Stockrabit · Analysts
Questions across 83 calls

Sanketh Godha

Avendus Spark

Computer Age Management Services Limited

Computer Age Management Services Limited CC-Dec24.pdf · 2025-01-30
The EBITDA margin improvement what you have seen in the current year or for the quarter. Is it largely because the profitability of the non-MF business has improved? Or is it largely led by MF-RTA itself? And second, the reason I'm asking this question is that next year, there is actually yield pressure because of the re-pricing. Then is it fair to say that if it is MF-RTA driven then the margins could be under pressure next year or your non -MF business will compensate for any loss in margin because of yield pressure? So that's my first question.
But Ram, is it fair to say that because of the yield pressure given 87% of the business is MF. So there is a fair probability that margins what you saw in the current year might not hold up largely for the next year even if you see an improvement in non-MF business?

Central Depository Services (India) Limited

Central Depository Services (India) Limited CC-Dec24.pdf · 2025-01-27
Thank you for the opportunity. Sir, the cash ADTO for the industry as a whole declined by 20 percentage Q-o-Q and our transaction income declined 29 percentage quarter-on-quarter. So, is it fair to tell that INR3.5 which we are using in true to label, the price average realization seems to be lower compared to previously when we're doing flattish pricing? And if that is the case, then what is the cut we have to I mean, price cut of 9 to 10 percentage is a fair assumption, sir?
Got it, sir. Fair point. Sir, the next question what I had was that if you look at other expenses outside the regulatory cost, that seems to have declined almost in line with the KYC income on quarter-on-quarter basis. So is it fair to assume that given your communication costs would have also come down because of lower KYC income, that expense has declined. So broadly, it's a variable cost in line with the KYC income?
Central Depository Services (India) Limited CC-Sep24.pdf · 2024-10-28
Sir, you said INR9.2 crores of revenue from the unlisted companies. So and as you highlighted it is because of your regulatory thing. So, I just wanted to understand on incremental new companies which are converting themselves into dematerialized form. How much we are enjoying the market share? Whether we are taking lion market share or we are actively targeting these companies to have a potential market share the way we have it in Demat account? That's my first question. I have two more. If you answer this, then I will ask those 2.
Got it, sir. And the second question is on employee cost. Sir, this employee cost what we reported around INR31 crores, just wanted to understand, is there anything one-off variable cost which will not repeat next year in subsequent quarters?

Go Digit General Insurance Limited

Go Digit General Insurance Limited CC-Sep24.pdf · 2024-10-25
Kamesh sir, given we need to improve or combine to ultimately deliver mid-teen ROI… I was just asking to improve our ROIs to mid-teens in the current accounting, that is IGAAP accounting, we need to improve our combined ratio maybe compared to the last yea r also by maybe 400 basis points. So, just wanted to understand that given we are already best in class in loss ratio, we are already best in class in the other OPEX ratio. So, the only lever left over is the commission cost. So, naturally, then is it fair to say that the next leg of grow th will predominantly come from the segments where the commission cost is meaningfully very low and probably through the same loss ratio what you have today, and that will be the next leg of the growth and that will be the trajectory of improving the combined overall? And then if that is the case, then what is the thought process what you have to achieve that thing? That is my first question. Second question was that, maybe the previous participant asked that question, just if you can give the mix, because the fire segment in the reinsurance, overall in GWP has declined, whether it has come more from non -fire business in the inward facultative reinsurance, whether it is crop or government health or just If you can give a better understanding of the business will be helpful, whether it is practical and you believe that it will be sustainable going ahead also? And lastly, this benefit -based business what you have done, just want to understand this nature whether it is long -term or short -term in nature? If it is long -term in nature, given the regulatory recognition is going to change with respect to long-term benefit-based plan, whether it will have a negative impact on EOM or not? These are the three questions I have.
Kamesh, you mostly answered, but my only simple point was that whether you are at the 1 -0, maybe 1-0-8 kind of a combined for the half, just wondering given the kind of expense and loss we have, whether the commission cost is the only place where we see t his, even if I look it from the underwriting point of view, or NEP basis point of view, a big trigger to improve the overall profitability of the company, from underwriting, not from the investment.

Multi Commodity Exchange of India Limited

Multi Commodity Exchange of India Limited CC-Sep24.pdf · 2024-10-21
Sir, can you tell me how much is the float income in the current quarter and corresponding margin money what we have in the Exchange or Clearing Corporation? And also, just wanted to know your update on SEBI thing to share the float income with declines. Anything that you have heard on those lines? That's my first question. Second question, sir, was the other income, which was up almost by 34 percentage sequentially, just wanted to understand what led to that increase? And also if you can quantify the nature of cash in hand, that is other investments, what led to that increase in the other income? Yes, those are my two questions, sir.
When you say treasure income, it is float income, right? Margin...

SBI Life Insurance Company Limited

SBI Life Insurance Company Limited CC-Dec24.pdf · 2025-01-17
Sir, my first question is related to individual protection business. So the individual protection business in APE terms have declined by 18% for 9 months. But you said that the mix changed towards what you call pure protection business as compared to ROP led to that decline. So, if I do a NOP calculation, that is a number of policies calculation growth. Whether we have seen the growth -- and this mix, 57-43, what you alluded to, is now have stabled. So going ahead, we can see a growth coming back to protection business? Or you believe this mix will keep on changing? And the growth will remain muted probably till a optimal mix, what you want to have will impact the pro tection business now? So that's my first question?
Got it, sir. But just for 9 months you said 70,000 for the third quarter. But for 9 months, the number of policies in the protection has seen a growth. And if it is, then what is the quantum?
SBI Life Insurance Company Limited CC-Jun24.pdf · 2024-07-24
It’s the same question on Bancassurance channel. See our APE growth is just 12% in that Banca, that is SBI channel. So, if you are guiding for 18% to 20% kind of a growth for the full year , then the expected growth from the Banca channel should be at least 15% to 16% for the full year , if the momentum in the agency remains at the current level. So just wondering whether if it is 12% in the next 9 months you are expecting a growth of around maybe 18 %-19% in the Banca channel. Are you fairly confident that 18% to 19% kind of a growth will happen to deliver that high teen to 20% kind of a growth what you have guided for AP E that’s the thing and what will lead to it ? I understand the seasonality part but just want to understand that part little better. And second is that you said there is a marginal impact you did not quantify the number. But assuming this current product mix remains true for the entire year , maybe how much that impact would be maybe less than a percentage or 50 -60 basis point means if you can give a ballpark number assuming the current product mix will remain true what will be the likely impact on the margins because of the surrender norms? Those were my questions.
And if you can quantify the bps impact on the margins with the current product mix?

HDFC Life Insurance Company Limited

HDFC Life Insurance Company Limited CC-Dec24.pdf · 2025-01-15
Thank you for the opportunity. The way I understood is that you did not reprice products based on su rrender chargers and you are not changing as of now any commission structure. So, if I add back the 30 -40 bps what you made in 1H margin. You are at 25%, so because of no commission clawback to a large extent and no repricing, there is a 100 -basis point im pact in the margin until you renegotiate the commission structure assuming product mix remains the same. That's the right understanding, right?
But you said you will take 1 quarter to renegotiate and redo everything. So , for a quarter, you will operate at 100 bas is points lower margin compared to where you usually would like to operate?
HDFC Life Insurance Company Limited CC-Sep24.pdf · 2024-10-15
Thank you for the opportunity. The way I understood is that you did not reprice products based on su rrender chargers and you are not changing as of now any commission structure. So, if I add back the 30 -40 bps what you made in 1H margin. You are at 25%, so because of no commission clawback to a large extent and no repricing, there is a 100 -basis point im pact in the margin until you renegotiate the commission structure assuming product mix remains the same. That's the right understanding, right?
But you said you will take 1 quarter to renegotiate and redo everything. So , for a quarter, you will operate at 100 bas is points lower margin compared to where you usually would like to operate?

Bajaj Finserv Limited

Bajaj Finserv Limited CC-Sep24.pdf · 2024-10-25
On general insurance, I have a question. See, you highlighted in the call that you are seeing pricing pressure in crop and maybe in commercial lines like fire. So will you attribute this largely to EOM? So this will continue till next year because even compliance needs to be compliant by next year. So the pricing and the profitability of this segment might be under pressu re for the sector as a whole, is the first question. And counter question to the same is that if EOM is point which is leading to the pricing pressure in the commercial line, then it should have been ideally delayed in the favor of motor business because the payouts are higher. So naturally, the price war or at least payout war would have moderated in that business. But what we understand from you is that we are seeing a different trend there. So I just wanted to understand how you are looking at this spac e. That's on general insurance. One thing on general insurance, if you can quantify non -motor long -term business in our portfolio in GDPI. On Life, I know you indirectly answered that question on the VNB margin. But given we ended first half at 9.2% and are now going through the surrender rule, what kind of an NBV margin should we see, reportedly last year, it was at 14.6%. Whether is it possible to get closer to that number or we will be off, given we have a product mix challenge and then also the regulatory headwinds. So if you can give a bit of color on the margins would be useful. And second data -keeping question is the negative operating variance in the EV. It is related to what?
Tapan, the reason I was asking that question was that whether this, other than the cyclicality, has EOM has also played a role in pricing pressure?
Bajaj Finserv Limited CC-Jun24.pdf · 2024-07-25
Sir, my question is largely related to motor OD. Our growth on OD is strong around 22 percentage. By any challenge, this growth includes Hero, I say OEM addition? Or we expect that Hero addition will come in subsequent quarters? And second thing, with respect to OD was to understand the claims because last year, we ended at 63.6. Today, it is at 69.4, it's a meaningful deterioration around 600 basis points. So just wanted to understand any specific reason why this motor OD loss ratios have increased compared to last April. That is the question on BAGIC I have, then I'll ask on BALIC.
Got it. Perfect. And Hero, you might have assessed it internally. How big is the potential? I mean if it starts firing from second quarter, how much extra layer it can add to the growth?

Max Financial Services Limited

Max Financial Services Limited CC-Sep24.pdf · 2024-10-23
Prashant, you said that your rider attachment is around 45%, which helped in the margin expansion. So, just wanted to understand what is the internal target you have, and to what extent it can negate the impact of say, surrender rules or product mix change to support the margins. 45 is already a very big number . Whether you see this number going meaningfully further up compared to what it is today ? That's on riders, first question. The second question is on annuity. It seems to have slowed down a bit, if I look at the numbers. Is it because last year you had a group and now you have not got it, that led to that moderation? If you can give a split between that number, annuity business into group annuity and individual annuity, and how individual annuity have behaved, that will be useful. And the last question is on cost. See, the growth has been 31%, but the overall cost has increased by 280 basis point on a year-on-year basis. So, ideally, there should be still an operating leverage given the kind of growth we have had. So, just wanted to understand is this cost because of capacity addition, like many more people in Axis Bank, or your investment in prop channel is still happening. If that is the case, then future investment leverage, or sorry, this operating leverage for these investments made in the channel, how do you see to play out going ahead? These are my three questions.
So, Prashant , a small follow -up. Is it fair to assume these riders' margins are meaningfully superior compared to even the protection in the overall country average?
Max Financial Services Limited CC-Jun24.pdf · 2024-08-14
Amrit, you highlighted that the products that you sell on eCommerce channel are capital guarantee ULIP in nature. So, I just wanted to clarify again, you mentioned this product has invariably a better margin profile than overall ULIP what you sell. Is it my understanding right?
So, the reason why I am asking this question is that the predominant portion of the growth in ULIP seems to have come from eCommerce channel . So, whatever growth you have delivered in 1st Quarter in ULIP in eCommerce channel, whether that channel itself is having a better margin profile compared to what ULIP you do in other channels?

ICICI Lombard General Insurance Company Limited

ICICI Lombard General Insurance Company Limited CC-Sep24.pdf · 2024-10-18
Gopal, can you split the motor growth for the quarter and for the half into new and old and in this old, can you give a bit of color that this old is driven by the existing customers, that is, they are renewing what they bought last year with you? Or is it the business which is coming from other companies? Because compared to industry, we seem to be gaining significant share of market in this business. So, if you can give a color bit there and how sustainable it is, it will be useful to understand the future of outlook too. The second question related to that is, that if you are doing more old in OD, then ideally the loss ratio should deteriorate in OD, but we are seeing an improvement in H1 or quarter compared to the last year. So, just wanted to understand what is playing in our favor to see that better loss ratio in motor OD? Lastly, on TP, I believe you guys said last time that loss ratio of 65% - 70% is the number what you need to watch out for. That's the guidance you have given and that was last year. And now it is tad below 65% for first half. Just wondering, given there is no TP price hike, whether you believe this number is still sustainable, because I am asking this question from the perspective that in last three years loss triangles, that is FY2023, FY2022, FY2021, you did not choose to take any reserve release from motor TP, so, just wondering whether this number is sustainable or not? Also lastly, if you can give a data point, health loss ratio broken down into retail and group. That's it.
Gopal, just a follow-up. Can you give a trend last year on how was our retention and what is today in motor, just to give a colour, whether it is driven by our own book?

General Insurance Corporation of India

General Insurance Corporation of India CC-Jun24.pdf · 2024-08-12
Yes. Thank you for the opportunity. Sir, my first question is on your overseas combined ratio. Last year, you highlighted that you largely provided for the marine exposure, which was old book. But if you look at the numbers even today in the overseas business in marine line, which is cargo and hull put together, it is more than 500, 600 percentage, so still some provisioning with respect to this business is left over, which is still haunting your overseas combined business? That is my first question.
Okay. I can -- and second question is on growth, sir. Sir, basically if I look at the numbers, the health and agri did mea ningfully very well. How to read the numbers? Is it just a recognition change that the crop was returned more in the first quarter itself and that's why you recognized more? Because last year, we wrote around INR10,000 crores of crop -- whether a similar trend will happen or we have changed the strategy to take more crop exposure in the current quarter; and equally whether it is true with the health business? If you can answer these two questions, I have two more, then probably I will ask.

Life Insurance Corporation Of India

Life Insurance Corporation Of India CC-Jun24.pdf · 2024-08-09
My question is pretty simple, assuming the surrender rules are implemented on the current product structure, if you don't do any tweaking, what is the likely impact on the margins? Which means just how much we need to just to protect the margin is the reason I'm asking that question assuming what is the likely impact on the margin? That's my first question. The second thing is that your drop off rates assumed to be 20% , 22% at this month. You also said that there are some policies, which are quarterly, half ye arly and they are part of the 22%. So if you can break out -- break up that premium of 20%, 22%, which is dropping off, how much is less than 1 year premium thing -- I mean the paying term is quarterly or high frequency compared to annual? That's my second question. And lastly, somewhere the par business seems to be struggling to grow. Anything to read between how -- is it because you have increased focus on non-pa r, so natural victim is par, or you think someday this business will come back and contribute to the growth. Yes, those are my questions.
Got it. Sir, the second question, which I asked basically out of the 20%, 22% drop off, which we experience after 12 months or 15 months. How much is less than 1-year premium paying plan because naturally, it will not be part of your surrender rules. So you'll benefit out of it. So just wondering whether we can assume it is 50% or less than 50% of t he drop off what you experienced in 13 months.

Star Health and Allied Insurance Company Limited

Star Health and Allied Insurance Company Limited CC-Jun24.pdf · 2024-07-31
Sir, I have three key questions. So, Anand, you said that the porting is closer to 10% of the of new business premium, and you also highlighted that new business premium growth is around 18 odd percentage. So, if I remove porting from your new business numbers on like -to-like basis ex of porting compared to the last year, whether the growth will be lower than the overall growth what you have reported in retail of 15 odd percentage?
When you say the geographies, largely it will be South India? Because it is believed that South India is relatively healthy compared to North on claims at least I mean to say.