Questions across 36 calls

Supratim Datta

Ambit Capital

Max Financial Services Limited

Max Financial Services Limited CC-Jun25.pdf · 2025-08-08

My first question is on the product and banca channel. So, could you help us understand how much Smart Vibe has contributed to non -par savings APE this quarter? And when I look at the banca channel, similar to the overall group level, there has been a shift towards protection and non-par. But given this channel has typically shown a greater proclivity towards selling ULIP, I just wanted to understand, is there a strategic shift that has happened as well here towards selling more non -par and protection, along with the new product? And finally, my last question is on the back book surplus and new business strain. The new business strain versus last quarter has grown fairly significantly. Is this only driven by product -level changes? Or is there something else there as well, if you could help us understand that?

Just one question, if I could squeeze in. The other banca channel, which is now close to around 20% of your overall banca contribution, how much further room is there for this channel to expand? It has been growing fairly at a fast clip. So just wanted to understand how we should think about this channel?

Max Financial Services Limited CC-Jun24.pdf · 2024-08-14

So, I had three questions starting with the first one on Axis Bank, just wanted to understand when you're saying like 19% growth, is it for the first four months or is it only for July? And the improvement in the momentum in July, is it driven by any particular product launch in that counter or any change in effort? That's the first point that I wanted to understand. The second was on the surrender charges, you talked about the impact and the movement towards new products. Just wanted to understand when you're talking about the 100 to 200 basis points, does it take into account the current surrender trends that you're seeing, or does it take into account also that post the new product launches, there could be an increase in surrender, that factor into this 100 to 200 basis points? And thirdly, when I look at your product mix, obviously, there has been an adverse product mix which shift towards ULIP, I completely understand the strategy there. If I compare your 1st Quarter FY25 products mix with 1st Quarter FY23 product mix, it was broadly similar, but the margin is roughly around 350, 360 basis points lower. So, just wanted to understand is this 350, 360 basis points lower margin. is it a function of only the OPEX investments that we have made in the last two years which will deliver productivity gains say over the next 12 to 18 months or is there something else also that is actually here?

SBI Life Insurance Company Limited

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

My first question is on the agency side. So we have created a highly productive agency, and the recruitment numbers have also been fairly strong. But what we're seeing is the peers have also getting more aggressive on agency, both in terms of recruitment and expansion, particularly in Tier 2 and Tier 3 cities. So I wanted to understand what are you seeing from the field with respect to competition when it comes to recruitment or commissions that you have to provide? Are you seeing any changes there? If you could throw some colour on that, that would be helpful. And my second question is, there has been rumours, media articles around extending free -look period from 1 month to 1 year or slightly longer than 1 month. I wanted to understand if that happens, what would be the margin impact on the product? That would be very helpful.

Sir, I have just one follow-up on this. So if you could just elaborate what is the support structure that differentiates your agencies from that of peers?

SBI Life Insurance Company Limited CC-Mar25.pdf · 2025-04-24

My first question is I just wanted a clarification. When you are saying 13%, 14% growth, is that on total APE or individual APE alone? If you could clarify that? And then if I take that into consideration and take this 500 basis point product mix improvement that you're talking about, it seems like back of the envelope math suggests that you're still expecting around 8%, 9% kind of growth in the ULIPs front. In this quarter, you have seen a decline. So what gives you confidence that ULIP growth will come back next year given how our markets are? And my second question is on the non-par side in FY '23 as well when you had launched Smart Platina, we had seen a significant surge in non -par. And then it kind of fizzled out and the mix again went back to what it was prior to that product launch. So can you just help us understand why you think that this time it's going to be different and this time the product mix shift is going to be more permanent as compared to what happened in FY '23? Those are my two questions.

Got it. And I had another question on the agency bit, agency channel, when I compare the kind of commissions that you would be paying in the agency channel versus peers, it seems like not only are you more efficient on the banca channel, but your commission levels on the agency channel are also fairly lower as compared to peers. I understand there is a ULIP mix. You have a higher ULIP mix in the agency channel as well. But adjusting for that as well, it seems like your agency commission costs are significantly lower than peers. Could you help us understand what is really allowing you to operate at such a low commission? And why isn't there a risk to it?

SBI Life Insurance Company Limited CC-Jun24.pdf · 2024-07-24

My first question is on the agency channel. Now the agency channel has been growing fairly strongly and one of the key drivers be hind that has been the number of agents that you have been adding over the last 2 years. Just wanted to understand that you know how sustainable is this agent addition and do you have a n annual target about how many agents you would like to add every year? So that would be my first question before I come to my second question.

And could you give us a breakdown of how the margins across the different channels , typically would the agency be higher, or a lower margin channel as compared to Banca and the other channel? Could you give us some sense around that?

Niva Bupa Health Insurance Company Limited

Niva Bupa Health Insurance Company Limited CC-Mar25.pdf · 2025-05-07

Thanks for the opportunity. Just wanted to understand if you could split the loss ratio between retail and group and within group, your affinity products and group employer-employee, how would those have tracked in FY25 versus FY24 if you could give us some color on that, that would be very helpful? And the second part is I understand in the commentary you have mentioned that you have increased the share of employer - employee at a f avorable economics. Typically , this business has shown time and again that loss ratios can be very volatile. So, what are you doing different that will allow you to arrest this volatility in this product, if you could help me understand that, that would be again, you know very helpful? And lastly on the claim inflation, the claim inflation appears to have reduced versus FY24, it was around 7.4% , it has now come down to around 5%. Now , this again seems to be in contradiction with what we hear in the industry that claim inflation continues to go up. So again, if you could help us understand what you are doing differently which is allowing you to arrest this claim inflation, that would be very helpful? And if the claim inflation is coming down, does that mean that the price hikes that we have been taking around 10%, does that need to be revised downwards as well? Those are my three questions. Thank you.

Got it, got it. Thank you.

Niva Bupa Health Insurance Company Limited CC-Sep24.pdf · 2024-11-25

Thanks for the opportunity. My first question is on the loss ratio bit. If I understood correctly, last year, first half, the retail loss ratio was 65%. Could you let me know what is the corresponding retail loss ratio under IFRS this year, first half? That would be helpful. That's the first one. Secondly, I wanted to understand that based on some of your peers, what we understand is the industry is going through another round of price hikes. Just wanted to understand how you are thinking of price hikes and what proportion of your portfolio could be repriced on the retail side over the next one year. Lastly, on this one by N regulation, which has come in from 1st October for long term health. Wanted to understand what proportion of your, again, portfolio gets impacted due to this. And how does this impact the commission that you were previously able to pay banks or your other distributors in the older regime versus the newer regime. How does that change? And are those negotiations already completed? So if you could give me some color on these two things, that would be very helpful.

And this 10 percent portfolio will be repriced by around 10%. Is that correct?

Go Digit General Insurance Limited

Go Digit General Insurance Limited CC-Mar25.pdf · 2025-04-28

Thanks for the opportunity. My first question was on the growth front. So wanted to understand that going into next year how are you looking at the growth? I understand that you have made investments in certain areas, but from the data it suggests that Motors could see a slowdown going into next year, so just wanted to understand which are the categories you are looking at which could offset any further slowdown on the group Motor side? And if you could give us some color on how the group Health business is playing out, it was very competitive this year, but given the April renewals are now over, if you could give us some color on that, how that category is tracking that would be very helpful. My second question is on the Motor PT losses. Now, if I remember correctly, in the 3rd Quarter you had indicated that the reserve releases till the 3rd Quarter was lower as compared to last year, and hence there was a potential of higher reserve releases in the 4th Quarter versus last year. But from the looks of it, that has not played out. So if you could help us understand what has happened there , what am I missing, that would be very helpful. Yes, those are my two questions. Thank you.

Alright, understood. Thank you.

Go Digit General Insurance Limited CC-Dec24.pdf · 2025-01-22

Thanks for the opportunity. Now on the on results of Motor TP, now we have seen as an industry the reserve releases over the last 1.5 years, 2 years has increased. Now going ahead some of this benefit from the COVID easing or during the COVID, cars weren't flying that much on roads, that would not be seen over the next 2 years? Hence, while I understand that in this year we can maintain that the reserve releases similar to last year. Going forward, do we see that could come down? That's my first question. Secondly, on Motor OD if I see over the quarters the loss ratio has increased. And on the call you also mentioned that you are moving away from high commission business to lower commission business. Now is this also moved from new vehicles towards older vehicles? So , hence if you could give us the split between what is your new versus old mix and how that has changed if it has, that would be my second question. And thirdly on the group health side while you mentioned the initiatives that you have taken…

Can you hear me now?

Go Digit General Insurance Limited CC-Sep24.pdf · 2024-10-25

My first question is on the health insurance side. So, sir, what I was asking is on the health insurance side, firstly, I wanted to understand within the group health business, what proportion of your group health business is now attachment products versus employer-employee products, if you could give us the breakdown this quarter versus what it was last year similar quarter, that will help us understand how things have moved here. And the question over here is that, you know, which are the banks or partners that you are selling this product through? And is it an attachment with a loan or attachment with credit cards? Because currently what we are seeing is on the lending side, there is a slow down, things are slowing down. So, just wanted to understand how things can play out or if you have added newer partners here, if you could give us some clarity on how we should think about growth in this product going forward, that would be helpful. Now, moving to the motor side of the business, now, if you look at the commentary from peers who have reported or some of the auto OEMs, it suggests that second half, the volumes are going to be muted. Now, in this scenario, how do you look at growth in t he second half or how you are thinking of or what steps you are taking to drive growth in the second half, if you could give some color on that. And then what happens to this glide part, if OEM, the auto demand remains weak? Then despite that, could we sti ll get to our EOM target within the timeframe given or we would have to revisit that? If you could give some color on these three points, that would be very helpful.

Now I have just one follow up. So, given you are one of the best and on the OPEX side, it can be seen that despite your scale, you are better than some of the larger players. But then the question is that, can this improve further, or has it come to a lev el where it will remain at a similar place? So, if you could give some color on that, that would be helpful.

HDFC Life Insurance Company Limited

HDFC Life Insurance Company Limited CC-Dec24.pdf · 2025-01-15

A lot of my questions have already been answered. Bu t I just wanted to get some sense on the margins. Just wanted to understand how does return profile across the products differ ? We have a sense of how the margins across different products look like, how does the returns differ? How do you plan to balance margin versus returns across the product mix? And could this ch ange once we move to IFRS? Those are my 2 questions.

Yes. Within the different products, we know that ULIP is lower margin. But how would the ROE profile o r return on capital profile across the products differ? And how does that play a role in your product selection or the balancing? And how would that change once you move to IFRS?

HDFC Life Insurance Company Limited CC-Sep24.pdf · 2024-10-15

A lot of my questions have already been answered. Bu t I just wanted to get some sense on the margins. Just wanted to understand how does return profile across the products differ ? We have a sense of how the margins across different products look like, how does the returns differ? How do you plan to balance margin versus returns across the product mix? And could this ch ange once we move to IFRS? Those are my 2 questions.

Yes. Within the different products, we know that ULIP is lower margin. But how would the ROE profile o r return on capital profile across the products differ? And how does that play a role in your product selection or the balancing? And how would that change once you move to IFRS?

HDFC Life Insurance Company Limited CC-Mar24.pdf · 2024-07-15

If you assume that these 10% of people who were going to fully paid -up policy status as compared to surrendering their policy , now surrender because of the highe r SSV, then what will be the margin impact? Have you done any sensitivity analysis on that? And the second question I had was that if I look at your non -par savings policy tenure, then it seems like it has gone up from 16 years in fourth quarter to 21 years now. What is driving this change and how would the margin of a higher tenure product be compared with a lower tenure product?

And what would typically be the margin differential? Could you give us some sense that versus a 13-year policy versus a 21-year policy, how would the margin differ?

HDFC Life Insurance Company Limited CC-Jun24.pdf · 2024-07-15

If you assume that these 10% of people who were going to fully paid -up policy status as compared to surrendering their policy , now surrender because of the highe r SSV, then what will be the margin impact? Have you done any sensitivity analysis on that? And the second question I had was that if I look at your non -par savings policy tenure, then it seems like it has gone up from 16 years in fourth quarter to 21 years now. What is driving this change and how would the margin of a higher tenure product be compared with a lower tenure product?

And what would typically be the margin differential? Could you give us some sense that versus a 13-year policy versus a 21-year policy, how would the margin differ?

Star Health and Allied Insurance Company Limited

Star Health and Allied Insurance Company Limited CC-Sep24.pdf · 2024-10-30

My first question is on the group business. Could you give us a split of what is your employer, employee and what is your attachment product, split of GWP and how both of them have grown, if you could give us some color on that, it would be helpful? Moving to the next step, on the digital side, it seems like the digital channel percentage contribution has reduced in the second quarter . Just trying to understand what is the reason for this fall? On the loss ratio side, one point you mentioned was a long-term policy reinsurance also adversely impacting the loss ratio. Just wanted to understand that because my understanding was that this long term reinsurance actually help you offset some of the losses. So what has happened, if you could give us some color on that, it would be very helpful?

Kfin Technologies Limited

Kfin Technologies Limited CC-Sep24.pdf · 2024-10-29

Thanks for the opportunity. My first question is on the international business. I do understand that you are now trying to build a larger base in Thailand. Now, if I see Thailand's AUM size is around one-fifth out of India currently. So, could you tell us what would be the opportunity size for KFin in this market? You currently have one partner, but how do you plan to expand in this market if you could give some color on that? The other question on the international business is also if you could split the 11% quarter-over- quarter growth into inflows versus mark -to-market gains. That would be very helpful. My second question is on the value -added services. I understand that it's contributing around 7.9% of your revenues in this quarter. But if I look at your annual report, you plan to expand this to 15%. Now, could you tell us again, you know, what are your plans? How do you plan to expand this from 7.9 to 15? What are products you are looking at or market segments are you looking at -- to expand this? My third question was on the cost front. I understand that you have laid out, which all areas as you are investing. But just wanted to understand that already in FY24, if I see your number of IT employees expanded to around 940 from 750. So, how much further, how much more manpower do you need to add here? And is this going to be a journey over the next two to three years? Or do you see that manpower addition coming to an end at the end of this year? If you could give some color on that, that would be helpful. Thank you.

That's very helpful. Just one follow-up question. So, you talked about the value -added services and the products that you're looking at. I just wanted to understand the pricing here is proj ect- based, right, rather than AUM based. And hence, would it be fair to say that the profitability here could be better than overall the AUM linked business?

Kfin Technologies Limited CC-Jun24.pdf · 2024-07-29

Thanks for the opportunity. So my first question is on the mutual fund business. Now on the Slide 11 you have mentioned that there is one data linked contract from a large AMC and there are two AMC clients that signed up for the digital assets contracts and both of them happened in July. So, I just wanted to understand when would these revenues hit the P&L and what kind of size contracts will be seen, if you could give us some color on that. That's the first point. On the second one, again, on the international business, you talked about the M&A opportunity and the timelines. Just wanted to understand that when it comes to the size of this acquisition, what kind of size are you comfortable with when it comes to acquisition? And two is, would you look at only financing it through your own balance sheet or would you look at other forms of financing as well when it comes to this acquisition? Those are the two key questions and I have one more, but I'll follow up after that.

Computer Age Management Services Limited

Computer Age Management Services Limited CC-Sep24.pdf · 2024-10-29

So I'll start off first on the MF RPA side, just looking at the trends over the last 2 weeks where the AUM has come off. So is there a mechanism built into the pricing wherein i f the AUM decline or deals go up? Is that amongst them also built into the pricing model? That is the one thing I wanted to understand. Two is, if I see on the account aggregator side, RBI is launching an unified lending interface, which is similar to an account aggregator platform, but backed by the regulator. So how do you see that impacting the account aggregator industry and our business? And the third question is on the expenses front, there has been a significant pickup in the other expenses. I do un derstand that you have explained that some of this is linked to transactions going up. But just wanted to understand what proportion of this would be variable increase that is due to flows versus what is a permanent increase. If you could give us some sense around that, that would be very helpful.

Bajaj Finserv Limited

Bajaj Finserv Limited CC-Sep24.pdf · 2024-10-25

My first questions are on the BAGIC business. So, Tapan, you highlighted the challenges in the retail health segment. Just wanted to understand if you could elaborate that what are the real challenges in this industry, and how do you see these challenges being resolved going forward? That would be my fir st question. And a second part of this would be if you could split the loss ratios in the health segment between retail group and government, that would give us some clarity about how things are moving in the segment. Now the second question on the BAGIC business was, again, on the motor side. I understand that you have done fairly well on the motor business . You were early in the EV business and now you are slowing down there. But overall, the outlook for the EV segment as well seems to be weak based on commentary from some of the OEMs in the second half of this year. So in this scenario, how do you see this book growing going forward? And what could you do to offset the slowdown? Are there any opportunities for market share gains or some of the share gain in certain OEMs? If you could give some color on that, that would be very helpful. I have a few questions on BALIC, but I'll get to that after this.

So, I was asking about the second half, how are y ou looking at growth given the commentary from OEM.

Life Insurance Corporation Of India

Life Insurance Corporation Of India CC-Jun24.pdf · 2024-08-09

Hi. Thanks for the opportunity. My first question is on your he dging strategy. So last quarter, you had indicated that you are working towards putting up a hedging strategy for your non-PAR book, just wanted an update on that, where has that progressed? And how far are you towards putting up a hedging strategy for your non-PAR book that would be the first one. The second one was on the VNB walk. There has been a 230 basis point impac t due to change in assumptions. Just wanted to understand what's contributing to that? What has moved, so if you could help with that. That is something that I would like to understand. And lastly, the last quarter you had mentioned that you were working towards the composite license a nd what opportunities that could throw up. If you could give us an update on what's happening with composite license, how and what work have you done in the last three months to take -- to make use of it when it's available?

Got it. On the mortality experience before in term insurance, what is that contributing to -- have you looked into that, that could be one follow-up. On the composite license, sir, thanks a lot for the clarification. I just wanted to understand that you are loo king on taking up stake in one of the SAHIs. All the SAHIs are privately held, so are you looking at acquiring something? Or would it be a strategic stake? What are your thoughts on that? If you could give us some clarity, that would be helpful.