Stockrabit · Analysts
Questions across 83 calls

Sanketh Godha

Avendus Spark

ICICI Prudential Life Insurance Company Limited

ICICI Prudential Life Insurance Company Limited CC-Jun24.pdf · 2024-07-23
See, our growth on individual APE has been very strong around 42% for the quarter. Just wanted to understand how you are looking at the full-year number and honestly, the growth was largely driven by proprietary channel around 53% for the quarter. Whether this number with base increasing is sustainable? How do you see the number to play out from full-year perspective? That's point number one. And if growth remains as strong as it was in Q1, then given our solvency at 187%, will it be sufficient, or we would also plan to do a sub debt to fund the growth if the growth sustains at the current level? So, that was my first question. And if I understood you, Amit, properly, you said ICICI Bank is just 100 crores for the quarter which means that ICICI Bank would have declined by 49 odd percentage and other channels would have grown materially in the quarter. That's the way I need to understand it which includes StanC Bank. And lastly, Dhiren, just hypothetically, you can choose to prefer to answer, but suppose the current product mix remains true for second half and then likely impact on the margin in absolute bps term or percentage terms for the second half because of the surrender rules, it will be great if you can give a directional quantification on the margins or you can otherwise tell me to what extent you need to claw back to make sure that margin doesn't get impacted?
The last part I was trying to ask is that if the current product mix what you have reported in Q1-FY2025 remains true for second half of the current year when the surrender rules becomes live, what is the likely impact on the margin, assume your projected cost in the margin remains true for the full year and suppose or you can otherwise tell me how much claw back you need to do to make sure that the margin will remain at the similar level what you have reported assuming the product mix remains at the current level?

ICICI Lombard General Insurance Company Limited

ICICI Lombard General Insurance Company Limited CC-Jun24.pdf · 2024-07-19
My first question is on the reasons that led to the significant improvement or decent improvement in the Opex ratio, because if I look outside commissions, your overall Opex has declined by 7-8% year on year. So, where this saving has come? Is it because we have focused on old versus new vehicle ? Has that played a role in significant improvement in the Opex ratio? That was my first question. Just wanted to understand what led to it and how sustainable it is going ahead. And the second question what I had is that when you do long term what you launched in private cars and the two wheelers , just wanted to understand from accounting point of view , it is recognized on cash basis, or it is 1/n for other than the new TP what you write for 3 years and 5 years? And lastly, my question is on, you said that non-ICICI Bank has seen a growth issue, which is even reflected in personal accident cover growth, which is declined year -on-year for the quarter. So , is it because the major bank channels like HDFC or Axis have slowed down our business? And how do you think it to play out going ahead? Yeah, these are my questions.
Just on the Op ex part, I just w anted to, see, I understand the ratio improvement is because of little more G HI and crop, but absolute decline in the cost is the point I was more focused on, that it declined by 7.5% to 8%. So, is it largely attributed to the fact that your retail health growth was lower and old component has increased in the motor? Just wanted to understand, if that is a strategy going ahead, then we can see such an improvement in the Opex ratio.
ICICI Lombard General Insurance Company Limited CC-Mar24.pdf · 2024-04-17
I have two key questions. One question is with respect to the regulation. My understanding of that new obligation norms on Motor TP seems to be more stringent than it was in the previous regime. So just wanted to understand whether we would be confident to fulfill the obligation of Motor TP in the new norms, is the point we wanted to understand and how we will achieve it? Second strategy question which I want to understand is that you have highlighted about One IL. But if you want to quantify the number, due to One IL, what are the synergies you are expecting to see either in the form of GDPI growth because you are now aligning agents across the business segment or distribution across the segments, so you expect synergies, and quantify the number in terms of GWP, additional GWP or maybe an additional improvement in the expense ratio because of these synergies? Lastly on data keeping, if you can share Retail and Group Health loss ratio? Gopal, if there is no TP price hike, are you still confident that 65 to 70 Motor TP loss ratio is achievable or not?
Sanjeev, if you have a 5 0 basis points better guidance than what it was last year, so is it because of this One IL One Team?

HDFC Life Insurance Company Limited

HDFC Life Insurance Company Limited CC-Mar24.pdf · 2024-07-15
Just on the ULIP business, I want to understand to what extent our ULIP today has higher sum assured, that is more than 10x? And to what extent it has supported the margin. I remember last time it was around 60-65% of the total ULIP that we were selling, had higher sum assured. So, is there any further headroom available to improve the margins or hold up the margins even if the contribution goes up on ULIP? And then the second is you are raising sub debt maybe during the year, then the difference between what you will pay as interest and where you will invest, how much likely impact it will have on VNB margins? If there is a 100 -bps difference, I believe that impact could be somewhere between 70-80 basis points. So just wanted to understand how it will play out.
What is the weighted average sum assured today in ULIPs? And what extent of the business you sold in ULIP has higher sum assured?
HDFC Life Insurance Company Limited CC-Jun24.pdf · 2024-07-15
Just on the ULIP business, I want to understand to what extent our ULIP today has higher sum assured, that is more than 10x? And to what extent it has supported the margin. I remember last time it was around 60-65% of the total ULIP that we were selling, had higher sum assured. So, is there any further headroom available to improve the margins or hold up the margins even if the contribution goes up on ULIP? And then the second is you are raising sub debt maybe during the year, then the difference between what you will pay as interest and where you will invest, how much likely impact it will have on VNB margins? If there is a 100 -bps difference, I believe that impact could be somewhere between 70-80 basis points. So just wanted to understand how it will play out.
What is the weighted average sum assured today in ULIPs? And what extent of the business you sold in ULIP has higher sum assured?
HDFC Life Insurance Company Limited CC-Dec23.pdf · 2024-01-12
I just wanted to understand our current market share in HDFC Bank , point number one and second, it has definitely improved compared to the last year . The market share gain in HDFC Bank has not resulted in banca channel to do well. I can understand th at in direct, broker or agency, where high-ticket size is an issue, growth has not happened. But in banca channel despite market share rise, growth seems to be muted at around 2 % for 3rd Quarter at least. So, just wanted to understand whether this is a short-term thing where you said, customers are preferring more short-term products rather than long term insurance products, is that driving moderation?
Vibha, I was referring specifically to 3rd quarter, 9 months I understand it is 16%-17%. For 3rd quarter it seems to be weak. So, that's the reason I was asking?

General Insurance Corporation of India

General Insurance Corporation of India CC-Mar24.pdf · 2024-05-29
Sir, just last year, in domestic fire segment, we had price hardening environment. So few primary companies are saying that it has softened in the current year. I just wanted to understand how the April renewal have happened in fire segment in the domestic market in the current year? That's my first question. And given we already have one CAT even with cyclone in West Bengal region, when -- and then monsoon probably, one more will be there. If there is a softening market, do you think that the combined in the next year could be under pressure from a d omestic market point of view? That's the first question, sir. And second, on Sikkim dam l oss, are we fully provided or maybe the potential risk coming from that -- that's on domestic market. That's my first question.
But sir, when the softening market is there and even the primary players are competing on price and given CAT events are not subsiding, already one is happ ening now as we speak. So how confident you are that, that the fire combined ratio will hold up for the next year?

Max Financial Services Limited

Max Financial Services Limited CC-Mar24.pdf · 2024-05-07
Sorry for harping on this economic variance number. I mean if you look at the other insurance companies, we typically reported 4 to 5 percentage positive economic variance number in the current year. But our number is negative. I'm still not able to understand why this number is negative. Is it largely because you're getting more annuity in the current year and ALM mismatch cropped up in the business because of the annuity business. And therefore, the negative operating variance has come because it's still very difficult to comprehend that it's a negative number. Given for others, it is 3.5% to 5% positive in economic variance and you're operating the same macro. So that's point number one. The second question is that your individual protection growth is very solid in the fourth quarter. Now obviously, if I look at it from the full year point of view you are even bigger than IPru and HDFC Life in an absolute rupees crore in premium number. Your market leader if I take it as a pure term. Just wanted to understand this business growth is largely driven because you have some change in your reinsurance treaties or your ability to underwrite has become more smoother than what it was in the past. What is leading to that growth? Because your growth seems to be very high. I mean if you can give a little color there, it will be useful. And lastly, on the online business which has done very well. If you -- I mean you indicated the point, but if you can break down that growth into your own website and may be third-party channel like PB or any aggregator in that sense?
I'm saying economic variance.
Max Financial Services Limited CC-Sep23.pdf · 2023-11-01
I just wanted to understand the digital drive strategy because of you indirectly alluded to the point that it's a lower VNB , it's a drag on the VNB margin business , on the overall company's VNB margin because at the cost the products typically sold are the index-linked, ULIP plan. So I just wanted to understand that this is like a onetime phenomenon you chase that growth with the digital ch annel in the current quarter? Or given the margins are lower, you might tone down that growth? And I just wanted to understand how much is digital as opportunity of total APE. In that prop channel, how much is exactly digital, how much exactly is agency and how much exactly is direct of 40% of total APE what you have disclosed?
And how much it was last year, if you remember?

Central Depository Services (India) Limited

Central Depository Services (India) Limited CC-Mar24.pdf · 2024-05-06
Sir, Girish sir, I have few data keeping questions, which you usually disclose. Can you share the unlisted income in the annual issuer charges, pledge income in the transaction charges and impairment costs for the fourth quarter and the full year. That's the question number one. And if you can repeat CAS income for the fourth quarter, it will be useful. I missed that number. That's my first question.
Perfect. For the full year, sir? Sorry, if you can give the pledge income for the full year, sir?
Central Depository Services (India) Limited CC-Dec23.pdf · 2024-02-07
Yes. Thank you for the opportunity. Sir, I have a few data keeping questions. First of all, if you can provide data provision number in the current quarter. Because why I'm asking this number is that if this number played a role in increasing the other opex? Or irrespective of that, other opex has grown?
Okay. Sir, which means that even if I take that number, the other admin expenses other than the regulatory cost, because regulatory costs have been flat year on year, quarter-on-quarter, INR10 crores, there has been 8% growth or 57% year-on-year growth in the other and admin expenses. So just wanted to understand, this is largely linked to the operational level growth or some line I think you have answered that question, but just wanted to reconfirm that number has been driven by some other spends which you might have done with respect to technology or instantaneous settlement or something, which is getting reflected here.

SBI Life Insurance Company Limited

SBI Life Insurance Company Limited CC-Mar24.pdf · 2024-04-26
Yes. Thank you for the opportunity. Sir, actually the biggest question what I have is that in the current quarter, your banca channel seems to have been muted, very muted actually because you don't have a base problem what other private companies had. And the growth has been pretty weak in the ban ca channel low single digits. S ir just wanted to understand what led to that muted trend in the banca channel growth both in SBI and other banca relationship? And I think one of the participants asked that question why March suddenly fell off the cliff when Jan and Feb were good. So I just wanted to understand how do we read these numbers? And how you expect banca to do going ahead in that sense. That's my first question. Maybe after you answer that, I might squeeze in one more.
We understand that point, but other players had the problem of high ticket policies of a bigger base. We did not have that problem, but still the growth was pretty honestly, no one in the industry would have expected a negative growth in the month of March as realized. So just wanted to read that in conjunction with the lower banca growth. So anything to read there that SBI intentionally slowed down or some diktat came from some which led to that muted growth is the whole point, which I want to conclude.
SBI Life Insurance Company Limited CC-Dec23.pdf · 2024-01-25
Yes. Thank you for the opportunity. Sir, if I see the numbers, your first-year commission ratio in nine months is around 14%. Last year, it was around 12.4%. And if I look at the product mix, naturally the product mix has moved in the favour of ULIPs. And ULIPs typically have lower commissions compared to non -par or par and even protection investment. Sir, just wanted to understand what led to this increase in commission ratio in first year, again, maybe you are h arping on the same point, but whether the payouts to the channels have marginally gone up? That's point number one. And related question is, since you report VNB margin based on last year cost. If the commission payouts have gone up, the current year cost structure will be different compared to the last year. So, when you will revisit your assumptions in fourth quarter is there a probability of negative impact coming in because of the higher expe nse towards first year business on the margin? And similarly, I just wanted to understand given the surrender rates have gone up, last year, it was benign at 4.3%. Today, it is at 6.1%. You might have reported last year margin based on surrender rate of 4 .3%. Today, it's 6.1%. So, if you bake in 6.1%, whether it will have a negative impact on the margin. So just wanted to understand this part very clearly why the payouts have gone up in first year? And second, any implication on the margins given the payouts have gone up and surrender rates have gone up?
Sir, if I understood it right, what you're trying to say is that you are selling more long - term plans compared to what you sold last year. Given the long-term plans have higher payouts, that resulted increase in the commission ratio, right?

Bajaj Finserv Limited

Bajaj Finserv Limited CC-Mar24.pdf · 2024-04-26
On Life Insurance, I have two simple questions. One is on Axis Bank, how much it has contributed to the current quarter and full year as compared to previous year. I believe the channel is becoming more and more open architecture. So, to counter that challenge, what we are trying? If I see in the fourth quarter, our direct channel has done phenomenally well. So, the answer to that could be direct channel or any other channel diversification will play a role. If you can give a bit of color on it, it would be useful. On General Insurance, I have two questions and one data keeping. One is your crop has been flat year-on-year. We all know that every company will be chasing EOM as they're getting closer to FY'26. So, we have always been a very good underwriter with the crop. Just wanted to understand that as the pricing maybe further deteriorating, your view on that, do you see crop to come off compared to what it is today. That's one thing. And the second is on reinsurance market. Means last year, we all know that commercial lines saw a reinsurance earning. How is the trend? How are your April renewals with respect to reinsurance market. And if it is softened, what is the likely benefit you will see through it? And lastly if you can tell me NWP number for the quarter would be useful.
But our market in Axis has remained stable compared to last year.

Multi Commodity Exchange of India Limited

Computer Age Management Services Limited

Computer Age Management Services Limited CC-Dec23.pdf · 2024-02-07
My question is just if you can give an indicative number. Since today, we are at EBITDA margin of 44.7%. If I want to split the EBITDA margin of MF and non -MF, how it is? And as Anuj highlighted, if the growth starts picking up in the non-MF business, then how you see the overall EBITDA margins to play out from the current levels? Or we see -- or what the numbers what you are looking at are like peak numbers, significant expansion you don't expect to happen? Just some outlook on that. And second question is largely on non-MF revenue. If you look at AIF business or CAMSPay business, it seems to be plateauing on sequential basis -- around INR74 million, INR75 million, and even CAMSPay. Just wanted to understand how to see these numbers to pan out, though on year-on-year basis, this looks healthy, but on a sequential basis, it seems to be holding up at these numbers. Just if you can give a little better outlook on these businesses will be helpful. And lastly, on fund accounting, I think our competitor is a li ttle aggressive on that particular piece. So if you can speak a little more on fund accounting as a new source of revenue, how you want to build this, it will be great?
Yes. But now...

Star Health and Allied Insurance Company Limited

Star Health and Allied Insurance Company Limited CC-Dec23.pdf · 2024-01-31
You in the initial remark said that from a risk management point of view you started porting in lower compared to what you have done in the historical past , so just wanted to understand how much it has changed say couple of years back or last year to current? And how much has it impacted maybe on growth? And second, have you seen in your premium policies a little more port out happening in the current year compared to historical past ? I just wanted to understand that trend how is your experience? Because I am coming from this point because of the growth and that is the reason I am asking this question?
But Anand this number of 5% drop off, I am just asking from a usual business trend point of view this number is relatively higher compared to what you have experienced in the previous years?
Star Health and Allied Insurance Company Limited CC-Sep23.pdf · 2023-10-31
I have basically two questions. First question is that , if I do the math of new business contribution to the total retail GWP it se ems to be around 17%. So, the company when we came with an IPO, the new business contribution was almost 29 %, 30% of the total business. Today, it has fallen to 17 %, honestly just wanted to check from your perspective at what number 15% or 17% or 12% will make you a little worried given a new business growth is not happening and the contribution is not there because it has to budget it reduces the figure system to the renewal. And then it can potentially have a negative impact on the claims if the price hikes are not taken on regular basis. That's the first question. The second question is, honestly you said that your new business 32% of the contribution came from non -agency channels, if new business for the half has declined, which means that agency channel has made significant decline because other channels have grown positively banca or your digital so if agency you are adding more people , specialized agents strengthen has increased, you have added more branches, but honestly the new business decline despite making investments into the capacity not happening seems to be a little worrying trend. So, just wanted to understand what exactly will lead to reversal of this basically?
Anand then honestly when you can expect given you have taken already the measures. So, at some point in time, you will see that now everything is done , and now you will see a revival. So, can you just guide us by which quarter or how many months away we are away from seeing that thing to revive back?

Angel One Limited

Angel One Limited CC-Dec23.pdf · 2024-01-16
Sir, when I see your customer acquisition, it's very visible that the bulk of the customer additions happening in tier 3 markets. Sir, your statement you made with L TV to CAC or payback period is six months. Is it even true for Tier 3 clients? Or your Tier 1 clients are cross subsidising Tier 3 clients and therefore you say it is 6 months? And because it's not converting into revenues because you added a single number in the second quarter, but it's not translated into revenue in third quarter. Just wanted to understand that it's cross subsidisation and we are hoping that it will play out in subsequent years rather than an immediate 6-month basis for Tier 3 clients?
Got it. But just wanted to understand, is it a assumption, is it safe to assume that payback period is a little longer in Tier 3 compared to maybe long term, it will play out LTV to CAC. But on immediate payback period point of view, Tier 3 clients will take a little longer compared to Tier 1 inductions?