I mean.

Max Financial Services Limited

Max Financial Services Limited CC-Nov25.pdf · 2025-11-12

Yes. Thanks for the opportunity. A mrit, the 60 basis point in the current half margin impact, how do you break it, whether it is only related to new business or the renewal from 1st April to 21st September is also there in 60? If that is the case, can you break it down, that 60 into renewal part and the new part from September 22 onwards?

Understood. Sorry, maybe I missed that point. And see, on the INR268 crore also, Amrit, I mean, obviously as a percentage of opening EV, if I do that number, it comes closer to 110 basis points, while most of the other names reported somewhere between 40 to 50. So just wondering why we are almost at 2x compared to what others are reporting. Anything to read there just to have an understanding better why there is a divergence?

Bajaj Finserv Limited

Bajaj Finserv Limited CC-Nov25.pdf · 2025-11-11

Thank you for the opportunity. Sir, if I negate the impact of, say, 140 bps of the NBM, then you almost reported maybe closer to more than 16% margin for 1H FY '26 compared to 9.2% what you reported last year. So, in the presentation, you mentioned that it is product mix, cost rationalization, and better product margins. So, if I want to break down this 7 % delta improvement in the margin, if you can give a bit of color how much was led by product mix, cost optimization, and maybe better margin profile of the products basically. Just to understand a bit more whether this is sustainable or not? That's my first question. And second, on Bajaj Life, you will enter into a favorable base now in second half. So, can we expect growth to come back in te ens for you in second half or the disruptions with respect to GST, renegotiating commissions will have its own bearing and therefore growth for the full year can be still pretty muted or might be a little difficult even in the second half. So, these are the 2 questions I have on Bajaj Life.

Understood. And from the full year point of view, you think we will have this delta of 500 to 700 basis points net of earnings, not factoring the GST negative impact, will we hold up? Or if I take an annualized impact of 450 basis points on the margin. Is it fair to say that we will end up at a nigh teen-teen margin for the full year?

Life Insurance Corporation Of India

Life Insurance Corporation Of India CC-Nov25.pdf · 2025-11-06

Thank you for the opportunity. Sir, my -- probably my question again is on a little similar lines. So given only 8 days of the business had a GST negative impact and second half full will be with GST negative impact. So are you confident to deliver same, at least similar VNB margin, that is 17.6%, what you have reported for the first half? Or you believe even if the volumes come, will there be some bit of berating to the margin compared to what we have delivered today. That's one thing. Maybe if you answer that question, then I have 2 other questions.

Sir, given we have an improving trajectory every quarter passing by, so is it fair to say that still you will end up FY '26 with a margin better than what you reported in 1H? Is that a fair assessment to make?

Central Depository Services (India) Limited

Central Depository Services (India) Limited CC-Nov25.pdf · 2025-11-03

Sir, my question is related to your tax rate. So, for the first half, it looks to be around 27.4% for the consol tax rate. So, is it fair to assume that in second half, your tax rate will be lower so that in full year, it will be around 25-ish? So that's my first question. And second question with respect to data keeping is that if you can quantify your impairment cost in the current quarter, that will be useful?

INR5.07 crores. Okay, sir. And second question is that last quarter, you mentioned that your number of folios were INR22.76 crores. So, any incremental growth in that number in the current quarter compared to the previous quarter? And another thing we just want to understand is on Insurance Repository. See, last year, given in the annual report, Insurance Repository revenue looks to be around INR8 crores for the full year. And last year, many insurance companies probably started opening demat accounts or Insurance Repository accounts. So still there is not a meaningful growth. So just wanted to understand revenue growth outlook and how basically, how do you want to scale this business, what kind of market share you think and what kind of tie-ups you have made so that we can see a decent trajectory in the Insurance Repository part?