Questions across 20 calls

Supratim Datta

Ambit

Max Financial Services Limited

Max Financial Services Limited CC-Mar25.pdf · 2025-05-14

Thanks for the opportunity. My first question is on the Bancassurance channel. Could you give us this split of what is the contribution from Axis Bank during this quarter and what has been the performance there because we have seen that the growth in this channel has slowed in the 4th quarter versus the 3rd quarter, so just wanted to understand, despite the synergies, why is the growth slowing and what are you doing to improve growth there? That is my first question. The second one was on the slide where you layout some of your aspirations, slide 16. Now, if I look at your expectation from the Protection of business that suggests that you are building in a 25% CAGR over the next 5 years. Now, I just wanted to understand, what do you think will drive 25% growth in Protection business because this business has seen a bit of volatility growth being subdued, then coming back and then again being subdued. So it has been a bit volatile. So just wanted to understand why do you expect growth here to grow 3x at the bottom end in the next 5 years? That is my second question. Thank you.

Got it. And I have just one follow up on the first question and the answer that you gave, you are expecting that margins to improve in the Banca channel. So just wanted to understand what would be driving that? Is it that you are looking at a product mix change in that channel or is there something else that you are focusing on?

Max Financial Services Limited CC-Sep24.pdf · 2024-10-23

So, my first question is on the growth side. ULIP has been growing very strongly and this has not been the case only for you but across the sector, ULIP has been growing very strongly. Just wanted to understand what in your experience suggests that when the market slows down or when things start to stabilize, how easy is it to switch from ULIP to other products and what could be some of the levers that you could use to shift the growth from one product to the other, if you could give some color on that and what your past experience suggests, particularly given we could enter a period where you could see rate cuts as well ? If you could g ive some color on how life insurance products during rate cut period plays out, that would be very helpful. And the next question is on the EV walk. So, there seems to be a positive operating variance that you have been holding for this half. Just wanted to understand that what has resulted in this positive operating variance? If you could give some color on that, that would be helpful.

And just one clarification. So, on the name change or rebranding, would it be a joint name that you are proposing like Axis Max or Max Axis, or how would that be? If you could give some color.

Computer Age Management Services Limited

Computer Age Management Services Limited CC-Mar25.pdf · 2025-05-06

My first question is on the non-asset-based revenues. Just wanted to understand what would be the split of your MF Central or call center and the paper-based transaction in this revenue? This has been growing despite you talking about digital transactions becoming more prevalent. So I wanted to understand how has the mix of revenue here changed versus 2 years to today? And how much of this would be linked to transaction? If you could give some color on that, that would be very helpful. My second question is on the payment aggregator business. I understand that you have -- you talked about the education institutions that you have gone into. So could you give us a split of your revenues coming from customers now? What would be MF versus what would be your educational institutes there? And how does that -- and how does that play out over the next 2 to 3 years? If you could give some color on that, that also will be very helpful. And lastly, on the cost bit, I'm not sure whether this has been discussed before, I joined a bit late. So on the employee cost, typically, we have seen escalation this year, the employee cost growth was higher than what typically it has been? And I understand that's because of the new businesses that you have been ramping up. But as I look into FY '26 or '27, how should I think about employee cost? Is there a need for further addition here? Or how does that play out as a proportion of your revenues? If you could give some color on that, that would be helpful.

Payments Aggregator. So just wanted the split of the customer base now given that you have...

Computer Age Management Services Limited CC-Dec24.pdf · 2025-01-30

My first question is on the MF -RTA business and it's pertaining to yields, but a bit more fundamental. So if I look at some of your large mutual fund clients, they could be paying somewhere roughly around INR100 crores to INR150 crores in revenue to you based on their AUM size. Now at this size, if it further grows, like you expect AUM to grow within a certain period of time, it could start touching INR200 crores as well. Now at this size, why don't they start looking at maybe in -housing these services? Because after a certain th reshold, they could potentially spend this much money and build some of these services in-house. So what stops them at maybe INR200 crores, INR250 crores when the fees becomes INR200 crores, INR250 crores to in - house this service, spend that on capex and maybe build in-house? That's my first question. And the second question is on the repository business. While there has been a strong pickup in the policy numbers, but the revenue growth has still been only around 12% Y -o-Y. So just wanted to understand how does the policy growth really translate into re venues? If you could help us understand that, that would be very helpful.

Computer Age Management Services Limited CC-Jun24.pdf · 2024-08-05

My first question was on this transition to cloud. Just wanted to understand what could happen to the data centers that you currently owned and operate? So is there a thought process that these data centers will be done away with and hence, there will be some capital that will be speeded up. And what would happen with that capital in that case? So that's the first question. And the second question would be on the AIF side. Now I understand the growth -- when we then look at the AUM growth quarter -over-quarter that has also been weaker, just wanted to understand from a competition perspective, given this is a multi -tiers market, are you seeing anything differen t from competitors when it comes to pricing or when it comes to aggressiveness. Just wanted to understand that. Those are the 2 questions.

Got it. And sir, one follow-up to your commentary on the data center that was very helpful. Just wanted to understand, currently, you own three of the data centers, right? And so when you slow down the investments and at 1.5 years down the line, you will be migrating all the data to cloud, then these three data centers will become redundant. So would ther e be a scope that we will be selling off these data centers anywhere maybe say four or five years out?

Central Depository Services (India) Limited

Central Depository Services (India) Limited CC-Mar25.pdf · 2025-05-05

My first question is on the cost side. So the technology cost for FY '25 in the fourth quarter was similar to what you had spent on an annual basis in FY '23. So could you help us understand where is this technology spend really going towards? What proportion of this would be recurring versus what proportion of this would be onetime? That would be very helpful. I understand you have talked about technology costs previously as well, but given the magnitude of increase here, some kind of granularity would be very helpful for investors. The second question would be on the KRA business. Now recently, the SEBI Chief had indicated that a centralized KYC system is being implemented, and it could be in practice pretty soon. In that scenario, what is the benefit of a KRA system? Or would the KRA system get consumed within this CKYC, which gets implemented across the board? And hence, how would that impact CDSL's pricing ability? If you could give some color on that, that also will be very helpful. And lastly, on the dividend payout. Now the dividend payout ratio was around 50% versus 55%, 60%. Any reason for a reduction there given you are not using that much of cash? Those were my three questions.

Okay. So just one follow -up on the technology bit, I do understand you don't give out the recurring and nonrecurring. But can you give us the split of hardware? How much of the spend would be on hardware versus application?

Central Depository Services (India) Limited CC-Dec24.pdf · 2025-01-27

Thanks for the opportunity. My first question is on the private company side. So last quarter you had booked around INR 9 crores in revenue from private company dematerialization. Could you let us know how is that progressing? How much revenue have you booked from that side this quarter? That's my first question? Secondly, on the pricing side, wanted to understand that on the annual issuer side, you haven't taken a price hike since 2015. Wanted to understand what would be the key triggers for us to approach the regulator for a price hike here? You could give us some benchmarks that you would be looking at before approaching the regulator for a price hike, that would be helpful? And lastly, if you could give us a breakdown of the eCAS and e-Voting revenue that you typically do every quarter, that would be very helpful again?

Got it. Thank you.

Central Depository Services (India) Limited CC-Sep24.pdf · 2024-10-28

My first question is with respect to the transaction charges. I understand that you have...

Yes. So, what I was asking is on the transaction charges, I understand the current rate is INR3.5. Now could you give us some sense that how different is it from the previous blended yield that you would earn on transaction charges? That would be my first question. And on the second one on cost. Now I understand from the previous participant and the commentary that you gave to his question that you don't give forward-looking guidance on transaction charges. But I wanted to understand -- it was on technology costs, but what I wanted to understand was on the technology, what are the other projects that remain or you are looking at implementing over the next 2 to 3 years? Could you give us some color on that, that would be very helpful?

Kfin Technologies Limited

Kfin Technologies Limited CC-Mar25.pdf · 2025-04-29

Thanks for the opportunity. My first question is on the KRA business, what is the update there, when are you planning to launch that? And a connected question to that is , KFin has moved into different lines, different categories, different products , wealth being one, you're talking about how you're expanding value added services on the Issuer Solutions like that being other. Globally, we have seen that RTAs or platforms like KFin are able to get into non-financial categories as well like healthcare or others. Is that an ambition for KFin as well and what are the other blank spaces that you could look at filling with the current platforms and systems that you have, if you could help us understand that, that would be very helpful? Two, I wanted to understand, is the cost associated with the M&A that's around Rs.12 crores, is that done or is some part of that cost going to come in FY26 as well? And lastly, on the ESOP side, there has been a new ESOP tranche due to which the cost on the ESOP side has gone up this year. How should we think about ESOP cost going into FY26 if you could help on that? Those are my few questions. Thank you.

Thank you.

Kfin Technologies Limited CC-Dec24.pdf · 2025-01-24

I have three questions. The first one on the BlackRock opportunity, and you laid out how there are 108 funds and all would like to tap into that. But just wanted to understand, given BlackRock, 75% of their assets are in the US and Europe that they manage through Aladdin. Would this require you to acquire an asset there to access this opportunity? Or could you do that with your current capabilities? And if you -- if that requires an acquisition, then could you remind us again what kind and what size of acquisition are you looking at? That would be the first question. Two, when I look at the other eight partners, those are all large financial institutions like BNP Paribas, JP Morgan, Northern Trust. Now they provide both custody, fund administration, TA services, all 3 stacks together. Then as the same providing only TA and FA, how do you -- what is your right to win against these players? Again, if you could give us some color on that, that would be very helpful. And lastly, keeping to the international business, we have seen that there have been deals in the pipeline for Singapore for the last nearly 5 quarters, but that hasn't really translated into actually the deal win. What is stopping us there? Or when do we see this transitioning from pipeline to actual deal wins, particularly in Singapore? If you could let us know, that would be very helpful.

Life Insurance Corporation Of India

Life Insurance Corporation Of India CC-Dec24.pdf · 2025-02-07

My first question is -- so -- since the IPO, we have been talking about initiatives to improve persistency. And I know again, in this quarter, post the surrender charge regulations, we have made changes to our policies. But when I look at the 9-month data and when I look-- the persistency has come off or has declined as compared to what was there last year. So just wanted to understand, despite these initiatives, why isn't it really getting reflected in the numbers? I understand that the surrender impact -- the changes that you have made will come in later. But over the last 2 years also, we have made several changes. Despite that, that does not flowing into an improvement on persistency. Just wanted to hear your thoughts on that. Two, on the hedging mechanism, I understand that you have put in place a hedging mechanism from January onwards. But would that take into consideration -- or would that take care of the rate cut that happened today? Or will it have an adverse impact on the policy or -- the VNB margins of the non-par products, which has already been written? So if you could throw some color there, given I understand you did not have external hedging before this that's why I wanted some color on that. So those are my 2 questions.

Got it. Sir, I just wanted to understand then what would be -- is there a target proportion that we would like to hedge? Or how are we approaching that? In all, we would look at it based on the rates available in the market based on that, we'll design our hedging strategy every month or every quarter?

Life Insurance Corporation Of India CC-Sep24.pdf · 2024-11-08

My first question is on the hedging strategy. Now you indicated that the processes and systems are in place, do you know, when could we see that the par mechanism -- you entering that par market, if you could give us some time line that would be helpful? And 2, the other thing that I wanted to understand on this part is now once you have that mechanism in place, how would that increase your competitiveness with some of the private peers when it comes to yields on the non-par side? If you could give some colour on that? Could you -- give higher interest rates or you will remain at the current IRR level. If you could give some colour on that, that would be helpful. Now again, trying to understand the second question is on the September, there was a big jump in growth in September that we saw. Was that a result of some fully forward in demand, because on 1st October, the surrender value was changing -- surrender value regulation was changing. So if you could give us some colour on that? And lastly, when I look at your VNB movement, you addressed it in our previous participant's question on this regard. So I just wanted to understand in a bit more detail. So when I look at the VNB walk, your operating assumptions have turned slightly positive compared to being negative in the first quarter. While your economic assumptions have been more -- maybe had a larger negative impact. So just wanted to understand that is the operating assumption improvement only due to operating leverage because the growth was very strong? Or is there something else also at play?

Yes. On the September, what really drove that jump in? Was that a pull forward in demand or was it some other driver? If you could give some colour on that?

Niva Bupa Health Insurance Company Limited

Niva Bupa Health Insurance Company Limited CC-Dec24.pdf · 2025-02-04

Thanks for the opportunity. On the combined ratio and the combined ratio increase that we have seen, could you break down whether the loss ratio now, have you moved that also to a 1 by 365 or does that continue to be on 1 by 50? If that continues and only the GWP has moved to a 1 by N, could you give us what would be the corresponding claims ratio now if it moves to 1 by 365? That's the first question that I wanted to understand. The second bit to it was now that your expense ratio has increased because of this 1 by N impact, how do you get down to that regulatory threshold of 36%? Is there some leeway that the regulator plans to give or how are you looking at reducing it now to that 36% level? That would be the second question. Thirdly, you mentioned a product which has basically a restricted network of hospitals which seems very similar to the kind of policies that exis t in the US or in more developed markets. I just wanted to know what is the pricing differential here, how much are the premiums lower and what are additional facilities that you plan to give? Are these policies restricted only to your PPN network or is the mechanism something different? Those were my three questions. Thank you.

Vishwanath, just on this, can you give us the corresponding 1 by 365 method? What would be the loss ratio?

Star Health and Allied Insurance Company Limited

Star Health and Allied Insurance Company Limited CC-Dec24.pdf · 2025-01-29

My first question is on the loss ratio. You have repriced 65% of your portfolio and you expect that to positively impact loss ratios, but if I remember last year as well, you had repriced the FHO product, which contributed around 40% of your portfolio by around 25%. However, we haven't seen that positive impact come in this year. Your retail loss ratios for nine months is around 300 -350 basis points higher than what we were doing last year. Just wanted to understand why do you think this time the pricing actions will be different from what happened last year? If you could give us some color on that because from a regulatory side, what we are seeing is the regulator keeps tightening, be it the kind of policies that you underwrite, that there is tightening on that or on the claims and claim repudiation, there seems to be more focus on that, both from a regulatory as well as political standpoint. In this backdrop, why do you think these current price hikes should be sufficient to drive an improvement? If you could give us some color on that, that's the first question. On the second one, I look at the Group business of yours, you went out of this in FY23. Again, you went in in FY24. You know, the idea was that SMEs will result in better loss ratios. However, that experience hasn't really played out. Now from here do you think that it’s better to exit this business again or do you think a price hike will be sufficient enough to address the issue because this is again a very highly competitive business at the overall level so just wanted to understand what our strategy going to be here from this point onwards, that again would give us some clarity. Lastly on the New business growth and the fresh business growth that you pointed out in the 2nd Quarter you had indicated that the first half fresh business growth was around 31% and this time you are saying nine months is around 22%. Has there been a slowdown in the 3rd Quarter or how should we read that or have I gotten my data wrong, if you could give some clarity on that it would be helpful.

ICICI Prudential Life Insurance Company Limited

ICICI Prudential Life Insurance Company Limited CC-Dec24.pdf · 2025-01-21

My question is I understand that you have a VNB growth target, but looking ahead into the fourth quarter or FY2026, you already have a high APE base after the growth that we have seen over the first three quarters of FY2025. So, could you help us understand that how would you be going forward drive this VNB growth because would it be driven by getting into more products like group funds , expanding those and hence the margin could be lower , but the top line would continue to grow at a similar rate, would that be the strategy? Also, on the VNB side, while we have been growing the VNB now, if I look at it on a two-year basis, you are still below where we were in FY2023. So, by when do we plan to go back to those levels or what would be the pathway back to that level because what is happening is we are growing the top line, but the margins are still weaker than what we used to post than and what your competition i s also posting. So, just if you could give us some clarity on these two things that could be helpful? And on the third bit, what I wanted to understand is on the zero surrender product. Now you launched it in Jan uary. So, there is around three weeks of data. So, what are you seeing in terms of surrenders, are you seeing anything different from what you have already budgeted for, if you could give some color on that? For this product, are you anyways building in higher surrenders in your assumptions or are t here surrender assumptions similar to your regular annuity products? If you could help me with these points that would be very helpful?

What is the path back to the FY2023 level VNB because two years out, we are still below that, so how do we go back to those levels?

ICICI Prudential Life Insurance Company Limited CC-Sep24.pdf · 2024-10-22

My first question is on the growth side. So, we have now seen for quite a few quarters that growth on the agency side and direct channel have been fairly strong. Just wanted to understand from here, what gives you confidence that you can sustain this growth? And I'm not talking about the next quarter or two, but if I'm looking at it from a two to three year horizon, what gives you confidence that this growth can sustain, particularly considering that in post the surrender charge regulations, commissions could actually go down, particularly in the agency or in a non-ICICI bank channel. So, that could be my first question. The second one was on the variable annuity piece. Now this has been one product which the regulator has allowed through the new product regulation. Just wanted to understand that this is a product that you're looking at launching and how would you be hedging the risk in this product, if you could give us some color on that. And that would also be very helpful. Thank you.

And I have just a few follow-ups. One, Amit, could you clarify how many advisors have you really added over the last 2 to 3 years? And how many do you plan to add going forward? And, Dhiren, if you could give us some clarity on what would be the negative carry impact from the NCDs that you plan to launch in the second half. That would be very helpful.

ICICI Prudential Life Insurance Company Limited CC-Jun24.pdf · 2024-07-23

So, on the VNB margin side, first thing that I wanted to understand was that how do you allocate costs across quarters? Do you assume a similar cost across quarters or is there a cost loading in the later quarters? That would be my first question. Secondly, in the fourth quarter, or in FY2024, you had indicated that there was a change in operating assumption. Now that had a negative impact on the VNB margin. Can you let us know what has been the impact from that in this quarter? That would be the second question. And the third question was that from 1st October, there is going to be a shift towards a new product design in non-par segments due to the higher surrender charges. Could you let us know what kind of impact from that do you expect on margins and how are you looking at mitigating that? And finally, on the group protection side, could you give us a breakdown of what is your credit protect versus what is your GTI? You know, after several quarters, this category seems to be growing. Just wanted to understand what is driving the growth in this category.

And just one follow-up question. So, have you seen any increased competition in the credit life business in the recent months? Because one of your competitors indicated that competition in that segment has increased. So, are you seeing similar kind of impact?

SBI Life Insurance Company Limited

SBI Life Insurance Company Limited CC-Dec24.pdf · 2025-01-17

Thanks for the opportunity. My question is on the agency side, I understand you have laid out certain plans that you want to do this year, b ut if I have to take a 5 year view, by when do you think agency can go up to around 50% contribution to the overall APE and what all building blocks we would need to put in place fo r agency to contribute 50%? If you could give us some color on that? And then in that what would be the banca growth we'll have to build in? If you could give us some color on that, that would be very helpful. That would be my first question. Then on the banca growth when do we think the banca growth will get ramp up and get closer to the overall APE growth that we are delivering. Currently, it's still in the single digit. So by when do we think that gets up to the double -digit figure that we used to do 1 year back a nd what again, what all will be the drivers of that? If you could give us some color on that? And lastly coming to the new products you launched, a new product in the non par side recently. If you could give us some color that how that has tracked in December, if you could give how do you see that play out over the remainder of the year? And two, given ULIP has been a key driver of growth and we are entering a cycle where the overall equity market growth might be muted. In that scenario, what would be the key products that we would be focusing on to drive growth? If you could give us some color on that, that also would be very helpful?

If you could tell us what is the APE of the Smart Plati na Supreme in December, if you could give us some color on that, that would be helpful?

Bajaj Finserv Limited

Bajaj Finserv Limited CC-Jun24.pdf · 2024-07-25

Now my first question is on the BAGIC business. I just wanted to understand what you are seeing in motor TP, that you have allowed to decline during 1Q. Is it higher commission? Is it higher loss ratio? What is exactly the concern here that you are taking? Secondly, is more of an accounting question of what I see is that the NEP this quarter has been higher than the NWP, just wanted to understand what is driving that, if you could explain that. I have 2 more questions for the BALIC and Bajaj Health business, but I'll go after this.

Got it. But if I do not consider this one-off impact, then you will not have an underwriting profit as well, right? Because you would have gotten commission inwards due to the seeding, which would not just that.

ICICI Lombard General Insurance Company Limited

ICICI Lombard General Insurance Company Limited CC-Jun24.pdf · 2024-07-19

My first question is on the recent I RDAI change with respect to commissions for long -term motor policies. Now, the commission limit has been done away with . So, just wanted to know your observation that how do you see this playing out in the industry and what impact could this have? That would be the first one. The second one is, when I look at the quarterly numbers, there appears to be a provision release of around ₹ 355 million. Now there was a lower kind of provision release last year in the first quarter as well. Just wanted to understand why does this keep happening in the first quarter and is there something that we need to be cognizant of going forward? That would be my second question. And lastly, on the health insurance space, if you could help us understand what is the profile of customer that you are targeting with this new product and what was the retail versus group loss ratio breakdown for this quarter?

Yeah, it's the provision for diminutive investments.