Questions across 20 calls

Swarnabha Mukherjee

B&K Securities

Star Health and Allied Insurance Company Limited

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

Hi, sir. Good morning. Thank you for the opportunity and congrats on a good set of numbers. I have three questions. First of all, I just wanted to understand the trajectory of earned premium growth because I think last year from 3Q onwards, you had started increasing the price across products and by January, you had repriced 65% of the portfolio. However, I think on an earned premium basis, the growth is still lower than what our top -line growth is. So, I just wanted to understand when do we see that last year's price hike in the earned premium growth. So, that is the first one. Second is on the fresh business growth and I think com mendable numbers. I just wanted to understand the commission for this fresh business, how it will be placed vis -à- vis renewal business. So, what I also noticed is that net commissions have remained stable despite the fresh growth, but DAC has come up in the IFRS. So, I just wanted to understand how should I read this or whether we are doing a lesser proportion of long-term products now if you put some light. Thirdly, in terms of agency, I think you have reported 6% fresh NOP growth while premium growth is 3 5%. So, is this led by higher -ticket-size products? What is happening? If you can put some light on this. Yes, sir. This is my question.

Okay, sir. Very useful. Just one last follow-up. So, in the presentation, the sum-assured number which you have provided, average sum -assured, last quarter it was around Rs. 17 lakhs. That has come down to around Rs. 12 lakhs for nine months. This is because we are now excluding a group from the calculation. Is my understanding correct?

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

My first question is on the claims experience and the loss ratio. Our loss has gone up sizably not just on sequential but year-on-year basis as well by around 400-odd basis points or so. Just wanted to understand wha t are the factors driving this? Is it only the seasonal illness claims that is driving this or has anything spilled over from the previous quarters, on the claims management side, are there any challenges if you could highlight that and what corrective measures are you taking, what would be our loss ratio expectation as we move ahead in the year and any glide path that you may think in the upcoming quarters? I also wanted to understand how the situation is in October related to the claims? So that is the first part. My second question, sir, is related to the impact of the price hike, at least in the financials, it is not mentioned that the price hike is percolating in terms of increasing growth in the earned premium level. Could you highlight why the premiu m growth is still in and around 15% -16%? Can we expect it to go up sometime in future, if you could highlight this?

Just a follow up. Would it hence be fair to assume that in Q3 and Q4, I understand that the loss ratio experience as the seasonal illnesses weigh in, might not be as much as what we have seen in Q2 but compared to say Q3 and Q4 last year, ideally because of the other factors you mentioned, should we see an increase in loss ratio anyways over the next two quarters as well and then as a structural element, should we now think about the industry operating at a higher loss ratio and Star Health by extension?

Star Health and Allied Insurance Company Limited CC-Jun24.pdf · 2024-07-31

Sir, three questions. Sir, my first question was on the claims part. The claims numbers have seen some inflation, I think last quarter it was around slightly lower than Rs. 2,200 crore, now this is almost as much as Rs. 2,400 crore. So, is there any one -off here or is this something steady state? And should we think about the upcoming three quarters of this financial year based on this number? And consequently, what would be your expectation on the loss ratio for the remaining three quarters of the year? That is my first question. Second is on the NEP growth. So, this quarter still NEP growth lags the overall GWP growth. So, wanted to understand when do you expect this NEP growth or basically the price hike impact in NEP to flow in in this year? And lastly, in terms of the renewal premium, the retail health renewal premium ratio has gone down to around 93%. So, what is playing out here? Is there any challenge in renewals? And would like to get your comments on that. Those will be my questions.

Just a follow-up on that, this looks like that this could be a steady state sector, and that way should we expect that loss ratios in second, third and fourth quarter be slightly above what we had recorded last year, given that this seems like a trend? And also wanted to understan d the rationale of this higher expenses in the wellness side of things so that why this is booked under the claims part as opposed to the expense part, if you could explain that also?

Star Health and Allied Insurance Company Limited CC-Dec23.pdf · 2024-01-31

I had one technical query that for the longer term policy, if you could explain why a reinsurance support is required ? Because if I understand correctly, I mean these are also quite gradually underwritten businesses, so how different would be the expected experience between their one-year policy and the two-year policy that would warrant some risk pass out to the reinsurer? So, that is the first part of the question. The second thing was that you mentioned that I think fourth quarter the retention level would be 92%, would I be correct in assuming that as we go ahead and our share of long-term policies increase, this retention level will also kind of go down in time length with that? So, that is on the reinsurance side. And if you could also give me couple of additional data points , so first of all this 10% business in which you are re -pricing, what would be the increase? What is the quantum of re-pricing if you could highlight that? And if you could also give us the share of non-agency channel in the fresh business last year during third quarter, that would be very helpful?

Follow up for the next couple of years should we build in a number close to that 92 only or shall we maybe take it down slightly more as your share of long-term increase in the mix?

ICICI Prudential Life Insurance Company Limited

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

Hi, sir. Thank you for the opportunity and congrats on a good set of numbers. Three questions from my side. First of all, of the channel strategy. So, I take the point that you mentioned that channels like Agency, Banca had a high base previously. So, now I think we are sitting on the inflection point. So, as we move on, what are the on-ground trends are we seeing in terms of these channels? What kind of products we are selling and how are the offtake looking vis-à-vis, say, the base in the previous year for fourth quarter? Although I understand these are early days, but some comments related to that would give us some better understanding about how we should think about growth as we move ahead. And in terms of the partnership distribution channel, I just wanted to understand what kind of products were sold through this channel and is there any impact of any product launch, etc. that was there in this particular quarter. And on the GST side, so are our negotiations largely done and the impact absorbed or should we expect another quarter for that to happen? And also, once everything is absorbed, then the margin run rate that we are seeing currently, do we expect it to increase in the coming year, just purely on the basis of that? And last one, I think I wanted to understand that all these changes in operating parameters like, say, cost ratios or persistency, have we already made the changes in our VNB calculation? Yes, that would be all for my side.

Right, sir. That's very helpful. Just one bookkeeping question. In the non- linked part, if you could give us the split between par and non-par, that would be very helpful.

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

So, I had, sir, first question is on the cost side. So, if you could give some color on, you know, why the cost-to-TWRP number has gone up? And also you had mentioned in the result release that there is a ₹ 446 crore impact on policy liabilities because of some allocation methodology changes that you have undertaken. So, I just wanted to check whether, you know, what is the reason for that, what changes have you taken, and whether that is already in our VNB assumption, or should we expect that to flow in any upcoming quarters? So, if could give some color on that? So, that is my first question. Second is on the agency side, if you could give some further cuts on which product agency is selling and given that annuity growth has been very, very strong, whether agency is driving that, which product is seeing some traction, whether it is the product where we have a trail commission kind of a structure? So, if you could highlight? And lastly on the impact of the surrender value regulation, how you are seeing that? How should we see that and what to expect on VNB and in your strategy? Yes, sir, that would be my question.

SBI Life Insurance Company Limited

SBI Life Insurance Company Limited CC-Oct25.pdf · 2025-10-24

A couple of questions on other products. I mean, so first of all, non-par, just wanted to understand that in this category, we have seen strong growth. I think our overall absolute numbers also look very strong compared to what we have seen in the last few quarters. Now what is the headroom for growth in this product? I think essentially, this quarter, growth was largely driven by this product. So, what is the headroom for growth? And given the third quarter, normally, we see an uptick on the ULIP side, this year, would we be able to replace with non-par in terms of the mix going forward? So, what will be the strategy there? And given that you mentioned that you have passed on the benefits of the yield curve movement to customers, then how should we think about the margin in this product? Is there a bit of a margin squeeze there? If you could help us understand that. Second is on the group savings side. So is this group fund management product or is also group annuity classified in this? Because the reason why I'm asking you the question is because I think the sizable jump in this product. However, your overall margin profile has been very strong this quarter. So just wanted to understand that is this a detractor in terms of margin this quarter? And had this growth been not there, then would we have expect the overall margin profiles to be even stronger? So I wanted your comments on that. Yes. So these are my two questions, sir.

And the -- yes, please go ahead, sir.

SBI Life Insurance Company Limited CC-Sep23.pdf · 2023-10-27

I guess my first question is on the VoNB margins. So just wanted to understand that if I look at the margins say from first quarter vis-a-vis that from the second quarter, you see that the product mix now has a fairly large share of ULIP compared to what it was last quarter. Despite that, I think the margins have remained steady , of course, group protection has gone up also a bit. So just wanted to understand that is group protection the only offsetting component for the increase in ULIPs? Or are there other factors, say maybe some cost element that is there or some kind of assumption changes which is helping us to sustain the margin profile? So that will be my first question, sir.

Okay, sir. So, if I understood correctly, so even if I see in the APE mix that your non-par has gone down or your annuity has gone down, but the impact on the margin is not so much. It has been offset by product level margin improvements. That is a right assumption, right?

Life Insurance Corporation Of India

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

Thank you for the opportunity. Congrats to the new members on a good set of numbers. Sir, first in terms of the growth in the individual business, I wanted to understand, I mean, the growth looks largely coming up on the back of ULIP. And given that ULIP is increasing and that is the only, I think, component where we have seen a sizable increase in mix on a year-on-year basis. Despite that, we are seeing a margin improvement. So, I just wanted to understand how this is playing out. So vis-a-vis, say, a par product, how does the margins in your ULIP product stack up? And has there been any movement in, say, individual product level margins over this period? Have you had seen higher attachments, etc., if you could highlight that? And also, sir, last quarter in the call, you had m entioned that your individual book margins were touching around 21%. So just wanted to understand how has it shaped up this quarter? So that's on the business side. On the distribution side, I wanted to understand on our agency channel. So, I think over the last 3, 4 quarters, we have s een some amount of volatility in growth, particularly, I think post the surrender regulation change that has come, there has been a volatility. And if I were t o also look at productivity on a year-on-year basis, if I try to calculate based on the new business premium, I mean, I think there has been a minor reduction in productivity on the agency side. Of course, I don't have the numbers of active agents, but on an overall basis. So, I just wanted to understand how you are seeing this channel shape up. What are your efforts on this? While -- I mean, the banca and alternate channels growth are fairly strong, but I think agency being the larger piece needs to also move to drive overall growth. So I wanted to understand your strategy here. So, these are my 2 questions. Another last bookkeeping question. I wanted to und erstand like earlier, I think the RWRP numbers that used to come from IRDA, I mean, the monthly data, I think our overall -- our numbers were fairly -- a little bit divergent from that, but this time, it i s fairly close. So how should we read that in terms of future numbers? Is there a change in product design s or we are doing more high-frequency products that is leading to this change, if you could highlight that? Yes, those will be my questions, sir.

Right, sir. That's very helpful. Very clear. I just had a follow-up on the product mix part. I just wanted to understand, sir, that you alluded to the fact that non-par has increased and that is higher margin. But sir, non-par as you report has various categories, I was keen to understand because the mix has increased in favor of ULIP under the non-par category rather than individual savings or protection. So I mean, so that's what my query was that how ULIP margins are and how it is impacting?

Kfin Technologies Limited

Kfin Technologies Limited CC-Jul25.pdf · 2025-07-25

First question on the mutual fund business. So as you highlighted on the yields, just wanted to understand how much -- so broadly from the end of last quarter, the yields are down around 5 - odd percent, which is more or less -- I mean, I think you normally guide around 3% to 4% for a year. And in a quarter, we are seeing that. So just wanted to understand that how much of this is because of telescopic pri cing, how much is it because of the volume discounts that you gave to fast -growing clients and this volume discounts that you have given, say, assuming that the mutual fund industry continues to see steady flows and growth remains, then would this likely b e recurring at periodic intervals and would imply that we should expect maybe slightly more than 4% kind of a drop in yields compared to what you have guided earlier. So that would be my first question. Also, if I look at sequentially, the value -added ser vices revenue growth also looks weaker quarter-on-quarter. I wanted to understand that because I thought that, that would be relatively more stickier kind of a business. So while on year -on-year, I think it looks fairly strong, but quarter-on-quarter, it is a bit weak. So wanted to know your thought -- I wanted to know your thoughts on that. Thirdly, on the other, if you could throw some light on there, there has been good control this time. So is this because we have cut down on discretionary expenses and where should we see the numbers going forward? That will be my questions.

Right, sir. Helpful. Just one follow -up on the yield part. So we are right now in this quarter at 3.43. Assuming that there is no other renewals and normal telescopic pricing will continue to play out. Should we expect maybe another, say, 2% to 3% drop through the rest of the year? So if I were to think about 4Q, where should we end up with is what I wanted to understand.

Angel One Limited

Angel One Limited CC-Jul25.pdf · 2025-07-17

Three questions from my side. So first of all, sir, just wanted to understand in terms of the current trend that we are seeing in the orders run rate, the daily average orders that we have. So June was lower than May. And if I think the number of contracts that are trading in exchanges would be the indicator, I think it continues to remain slightly tepid. So just wanted to understand that whether your timelines that you had earlier kind of envisaged that you will be able to recoup the number of orders back to the earlier levels considering the current trends, is there any extension in the timelines? What would be your thoughts regarding that? And similarly, on the client acquisition and activation rate, what would be your thoughts in the current scenario? Particularly last quarter in the presentation, you had, I think, disclosed that the payback period post acquisition is at around 10 months for FY25. So has it changed? Has it improved or has it gotten extended? I would like to hear your thoughts on that. So that's on the broking part. Also in terms of the new businesses, so I think from the mix point of view, it is now at around 3%. So I just wanted to have some colour from you that where do you see this in a couple of years, where can the contribution go and also, when do we expect to see the cost absorption playing out? Because I think compared to last quarter, the impact of the new business incubations on the margin has increased slightly. So just your thoughts on that would be very helpful. And lastly, one question on the cash broking realization, I see that the realization per order has increased on a Q-o-Q basis. So anything to read into that? Is it more because of, say, higher MTF being done and the ticket sizes are larger? Any view would be very helpful. That's it from my side.

Right, sir. Very helpful. Just a follow-up on the last point. We are seeing that this -- on the margin trading side, I think the competitive intensity has also increased over the last few months. So from the profit pool point of view, is there any further risk on the lending and basically the rate that we offer to the customer for borrowing or I mean any competitive pressures you see there?

Angel One Limited CC-Mar25.pdf · 2025-04-17

Three questions from my side. First one, I wanted to have a better understanding on the expense head for the quarter and how we should look about it for FY '26 in particular, in terms of the reversal of the variable pay, what was the rationale for the same, and then when we move ahead in FY '26, as you mentioned in your opening statements in terms of incremental provision for the variable pay for the next year, how should those numbers look for FY '26? And also, if you could give similar comments related to the opex because as I am seeing that the customer acquisition rate has come down, but even if I remove the IPL related costs from the opex head that you have reported, I think the headline number looks fairly steady. So with lower customer acquisition, the opex levels still continue to remain steady. So has the cost of acquiring new customers gone up? And if so, I mean, would it be like a structural thing? Or should we expect it to mellow down going forward? So based on the cost side and also wanted to understand in terms of the cohort level analysis that you have provided, if I look at the revenue generation across various cohorts, what I see is that in the current environment, so FY '25 versus FY '24, I think the revenue drop for the customers acquired in fiscal '23 has seen a more disproportionate impact. So what is -- I mean, if you could highlight what would be the reason why this particular cohort is more impacted vis-a-vis others? And secondly, also, I noticed that the breakeven period has impacted. So is this more a reflection of market situation? Or is there something structural and it should prompt us to look at our strategy? So these are the broad level questions. I have one or 2 bookkeeping questions, which I can possibly ask after the response.

If I can just -- sir one just follow-up on the employee expense side. If I just understand, I mean, we are broadly running at INR200 crores, INR210 crores kind of a run rate in second and third quarter. For the provisioning and basically the number for, say, 1Q onwards, should we expect a number higher than that?

Aditya Birla Sun Life AMC Limited

Aditya Birla Sun Life AMC Limited CC-Mar25.pdf · 2025-04-28

Hi, sir. Good afternoon and thank you for the opportunity. I have 3-4 questions from my side. The first one is on the employee expense part. So, this quarter, the employee expenses increased sequentially. So, I wanted to understand what factors broke these expenses and if there was a higher variable payout baked into this, how do we account for it? Do we do it on a quarterly basis, or is it that we account for it on an actual basis in a particular quarter? So, if you could give some color on that and how should we think about this number in the upcoming quarters as we move into FY26? That is the first question. The second is on the ESIC mandate that we have got, could you give some details on what would be the realizations on that, and is this primarily a debt-oriented mandate that we have , institution-driven? If you could highlight that. And thirdly, when I look at your SIP data, I think what I see is that you know the number of live SIPs has also come off. So, I just wanted to understand that last year we had significantly increased our share of the direct channel, particularly the online-oriented channel. Is this leading to some number of closures in our S IP book, or if could you highlight what the trends are ? And given that SIP flows have also come up from what it was in December, what is our approach towards that? If you would expect this number to now move northwards, as the market has started to also improve. This will be my question, sir. And I have a couple of bookkeeping questions , which I will ask after your response.

Sorry, I missed the 1,620-1,630 number. Sir, you must be talking about the overall expenses. If I have this correctly, the employee expense will move up from around Rs. 88 crores to almost Rs. 99 crores. So, I just wanted to understand that Rs. 10 crores increase.

Central Depository Services (India) Limited

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

Yes. So, sir, I have a couple of questions. So the first was the other income in the P&L that you have reported in the breakup that you have given on different revenue lines, so just wanted to understand that this jump in the other income that we have seen, what would be the underlying heads, which would have led to this kind of growth in the numbers? If you can give us the breakup of the major parameters that are there, which has led to this growth? And the second question is on the other expenses side. So the breakup that you have provided there, I think there is I guess, there is a taxation element. So, if you can give us some color on the taxation element, is it because of the capital gains tax change on your treasury book, whether that is impacting? And also, within that, any other head where the expense level has increased, if you can highlight on the same?

Okay. All right. So, no impact on the treasury side?

Central Depository Services (India) Limited CC-Mar24.pdf · 2024-05-06

Congratulations for a good set of numbers. I have 3 questions. First one on the number of folios. So I just wanted to understand from you that the number of folios i.e. billable folios, how it has moved between FY '23 and FY '24. If you could give some colour so that we can understand how the annual issuer changes can be from first quarter onwards. That is the first question. Second is, in terms of the 2 opportunities, which might give us some incremental traction on the top line front, just wanted to understand on the unlisted companies, the recent regulation if you could give us some idea about what opportunity sizes we were looking at, what could be the potential number of companies that you can target for this financial year and overall opportunity side. I understand that it's a moving target, but at the current standpoint, if some idea you can give. And thirdly, on the insurance i.e. e-insurance side with the new regulation. How do you look at the landscape? And what could be our potential opportunity size?

Max Financial Services Limited

Max Financial Services Limited CC-Mar24.pdf · 2024-05-07

Congrats on a good set of numbers. So first question is on the margin side. So I mean, on a sequential basis also, I think the mix has become slightly adverse with higher share of ULIP. I just wanted to understand the expansion that we are seeing in the margin profile. How much should we attribute to some kind of cost absorption given that I think your fixed cost proportion will be lower in the fourth quarter. If you could give some color on that and how much maybe at a product -specific level, margin expansions are happened. So a little bit more detail on how we should read the margin expansion between the quarters? And secondly, on the structure simplification process, if you could give us some color on the timelines. So a small proportion of stake needs to be acquired by Axis. And then I think there was a process of reverse merger as well. So if you could give us some sense on what timelines should be?

Nippon Life India Asset Management Limited

Nippon Life India Asset Management Limited CC-Mar24.pdf · 2024-04-24

So, three questions from my side. First of all, just wanted to understand that the restrictions that we have put in terms of the SIPs and the STPs for the Small Cap fund towards the end of March, so do we see for Q1 going ahead, would we see any kind of change in dynamics in terms of the SIP flow considering that that particular fund would have been attracting a considerable amount of flows? So, wanted to understand from that point of view, how should we think about going ahead on our overall say SIP flow book? That is the first one. Second is in terms of the competitive intensity in the industry, how are we seeing the payout levels? In order to garner business, do we require to pay out a little bit more to the distributors? If you could share what the current, what are you seeing in the landscape right now and if you could also give some color on where would be the flow yield vis -à-vis the stock yield particularly in the growth-oriented segment? And thirdly, also given that we have been focusing on the H NI segment and that in this particular segment, the distribution happens through slightly larger distributions in distributors in several cases, can that also have an impact on our overall realizations as we go through them? So, these three questions.

Sir, any indication on the flow versus stock realization, what we are seeing right now?

Nippon Life India Asset Management Limited CC-Dec23.pdf · 2024-01-30

Good morning. Thank you for the opportunity and congrats on a good set of numbers. My first question was on the yield side. So the yield dilution that we are seeing this quarter f irst on the standalone business could you highlight what resulted in that because it looks slightly more sharper considering the fact that I understand maybe there has been some fund size increases which could have resulted in lower realizations in those schemes, but the equity mix have also moved significantly so could you maybe break down the impacts generally across these heads, which have been the major factors for dilution so that is the first one and on that also at the consolidated level the dilution looks slightly more so I just wanted to understand that in our other subsidiaries apart from the mutual fund business has there been any kind of impact on the yields or some capital we have received on which we are not earning . Can you throw some light on these two factors ? I have couple of more questions and we will ask them after this.

You are saying on a stock basis.

Nippon Life India Asset Management Limited CC-Sep23.pdf · 2023-10-30

Sir, my first question is related to the yields, I just wanted to understand that, sir, when I look at the standalone business, I see that there has been slight sequential dilution in this, while at a consolidated level there has been expansion in the yields, so if you could highlight what would be the reason for this and what impacted the mutual fund business because of which there is a slight reduction in this and whether outside the MF business we are seeing higher level business? That would be my first question. Secondly in terms of gross inflow if you could highlight how our market share is sh aping up because you provided these two numbers compared to the industry flows, I think we have seen a very strong expansion in that number if the market share is coming close to 10%, so how are we in terms of gross flows given that we have stopped the lump sum investments in the small cap fund? So, how is that shaping up overall? And the second question, probably in terms of the equity of inflows, so if you could highlight what is the quantum of inflows we are receiving every month or every quarter and what is the economics of scale in terms of how are the realizations and how much of that is going into the bottom-line and how should we think about the yield trajectory from this perspective given that this is related to lower margin product compared to there are other products? So, how should we think about the blended yields going forward?

This flows that you shared, this is for the equity category, right?

ICICI Lombard General Insurance Company Limited

ICICI Lombard General Insurance Company Limited CC-Sep23.pdf · 2023-09-30

I'll again come back to the Motor loss ratios. I understand that what you have articulated in terms of your experience and maybe some releases that are coming, but just for a view of how the loss ratios are going to pan out, say for in motor activity, your loss ratios have been a little bit fluctuating over the quarters. Right now that there has been a bit of an improvement. Going ahead, if you can give some color for the full year how we should think about this number where it can sustain? Same for OD; given that you are picking up on growth on the OD business and particularly private business in the mix, how confident would you be in maintaining this loss ratio? That is the first one. Secondly, in terms of the investment income, I just wanted to understand the yield that you have shown. R ealized return is fairly strong, slightly higher than what we have done in the past. Is there a certain tactical bet that have worked out which might not play out in the coming quarters? And what yield we can think about further going ahead on a normalized basis?