Questions across 10 calls

Supratim Datta

Jefferies

Life Insurance Corporation Of India

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

Hi, sir, thanks a lot for taking my questions. My two questions are, one, on the VNB margin, you indicated that you expect VNB margins to continue to expand. Just wanted to understand what would be the building blocks there, given you are saying that the non-par mix should now consolidate here? And if the yield curve does not steepen further, then economic benefit that you got this year may not recur. Then how do you see the margin expansion from here playing out? So if you could help me understand this a bit better, it will be helpful. And my second question is we are moving towards IFRS, you indicated on the call about risk- based capital framework as well. On the IFRS, if you could help us understand how would the move from IGAAP to IFRS result in the -- how should we look at the VIF translating into the CSM in force? If you could give us some color on how to think about that, that would be helpful. Thank you.

Okay. Fair. Thank you.

Niva Bupa Health Insurance Company Limited

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

I have 3 questions. Starting with the growth bit, this has been a very strong year like you articulated at the start. Now thinking of the next 2 to 3 years, assuming that you grow at somewhere around that 25% level, which you have tried to meet and successfully done over the past few years, assuming that you grow at 25%, you will get to somewhere around INR15,000 crores, INR16,000 crores GWP now that I wanted to understand what would you require to go from current INR9,000 to that INR15,000 crores, INR16,000 crores for GWP, what would be the building blocks here, if you could give some color around that? Secondly, when you reach this scale, what kind of operating expense ratios can you operate at an IFRS level? Because your IFRS expense ratio has come down significantly since FY '23. I wanted to understand what would be the steady state ratio here? That's the second. And lastly, there has been a lot of discussion around commission and commission regulations. Obviously, everything is speculation. I wanted to understand if there are caps or an absolute reduction in commission, how would you go about mitigating the impact? Would you pass it on to distributors? Or how would you go about addressing that situation? Those are my 3 questions.

Got it.

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

Thanks for the opportunity. My first question is on the retail claim loss ratio. So, the retail claim loss ratio has been broadly stable at around 67% despite the very strong growth in new business. Just wanted to understand why is that, because typically new business would have a lower loss ratio? So, just wanted to understand, is ther e any other offsetting factor that is going into this, which we should be aware about ? That's one. Second thing on the growth side, there has been GST tailwinds, your ReAssure 3.0 product has seen very significant traction as well. But are you seeing these GST tailwinds continue into January as well? And, is that traction continuing? Or should we think of it as more of a structural tailwind as compared to one -off impact that would have played out for three months? And I just wanted to understand, how the tr ends there are playing out? And then, lastly, Vishwanath, on your commentary around, the regulation bit. Just wanted to understand that there are multiple initiatives, you are right, being taken by the General Insurance Council. But when it comes to medica l inflation or commissions, we are not seeing any improvement at an overall industry level. So, when should we start seeing these initiatives, which either the General Insurance Council or companies are taking really flow down to and resulting in the industry profitability improve? How far are we from that point? And what really needs to change for that to happen? If you could throw some light there. Thank you.

Got it. Just one follow up question there, Krishnan. On the senior citizen plan, it has come down from 15 to 10. I just wanted to understand can this be extended to the other products as well? Because not a lot of effort is really required to drive renewal business. And the renewal commissions actually goes as the person ages as well, because the premium goes up. So, I wanted to understand if this could be extended for the entire renewal piece as well.

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

I have 3 questions. The first is on the October demand. And like you rightly pointed out that the demand has been fairly strong. Wanted to understand if you could break it down what is driving this growth? Is it new products, new demand coming through or i s it existing customers taking higher sum assured or is it greater rider attachment that is really driving growth here? So if you could break it down into what has been the key factor behind the stronger growth we are seeing in October, that would be very helpful. Secondly, on your comments around GST and the growth offsetting any loss of commissions for distributors, while I do understand that, would you be taking a one -size-fits-all strategy here or it would be more nuanced and depending on the type of d istributor would this strategy play out? That's one part of that question. The other is how much of this impact would you be able to offset through a price hike? And given the GST has just played -- have taken place, would you be able to take a price hike in the next 6 to 8 months? That's the other question we would like to understand. And lastly, on your retail health loss ratio, it has been stable, that's great. But insurers who have reported till now have shown an improvement actually versus last year to this year. And even if I look at on a IFRS basis, second quarter versus second quarter last year, it's broadly flat. So wanted to understand why is there a difference or should we look at you versus peers differently? So those are my 3 questions?

One, just wanted to understand what is the GST impact this quarter? Because I understood that it's -- your renegotiated rate started from 1st October. So just wanted to underst and what was the impact this quarter? And secondly, wanted to understand what proportion of your GWP currently comes from narrow network products? And how are you seeing that grow over the next 2 to 3 years?

Computer Age Management Services Limited

Computer Age Management Services Limited CC-May26.pdf · 2026-05-05

I'll start with maybe the mutual fund side. So just wanted to understand if you could give us some update regarding the transition of the RTA business to cloud on-prem, where are we with respect to that? And how are we thinking -- it was supposed to be a 3-year project. So where are we -- and what kind of changes or new products from that could we see over the nex t coming years? That's one bit. Secondly, there has been already a lot of discussion on the opex. Just wanted to understand what was the employee count that you ended FY '26 with? And going ahead, what are the other areas, where you could maybe reduce cost? Lastly, coming to the non -MF side, you are gunning for 20% growth, the KRA business is supposed to be flat in FY '27. And that's one of the major parts of the non -MF business and has been a key contributor of growth. I wanted to understand what -- which are the other parts of the business that you think will be able to deliver much higher growth in FY '27. So that is one thing, if you could give some color. And lastly, just wanted a clarification. So the 16.5% margin on the non-MF side is for FY '26, right, not fourth quarter '26? Yes, those are my questions.

Sir, any particular line that you see driving that INR40 crores to INR50 crores additional revenue? Or is it going to be across the other businesses?

Computer Age Management Services Limited CC-Jan26.pdf · 2026-01-23

I have here 3 sets of questions. Firstly, I wanted to understand how would the loss of 5 basis point exit load for mutual funds impact you? You have had one round of renegotiation of contracts last year, but would this result in another round of renegotiation of contracts? And what kind of impact could we expect from that and over what period? That would be the first one. Secondly, I wanted to understand how is the margins in the non -MF business cur rently tracking? And what kind of operating leverage are we able to get there? Lastly, on the payment aggregator and the Payment Gateway business, there has been strong growth there. However, the base business has only grown by around 25%. And when I look at the other businesses as well, the growth has been somewhere around 17%, 18% in most businesses. Given the smaller scale, just wanted to understand what would result in these businesses being able to grow faster as compared to the current run rate? Those are my 3 questions.

Yes, I'll mute my end.

SBI Life Insurance Company Limited

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

Yes. So thanks a lot for the opportunity. My first question is on what are you seeing with respect to customer behavior over the last 2 months, given you have been typically a ULIP -heavy company and last 2 months we have seen pretty significant volatility in the equity markets. Just wanted to understand how are customers reacting to that volatility? And how is that shaping ULIP demand? And how in this environment hence, looking into FY27, how are you thinking about the product mix and product strategy, given you have a growth aspiration of 14% like you highlighted. So that's the first question. Second , again, like you rightly pointed out at the start that you have been looking at changing the product mix for the last 2 years in favor of non -par products. Just wanted to understand what is the share of protection now within SBI Bank versus 2 years back? And what proportion of these policies overall in the SBI channel are being sourced through Yono? If you could give us some color there, that would be very helpful?

Understood. And if I could ask one last question. So on the ULIP side, are you selling the higher sum assured ULIPs as well, the 20x, 30x sum assured products or you're selling only the vanilla 10x cover products? If you could give us some clarity there?

HDFC Life Insurance Company Limited

HDFC Life Insurance Company Limited CC-Apr26.pdf · 2026-04-16

So my one question is on the rider attachment. So , could you let us know what is the current rider attachment rate that you have, and you know how much further can this be increased? And if the ULIP demand comes off and that's replaced by non-par, could you do the same thing as increasing the sum assured with non-par products as well? Woul d the similar strategy work there as well? And what proportion of the ULIP policies currently has this higher sum assured?

Got it. And you know at the overall APE level what would be the proportion of riders?

Go Digit General Insurance Limited

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

Thanks for the opportunity. My first question is on the retention. Now, the retention has been coming down and Kamesh, you were very helpful in explaining how some of the strategies have changed, particularly in motor and even on the health side. I just wanted to understand what drove this strategic change wherein you thought that you should be feeding more on the motor line, particularly with respect to long tail risk, given our understanding was that your underwriting is the best in class or at least amongst the best. Hence, retention and retaining more risk was the way forward. Now that you are reinsuring more, just wanted to understand what's driving this shift? That would be one. Secondly, when I look at the IFRS accounts, you called out around Rs. 80 crores impact due to the two-wheeler business and the growth in the two- wheeler business. However, when I look sequentially, the deferred acquisition cost has only gone up by around Rs. 20 crores. It's somewhat around Rs. 118 crores for this quarter. So just wanted to understand, is there any other difference when we are looking at the deferred acquisition cost (DAC) it's not moving that much. So what's resulting in this dichotomy? Just wanted to understand that. Those were my two questions. Thank you.

No problem. Kamesh, just one last question. You said, you have the CV proportion of the business has come down. And some of my colleagues are doing some analysis, which highlighted that the CV proportion, the growth in the CV segment has been pretty good in the last few months. So just wanted to understand, with the growth coming back, do you see the proportion of CVs again going up in your mix?

Star Health and Allied Insurance Company Limited

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

Thanks for the opportunity. My first question is on the loss ratio side. So, there has been an improvement versus last year, but it's still higher than where we were in say, in FY 2023 or pre- COVID. So, just wanted to understand that, is there a pathway for the loss ratio to go back to those FY 2023 levels or has structurally something changed which will prevent us from going back there? That's the first question. Secondly, on the GST part, wanted to understand what has been the impact of GST and now going ahead, given your new business growth is fairly strong and from your 2Q numbers, it seems like the long -term policy growth has been around 30 %, I wanted to understand that is there going to be a near-term drag on earnings on an IGAAP basis because of the strong new business growth and particularly in long -term policies? That's the second question. Lastly, you know, post the GST waiver, does OPD become an interesting opportunity for you to expand into? If that's the case, then what would be the strategy there and would it be in-house or outsourced, how are you approaching that segment? Those are my three questions. Thank you.

Thanks Nilesh for that. Before you address the third question, just wanted to understand on this that, on your negotiation with or discussion with the distri butors, has there been any pushback from the larger banks or say digital distributors or have everybody agreed to these new terms?