Questions across 16 calls

Shobhit Sharma

HDFC Securities Limited

Life Insurance Corporation Of India

Life Insurance Corporation Of India CC-May26.pdf · 2026-05-21

Yes, hi, sir. Thanks for the opportunity and congrats on a great set of numbers. Sir, I have only one question, which is on your product mix. So if I look at the par business, which was not growing in the first half of the year or last year second half, has that business has picked up the momentum. And if I look at the non-par guaranteed business, that is now contributing to close to a low teens kind of a business mix. And HP, if I look at that is in high teens. So if you can give us some color around what kind of product mix are we aspiring for? Should we see more gradual shift towards the non-par guaranteed piece of business rather than the ULIP business, which we have seen historically? So yes, this is my question.

Got it sir. Sir just a small follow-up, so this is related to current situation which we are in. So last two months, we have seen market being very choppy. So how -- have you seen the ULIP demand or we have seen the non-par demand, guaranteed product demand being sustaining?

Life Insurance Corporation Of India CC-Jun25.pdf · 2025-08-07

Sir, my first question is on the ULIP segment. I think we have grown very significantly on that side. So can you help us understand what is helping driving growth in that segment? And what is the contribution of the monthly mode in that business segment? And secondly, what kind of ULIP mix are we targeting as a mix of the individual business? It would be like 20%, 25% or we are comfortable wit h 13 to 15-odd percentage. And on the ULIP business side, what kind of lapsation assumptions a re we building in, especially for the 61st month persistency? So that's the first part of it. And th en on the cost ratio, if I look at your cost ratio, it has improved materially. So how should we think about it going forward as well?

Yes. Sir, what would be the monthly mode contribution in the ULIP segment?

The New India Assurance Company Limited

The New India Assurance Company Limited CC-May26.pdf · 2026-05-14

Hi ma'am. Thanks for the opportunity. I have questions on your Motor line of business. We have been course correcting the Motor portfolio over the last two, three quarters we have seen. So, how long do you think it will take for us to course correct the overall portfolio? When can we expect the loss ratios to come down? And are there any plans to increase or reprice our OD premiums? And what is your sense on the overall competitive intensity in the industry as of now post the GST tailwinds which has come across the industry? And if you can highlight the mix of private car, commercial vehicle and two wheelers for FY26 and FY25. This is my first question.

What kind of optimal mix we are looking at? Are we looking to increase the two wheeler mix to double digits or we are looking to increase the share of private car by reducing the CV? What kind of optimal mix are we targeting?

The New India Assurance Company Limited CC-Mar25.pdf · 2025-05-21

Thanks for the opportunity. So my first question is on your expenses, employee expenses for the quarter is almost one third of what it has been. So can you help us understand , what has been the trajectory? I understand that you mentioned there has been retirement of employees. So, can you help us understand the headcount reduction which has happened and how should we think about the trajectory going forward? Secondly, coming to the provision which we have created on the reinsurance side. So, can you help us understand what kind of receivables it was on the reinsurance side? Was it something related to claims or it was a commission? Probably, then I will ask my other questions.

Just on the employee expenses, a small follow up on that. How should we see employee costs going forward? Should we see a rational 10% to 12% increase in that or should we see a similar run rate as this quarter?

Niva Bupa Health Insurance Company Limited

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

Sir, I have 3 questions. Firstly, on your average ticket size. So if I look at your average ticket size has grown by 4% at the overall level, which is lower than the overall grow th in the agency average ticket size. So just wanted to understand this at the channel level? As you've seen -- as you can see the long -term policy seems to have taken a toll on this. So -- and one of your large distribution partner has been focusing more on the rider attachment increasing sum assured. So, ideally, this growth should have been in line with the agency channel growth, or should have been ideally higher. So, what has led to this company level, it is being lower than the -- it is growth being lower than the agency channel growth? Secondly, if I look at your number of lives which has grown by 25 -odd percentage, so can we split that growth into Retail and Group business? Just wanted to understand that how much of the Retail business growth has been driven by the new lives. And sir, lastly on your IFRS numbers. So when I went to your 9 months view, you had recognized losses from the onerous contracts on the Group side. I'm assuming you would have again recognized those losses on the 12 months number when the schedule comes out. So can you help us understand what's our approach or strategy or the need for underwriting these onerous contracts?

So Vishwa, just wanted to understand what's our strategy ? What is requiring us t o write these onerous contracts?

Niva Bupa Health Insurance Company Limited CC-Feb26.pdf · 2026-01-29

Hi, sir. Thanks for the opportunity. So, my first question is on the recent letter, which we have received from the IRDAI on the EoM. So, though the letter mentioned about the revised methodology for calculating EoM, but why I am asking this question is because there is a lot of noise and there is a lot of statements made by the government and the regulator around the higher distribution cost. So, do you expect that the overall EoM for the industry should be brought, would be brought down by the IRDAI and how prepared are we on that? Secondly, interestingly, you have given a slide on the claims ratio on the IGA AP side, how it has moved. So, I just wanted to understand, last year, you mentioned that there was a favorable impact of 1/N accounting. So, can you help us understand that? And on H1, you mentioned that the 1/N impact was around 5.2%, somewhere close to that. This at the end of 9-month, this has gone up. So, I just want to understand why this has happened, because during the quarter, you would have received the second installment of the long term premiums underwritten last year. So, that's it. And lastly, on the loss ratio, usually Q3 on a seasonal basis should have a lower loss ratio, but it seems it has gone up as compared to the last quarter. So, have we inched up our reserving? So, these are my questions.

Okay. Vishwa, just one more thing, because of the claims, so because of the GST rationalization on the consumable side, on the claims side. So, have you experienced any kind of reduction in the claim size or claims cost? So, that's one. And on the expenses side, anything else other than the commission rationalization we have done?

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

Sir, my first question is on your group health busine ss. So what is the strategy on that business now? Because we have seen we had a good growth in last year, first quarter was also good. But in the second quarter, we have seen some slowdown. And secondly, coming to the loss ratio, on the first quarterly cal l, you mentioned that we have provided for some 1.5% extra provisioning. So have we taken some reserve releases out of it or still we are holding on that? Now coming on to the expenses, there is some multifold increase in the business support -related expenses, advertisement and publicity -related expenses. How to read about it? Have we increased our spending on that? And you mentioned about the growth in the October month. So would you like to give some emphasis on which channels are driving this growth? A nd what kind of conversion rates and the renewal increase we are going to see because of the GST-related impact? And one important thing which I can note from your slide is the share of the direct business has come down by 2%, 2.5% on a Y -o-Y basis. So hav e we -- are we pushing more on to the more scalable, faster scalable channels or what's our strategy on that?

On October.

Niva Bupa Health Insurance Company Limited CC-Jun25.pdf · 2025-07-31

I am sorry to harp back again on the loss ratio question. So I am not able to understand. If I look at H2 FY '25 versus H2 FY '24, the increase in loss ratio was around 4 to 5 odd percentage considering the impact of the 1/n. But given in the current quarter, even after acknowledging the mix change which has happened between -- in the retail portfolio or on the group side, the jump seems to be very huge. So can you help us understand what has actually happened on that side?

Sir, is it largely because of the large corporate deals which we have underwritten in Q4?

SBI Life Insurance Company Limited

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

Congrats on a great set of numbers. Sir, my first question is on your agency channel. That channel has consistently grown year -on-year for the last 2, 3 years and have provided stability to your overall growth. So what gives you the confidence? I understan d you mentioned about the new agent additions and the new opening of the branches. So can you give us some color around these agents who have been recruited? Are these from the industry or are these new to the insurance business? And secondly, if you can give us some qualitative comments about the branches, which has been opened in last 2, 3 years, what is the business contributed by them? Or if you can give some color around the contribution of these newly hired agents over the last 2, 3 years?

Sir, any number around the business contribution from the branches which you opened in the last 2, 3 years or the contribution of agents whose vintage is less than 3 years?

SBI Life Insurance Company Limited CC-Jun25.pdf · 2025-07-24

Sir, my question is on your rider attachment. You have mentioned that the rider attachment during the quarter was around 40 -odd percentage. Can you help us understand how has this moved as compared to last year Q1 and last year, Q4 FY '25? And what would be our aspiration to take this number to ? and lastly, if you can clarify whether this rider proportion of the premium is categorized in the term segment or the respective business segment?

Okay. Okay, sir. And sir, if you can help us understand where this rider premium is classified as? Is this part of t he term business segment? Or it belongs to the respective product category?

SBI Life Insurance Company Limited CC-Dec23.pdf · 2024-01-25

I have a few questions. So firstly, around the cost structure. So, if I look at our expenses of management other than the renewal commission to the APE ratio, it has moved up from 35% last year, 9-month period to 37% this year despite a huge deterioration in our product mix, if you can help us understand that what is playing over there? Another thing is you mentioned that despite the equity markets being performing we see higher surrender towards the ULIP side. So how much of business are we able to channelize back in the form of new business there, means is the churning in the new business -- in the ULIPs surrender helping us in fuelling our growth? Also, we understand that due to IRDA regulations, we can now attach some of the riders along with the ULIP products. Are we doing that? And what is that percentage, if we can understand as an attachment? Thank you.

Sir, any number around this new business churn we are getting? And also, sir...

Bajaj Finserv Limited

Bajaj Finserv Limited CC-Feb26.pdf · 2026-02-05

Congrats to the Life team on a phenomenal set of numbers . So, my first question is on your product mix. This quarter, we have seen a very sudden spike on the annuity mix . So, what has led to this? Have we done some product interventions on this side? And like your peers have seen a significant growth on the retail protection side, but for you have seen this growth has been kind of muted, I would say, 18% -19% for you for this quarter . So, what has led to that moderation? And lastly, on the channel and product mix, if you can help us understand, what is our product and channel -specific strategy to understand on that? And I will have one question on Bajaj General side. I will ask later.

Sure. And Vipin on channel and product -specific strategy if you want to highlight anything on that?

Star Health and Allied Insurance Company Limited

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

Yes. Hi, sir. Thanks for the opportunity. Sir, my first question is on the GWP side. Sir, if you can give some color around the RI acceptance which we have done during the quarter. Does this relate to group business? And if it pertains to group business, what is the nature of that business? Is this employer-employee or non-employer-employee? Now, second, coming to the commission issue, it has improved drastically, if you look at. So, what is driving that? Is this because of the first installment of the long-term premium, which we have received this year? Or is this something else? Because we have not written any kind of group business also, major group business during the quarter. So, just want to understand that. On the expenses side, it seems to have elevated a lot during the quarter. So, can you give some light on that? Because there is some impact of the labor code also there. And there seems to be some ESOP cost, which has been accounted for. So, if you can help us understand that. And lastly, on your Slide 13, you have mentioned number of claims which has been paid during the first nine months. If I compare that with the full FY2025 number of claims that seems to be significantly lower, almost 50% of what you had paid in FY2025. So, can you help us understand that as well? Yes, these are my questions. Thank you.

What is the ESOP cost which has been accounted during the quarter, sir?

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

Hi, sir. Thanks for the opportunity. Sir, my first question is on your retail LR. Though for the second quarter it has improved, but if I compare it to last year H1, it has broadly remained similar. So, can you give some color around how the incidence rates and the average claim size has moved? Also, what is the aspiration for the second half because of the GST impact both on the topline and the bottom line? You mentioned that there has been an improvement in the persistency, increasing sum assured. So, can you quantify how much improvement is there in the persistency and it is in which cohorts? Is it the 13th or the 25th or the 3rd renewal? And lastly, on the fresh business that we are acquiring right now. So, can you give some color around the customer profile? Is this customer profile similar to our existing portfoli o in terms of the average age, demographics, premium per life, etc?

Just two more things about the fresh business that we are underwriting. So, if you can comment upon the customer profile, is this better than the existing portfolio or it is more or less similar?

Go Digit General Insurance Limited

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

Hi, sir. Thanks for the opportunity. So, my question is on the growth. So, on the GDPI side, we have seen a very strong growth over the last nine months. So, how should we think about it given we will have a stronger base for next year? And another thing is this growth seems to be primarily driven by the broker channel on the motor side. So, can you give us some color around the market share gains which we have on the OEM partnerships around that?

Okay, sir. Thanks for that. And I have a question on the OD loss issue. I am sorry, I am harping again back on this. You mentioned that because of the higher share of the old vehicle in your in the overall mix. So can you help us understand how much the movement has been? Is this a very drastic movement like you are at 70%-80% kind of an OD, old vehicle mix has then gone up significantly, which is impacting the loss ratio? Secondly, is the loss ratio also impacted by the lower IDV and the lower premiums resultantly? So can you can you help us understand that impact as well?

ICICI Prudential Life Insurance Company Limited

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

Hi, sir. Thanks for the opportunity. So, I have a question on your growth. So, how should we think about your growth on the individual business side for the next 2-3 years? Why I'm asking this question is like, if I look at your five years CAGR, it's actually less than one third of the CAGR of the private players. And it is now almost two years from the time we have rejigged our margin profiles and the constant changes we have made to our product portfolio. So, that's first. Secondly, on to the product strategy, if I look at, so we, so two years, so we have thought about no-cost ULIPs. We have pushed for that. We launched an annuity product with a 100% return of premium on surrender. Now we have launched a new product on the ULIP side with a return of premium allocation charges and we have slowed down on the annuity products. So, just wanted to understand our thought process on that and what kind of new product should we expect in the upcoming quarters now? Yes. Thank you.

Yes, just to follow up on this, Amit, which channel do you think would be key in driving the overall growth for yourself?