Thank you very much. The first question is from the line of Avinash Singh from Emkay Global. Please go ahead.

So my first question is on retention that you explained in detail. Yet I needed some clarification because the 65% retention, I mean, it's pretty kind of low and particularly in your context because traditionally, you have been highlighting our strategy is to retain more, I mean because you have the understanding of a risk and you have capital. So this is going down. And even if you were to kind of consider that, okay, nearly 20% of fire is almost totally kind of ceded, yet it seems that the retention has gone down or cession has gone higher in other segments. And on this, I mean, in the case of that higher reinsurance cover, typically, one would have expected that commission expenses to be lower. But the commission expenses are still staying higher. So if you can sort of try to explain has commissions gone higher in certain segments? Or how are you sort of accounting th e inward commission -- I mean efficient commission, so basically the higher reinsurance, its impact on commission and how are sort of accounting? And particularly, have you changed kind of a rete ntion in motor OD and TP? So this is basically question number one. Secondly, more on sort of a strategy. I mean, of course, motor TP you have been writing profitably, but at the same time because of no price hike and all, you have been kind of also voicing that now kind of with the claim inflation continuing the kind of -- the prices are getting gradually inadequate in many lines, not all, but in many lines. But now you have kind of an accelerated rising motor TP. And again, we have seen no price hike. And yet, I mean that your claims ratio is increasing, but not typically what I would say, a typical claim inflation would be closer to 8% - 9% kind of a thing in motor. Yet, I mean, without price hike, your claims ratio increased, at least at this point looks lower. So what sort of a strategy on motor TP that's working right now? So these are my two questions.

Thanks, Avinash. So first of all, there is no cession to reinsurers in motor. As I explained earlier, the commission ratio has increased essentially due to increase in 2 -wheeler business. As you know, and you can see our 17th of February, where we have sho wn how increase in 2-wheeler business impacts your expense ratio because 5 -year premium earning or in the first quarter is very little while the expense of 5-year commission gets expensed out. So if you look at that 17th February '25 example, you'll be able to see what impact it has. And I have also explained that our 2 -wheeler component in overall motor business has increased to 31%. So that is on commission. Our strategy on retention continues to be what it is, which basically is to keep increasing retention over a period of time. Now what has happened, as I explained to you that there was a INR 2,000 crores claim of fire business in the first quarter. In '23, '24, we had also received a claim amount. Now I don't remember the exact, but in '23, '24, we had also received a claim of about INR 400 crores where we had, I think, 50% share. Our fire premium, again, going by my memory was about INR 800 crores that year. And 50% means INR 200 crores. So on claim took 25% of our gross fire premium. So when we write a corporate business and large risk, our objective is that 1 or 2 very large losses should not lead to burning of the treaty. You have to ensure that your treaty continues to be profitable. So because of this, and as I already said that in the first quarter, the fact that we grew by 40% and the first quarter is essentially about large corporate business, we got some very good and large shares as leaders. And otherwise in a lot of corporate accounts, and we felt that it makes sense for us to retain that business a bit less. As year passes by, the corporate business will reduce and more retail business will actually come up, which -- where we will have a higher cession. So there has been no change in strategy. And it's the first quarter. And you may want to look at -- I mean, as you track the sector very closely. How many companies will be -- have been able to increase the fire business by 40%. This will give you an indication that when large corporate business happens and you grow so fast, how do you diversify your book also becomes interesting. As for the TP, I think I have already said that our loss ratio is the same as last year. And in terms of absolute reserve release, there is actually no difference. It's exactly the same amount as first quarter last year, which we have for first quarter thi s year. So reserve release is not, which has reduced our loss ratio. Lastly, I think everyone knows in the market, if we go back to January to March 2024, when we were actually doing the -- we just started doing the pre -IPO meetings. At that time, we had reduced the third-party market share quite a lot. Now again, last year, if you look at in the first quarter, the TP market share had actually reduced. Then over the period of time, we saw a bit increase in the TP market share. And this year, in the first quarter, we have been able to increase the book. And all this is based on our understanding of what our underwriting guidelines is. What happens in the market, we can't control that. But what we write is based on our understanding. As of now, we have neither relaxed on underwriting guidelines nor made them stricter. We continue to keep looking for opportunities in the TP business. And if we don't see, we actually degrow also in the TP business.

A quick follow-up if I may. You now -- your group, I mean, had you got also the reinsurance license. So now what is going to be the kind of inward reinsurance strategy at Go Digit? Does it remain unchanged? Or will large part of -- I mean, inward reinsurance will become a sma ller portion of your business at Go Digit?

So Avinash, we have 3 different CEOs, 3 different companies and 3 different set of shareholders. So I would expect -- we had a Board meeting today. I think our Board expects our management team to continue to look for opportunities in inward facultative bu siness because direct companies can only do facultative business. The reinsurance arm will have to focus on what they want to do. And our sense is that reinsurance companies focus more on the treaties. So first of all, we don't really see any competition. And secondly, as I said, all 3 companies are independent, different shareholders and different CEOs. I would -- Board, as I said, has not asked them to say that you should not do this or you should do t his because Board also -- each Board will look at what is good for that particular company. So just to conclude, we don't expect any change in the strategy by Digit General insurance and how they write business, whether Valueattics what do they do is up to them.

The next question is from the line of Supratim from AMBIT Capital.

My first question is on the combined ratio. Now I have to understand that you have indicated that we should not be looking at the IRDAI prescribed combined ratio. But even if we look at the combined ratio based on NEP, there has been a sequential increase in the combined ratio. Now I do understand that's happening because of the mix. But if I'm looking more medium term, wanted to understand that how are you looking at reducing this from -- on an NEP basis now around 110 to maybe around 105 or lower? What is the strategy? And how should we see that play out over the next 1, 2 or 3 years ? And if you could give us some color on that, that would be helpful. Now on the same question now recently, Allianz has formed or is in the works of forming a 50 50 JV on the reinsurance side with Jio. Wanted to understand that how does that impact some of Go Digit's reinsurance treaties or facilities that we have. And so i f you could give us some color on that, that also will be very helpful.

So thanks. So maybe let me answer the Allianz Jio JV, which is happening on the reinsurance side. I think they had informed us when the news came. They have told us that from their perspective, they would want to continue the relationship. And as we discus sed in February, March -- renewal of February, March '26, renewal for next year, we will sit with them and discuss. Having said that, our reinsurance arrangement with Allianz as a leader is for 3 years. So next year would be the third year in this arrangement. So ideally, based on the contract, neither them nor we actually can change anything. Based on what they have told us, our personal assessment is that reinsurance business would not really change our relationship with them in any manner. Lastly, I would also say that I think each year, and this year, I think, for example, in Fire, we have moved from 19% to 21% in retention. Every year, we plan to increase the retention. So over a period of time, which should not be too far in the future, w e should have the highest retention in fire business and lead reinsurer would at best be cooling to us. So no impact of that as of now. On the combined ratio, I think if you look at on the NEP basis, it has gone up slightly. And again, 2 reasons on Indian combined because if you look at IFRS, you can actually see our deferred acquisition cost has actually increased from INR 52 crores to INR 107 crores. But in this case, in NEP, why it has increased is, one, I already said that our 2 -wheeler business has increased a lot. This obviously increases the commission outgo. Claims have not really changed. You'll see that the management expenses have actually slightly reduced. And secondly, also, though it is only for first quarter, but a lot of corporate business is written on 1st of April. So when retention is less in the first quarter, still you see an impact of 3 months in the NEP calculation. Other than that, we have not re ally seen any real change. Lastly, to a smaller extent, our bancassurance business, which is attachment business, has also increased in proportion, which obviously also impacts cost a bit. So overall, this is really the answer to this. As you know, we don't really talk about what the future combined ratio, et cetera, is. But again, I think you have to really see what the play on the management expenses is. Commissions, we already said and I' ll maybe repeat. If you look at line by line commission ratio, say, of motor of other companies and on 17th of February, we had also declared this compared it with one of the companies. There's actually not much difference in acquisition cost of different companies. So loss ratio and management expenses is what is more in your hands. And there, you can see our trajectory of the last 2 years, 3 years whatever you may want to say. But thank you for the question.

Just one follow-up. So given Allianz will be the reinsurer, they would be getting the data from you. So how do you now plan to segregate that or keep that aside?

So I think we'll continue to send them the same data because data doesn't have any names. So nobody can identify risk as to which risk we are writing, which we are not underwriting. And as I also said, and maybe I should repeat that in our case, we decide what risk to write at what rate, et cetera. Allianz doesn't have any access to any of the data which we do. Secondly, I'll also say this, having worked this for a long, long time, if Allianz will tell us and they'll be happy to do this in writing that reinsurance and direct data is not shared, and I know it is not shared. And if somebody signs this as a part of the contract, we would anyway have no concerns. But as of now, we don't share with them any data, which is about individual risk and things like that. We are the only company where Allianz reinsurance is a leader. They have been with us from day 0. Our combined ratio has been very good. We probably would be amongst there. I don't have figures for others. But in Asia, we would be the top 2 or top 3 most profitable direct players. If I am on their side, I would actually be concerned that how do I retain Digit rather than being on the Digit side and be worried as to what they would do.

The next question is from the line of Prayesh Jain from Motilal Oswal Financial Services.

Yes. Sir, just one question on your -- the mix of 2-wheeler going up. Structurally, how has been the trend with respect to loss ratio of 2 -wheeler passenger car and commercial vehicles in the last 2, 3 years? There are various parameters around quality of vehicles going up, quality of roads going better, but on the other hand, the value of the vehicles have gone up, which would lead to higher claim costs. So just structurally, if you can help us understand how have things changed between 3 years back to today in different categories of vehicles?

Sure. Your voice wasn't too clear, but I think you want to understand as to how the mix change is leading to the change in the loss ratios, et cetera. So maybe I'll say 2 - 3 things. If we look at motor and if we go back 5 - 6 years before, motor was -- and some of this, I'm now giving -- not some, I'm giving all these numbers from my memory, so it could be a bit up and down here. Motor used to be 75% of our total premium. Last year, motor reduced to about 57%. Within motor of 75%, more than 2/3 of the business used to come from commercial vehicle. Now last year, I think we already said this, that our mix and this, again, I'm giving by memory was within motor was about 39% or 40% was private car. 29%, I think, was CV and about 29% was about 2 -wheeler. In the first quarter, as I already mentioned, 2-wheelers is 31%, CV is about 28% and private car is now the largest, 41%. And within that also, we also spoke about how industry mix is 40% OD, 60% TP. And for us, it is 37% and 63%. So there is not really much difference. Secondly, I'll say, within motor, we look at overall business. So where, as I already said in the initial remarks that when we are writing a comprehensive policy, we look at profitability of OD and TP combined. And we look at loss ratio plus commission ratio at all times from an ROE perspective. So we don't really drive only loss ratio. We will not only drive only commission. We look at a combination of both and then look at what makes sense from an ROE perspective. As for other lines of business, I think if you look at the last 6 - 7 years of our fire and other lines loss ratio, you will actually see that loss ratio is very steady. And even if for last year, though last year has not fully matured, even if you look at last year with the premium rates, et cetera, had fallen, our loss ratios are pretty okay. Health loss ratios had gone up 23 - 24 and which reduced last year. And as I already said, if you look at our mix of retail and group, we should be amongst the best companies even on a health loss ratio. So this is something which one has to look at on a continuous basis from an ROE steering perspective. I think predicting loss ratios in the future is like predicting the stock market. I think we don't do either. We don't predict either the loss ratios or t his. But our focus is to deliver a decent ROE to our shareholders. And you can actually see how we can move -- our company can move from fast growth if we see opportunities on a quarter -to-quarter basis. And commercial line is a good example in the first quarter. If motor opportunity comes, in the past, you have seen us when nobody would write TP that we would write a lot of TP, when everyone started writing TP, we let go TP also. So we don't have a strategy to say we will do this, we'll not do this. Our strategy is wherever we see opportunity, we'll go whole hog. If we don't see an opportunity, that is fine too. We go and find it somewhere else. And despite all these circumstances, we are still able to grow more than the industry.

Perfect. Sir, my second question is in the Health segment, where you alluded to the fact that the pricing semblance has to come back. But has it come back? And do you think that it would be like this year, given that EoM regulations are still yet to be met this year, the pricing pressure will continue and probably early next year, the pricing semblance might come on the group health pricing.

Sorry, we've not been able to hear you at all in this. What exactly -- maybe I don't know if you're speaking too close to the microphone, but your voice is echoing when we're hearing.

Yes. So what I was asking was, sir, in the health loss -- in the health segment, you alluded in your opening remarks that the semblance has to come back in terms of group health pricing. Do you think that this is still a year away or at least this year, you might not see that given that EoM regulations are still yet to be made by quite a few companies and only next year, probably we will see some semblance coming to the pricing? Or how do you see the trends happening then?

So as I said that companies which were aggressive last year are not aggressive this year. Secondly, honestly, we don't really try to guess this because we are continuously quoting for this business. The day our conversion ratio starts going up, we know the re is some improvement in the market in terms of pricing. Our number of quotes we are giving, the premium for which we are quoting all of that is on an increasing trend. The only trend which is reducing is conversion ratio. And as pricing increases, the conversion ratio automatically improves. And that will be a clear sign to us that the market is turning. So instead of actually thinking about when will it change and try to predict, we just keep quoting. And whenever market improves, we start seeing growth.

Right. But we haven't seen any trends reversal in your conversions yet, right?

As I said, 1 or 2 accounts we have seen, but broadly, no.

The next question is from the line of Nidhesh Jain from Investec.

The first question is again on retention. So you mentioned that some of the business that we retained last quarter, we should have ceded and we ceded that in this quarter. So can you give some more context to that? And secondly, why are we ceding the 2-wheeler business that I think is quite granular, and we can keep that on our balance sheet?

Nidhesh, I thought I said that in motor, we have not done any reinsurance. So I don't know where did you hear that we have done reinsurance in 2-wheeler business. Again, just to repeat, we have 4% cession in Motor to GIC, the rest we retain. So no change in strategy on that at all. On the corporate side, I also tried to explain that when you get -- and I'll take now, say, specific example, obviously, no names. So this year, we have written, say, a lot of power plants, some as a leader also. Now in power plants, fire risk, if it's a thermal plant, et cetera, fire risk could be a bit less, but you could have always machinery breakdown claims. Now we have seen a lot of this machinery or turbines are manufactured by one manufacturer in India from or they're imported from one particular country. Any delay in spare parts, things like that can significantly increase your loss. So as I explained that in case of Digit also, we saw INR 400 crores roughly claim in '23 - '24, our retention was 50%, it was INR 200 crores claim. One claim, which was equivalent to 25% of the yearly fire business. Now when you look at diversification, you also have to see it from a reinsurer's and treaty perspective that 1 or 2 large claims don't burn you. The slowly and steadily more experience you get, more you try and diversify the book. Now I also said this year when the fire growth for us is strong, we also have got larger shares in some of the risk. And we decided that in the -- due to the risk diversification, it will be better if we retain less. I also said that, Nidhesh, that as we go forward, our expectation is that our retentions will increase. We would expect us to definitely come back to last year's retention because overall, our retentions have increased by 2%. And if retail business proport ion increases, then the retentions will further go up. So this is just 1 quarter, which it is happening. Now what exactly we cede and what our philosophy is, as I said, it's just based on diversification and not taking a concentrated bet on a risk to maximize your reinsurance commission because as everyone knows, that our treaties are fairly large in terms of capacities, they are fairly flexible in terms of underwriting guidelines, et cetera. So we, from day 0, our philosophy has been to try and preserve this flexibility and the size of our treaty capacity, which, as I said, again, we increased this year. I don't think any -- amongst the large players, anyone would have increased and not to go for maximum reinsurance commission. That is not part of our strategy.

Sure. Understood. Second question is on EoM limit. So with the rising share of 2 -wheeler and strong growth in 2-wheeler business, how should we see the EoM limit, which I think we have to comply by the end of this year?

So on the EoM, I had tried to cover this in my first call, and I'll repeat some of the things I said. First of all, I think the intention of IRDAI is to reduce the cost of insurance, which overall cost of insurance for customer is very, very good. The idea , their objective of bringing EoM guidelines was to reduce these expenses. What we have seen in the last 2 years is that overall expenses have actually gone up instead of going down. The challenge is essentially in each line of business because even if you look at larger companies last year, almost all of them would have seen a decent increase in their expenses of management, and you should look at top 4 companies to see that they also saw increase in their overall EoM. Digit probably would be one of those exceptions where the overall EoM went down. The challenge is that present EoM is on overall business. If it becomes for each line of business, then the impact of guidelines will be there. As far as Digit is concerned, in the glide path, I think we had given the full glide path, Nidhesh, in the first quarter or first year and second year. We also know that in the last year from post October, the calculation for GWP was also changed. Now we'll again brief you on how we are going on the EoM on that basis. And on management expenses, we are the industry best. So it's not that we are spending money on ourselves. Commissions are driven more by the market. And as I said, IRDAI, my assessment is IRDAI will not let the present guidelines to be in this shape, which have increased the overall EoM. My sense is 2 years have happened, they will see what is happening, and they'll take corrective steps to achieve the objective of reducing this. Purely, purely in Digit, we had said this also in umpteen times. Management tells the Board that they don't write any business purely from an EoM perspective if it is loss -making. If it is profitable, they definitely write that business and whatever the market commission is they pay that. So EoM as of now, from a business sharing perspective, it's not in this shape. Management team is definitely under, I would say, strong guidance of the Board that the management expenses, which is in their hands should not increase. So that is something which has to keep reducing. Where, I think, as I said, our management team has demonstrated in the year 5 or year 6 when the EoM guidelines came and the management expenses and acquisition costs have become separate that our company has the best -in-class management expenses and EoM i ncludes the both.

The next question is from the line of Dipanjan Ghosh from Citigroup.

Just a few questions. One, on the retail side of the businesses, if you kind of go line by line across products or channels and then look at the gross commission ratio on a more sub -segmental or sub-channel basis, how are each of these channels or product segments behaving in a more granular fashion? And are you seeing improvements in the overall commission ratio numbers across the industry in any specific product or distribution cohort out there? Second, on the group health side of the business, two questions; one, if you can give some color on the piece of business between larger corporates and smaller corporates, where it's the competitive intensity still elevated? And you mentioned on the benefit -based business is doing well, if you can just quantify the growth numbers? Those were all.

Sorry, growth number for what, Dipanjan?

For the bank based -- I mean, the defined benefit business on the bank channels.

Sorry, your voice is not clear, Dipanjan.

Kamesh, sir, I basically was trying to understand the growth in the non -employer-employee group health business?

Sure. Sure. So non-employer-employees roughly about 20% of our group business. And there, the growth rate is, I would say, significantly more than the employer-employee, which is actually de-growing. Secondly, on the small corporate and large corporate, we are growing on bot h, Dipanjan. But retail business is a lot more fragmented. It comes every month. We had started seeing decent increase in conversion ratio in retail already from January. But this increase will happen over a period of 1 year. So as the pricing came within our range or risk appetite, we started seeing significantly higher increase in case of retail property business or retail corporate business. Larger corporate obviously is more driven around first quarter. As for commissions, et cetera, I think at a broad level because each -- even within the motor or retail lines, 2-wheeler, commercial vehicle, within commercial vehicle, goods carrying, auto rickshas, all of that have very different dynamics. What we can say is that commissions are quite high in motor business when it comes to, say, auto rickshas or it comes to school bus or it comes to, I would even say, goods-carrying vehicles up to 2.5 tons. But commissions on comprehensive high tonnage vehi cles. So if you go above 40 tons, comprehensive cover for goods-carrying above 40 tons. We have seen a bit of a pullback in that. But you could also have some geography-related issues there. But Dipanjan, all this has been happening for some years already, and this is what the way forward is. So when we think about the business, whether it is motor or retail non -motor also, especially commercial lines, fire, engineering, et cetera, we obviously try and steer it based on what our preferred risks are and for each risk, what the expected loss ratio is. And if you add loss ratio plus commission where you are likely to lead. Now we have seen some increase in some cases, where I think things have started coming within our band, and we are seeing growth. And while at the same time, in TP would have degrown in 1 or 2 segments also, where market maybe became a bit more aggressive compared to where we are. So this is something which will keep happening. But again, going back by my sense is for 3 years, there has not been a meaningful increase or no increase at all in third-party business. So companies which had become aggressive in TP business, at this stage in '21, end of '22 - '23, my sense is sooner rather than later, as their losses start developing, I would expect in the next 12 to 18 months, some semblance of this has to come. Last year, I think a couple of companies have seen reserve strengthening in TP. And as we go forward, I believe this year, one company has done it in the first quarter. So as we see some of these trends emerging, my sense is people will start realizing and taking corrective action on the TP business also. Exactly when? I have no idea.

Sure. Sir, if I can squeeze in one small follow -up. The reason I ask sub -segmental and sub - channel is when the public projects will be out in some time, is it fair to assume that on a Y -o- Y basis, your gross commission numbers or margin is looking down?

Gross commission numbers are down.

Flattish to down?

No, sir. Sir, I was asking that on a Y -o-Y basis, if I compare 1Q to 1Q. Is it fair to assume that your gross commission ratio is flattish to down?

No, I think you should again see it on each line of business. The results will be up soon. My sense is that in motor, and again, I'm not seeing it line by line, it's not right now with me. In motor, it might have increased because of 2 -wheeler mix. And Dip anjan, you might again remember, this was discussed on 17th of February, the 2 -wheeler typically has the highest commission ratio than CV and th en private car. So as this mix changes, that will also change. But this again has to be seen in line with the loss ratio. In our commercial business, though the premium rates have increased compared to last year in fire, engineering, et cetera, overall, I would say the commissions wouldn't have increased much. 1% here and there could happen, but we have not really seen increa se in commission because reinsurance commissions, et cetera, for the industry have been more or less flat. Maybe we can take one last question, Ansuman. If somebody else has a question.

The next question is from the line of Divij Punjabi from Banyan Tree Advisors.

I just had two questions. One was on the side of investment philosophy that we have in the equity investments. So just wanted to understand how we think about equity investments as this has increased as a percentage of the overall investment book? And second is, I think in the last few quarters, we had mentioned that in the commercial lines of -- other commercial lines of business, we are experimenting in certain new lines. So just wanted to understand the strategy over there medium to long term. And if you can just comment on what is driving growth over there?

Thanks, Dinesh. So in investment equity, we feel that taking equity to 10% of the asset allocation is definitely desirable. And if you would see from December 31, 2024, our equity allocation, if I remember often, was about three point four - three point five percent. This increased to 6.4% as of 31st March. After 31st March in this quarter, our overall assets have -- AUM has increased, but the asset allocation has remained more or less stable, so 6.4% and 6.3%. But 10% is something which we definitely want to do. I had also suggested that why -- what is the pros and cons one will have to look at when you go beyond 10%. And the idea is if you prepare for a stock market, if it drops by 20% - 25%, the losses will pass through your solvency. So if you go above 10%, then you should be prepared to have -- hold a lot more capital to maintain that volatility. And beyond 10% - 11%, one will have to look at what the play will be on excess capital, which you will hold and how this will impact your ROE. Lastly, I think as philosophy on equity is that equity is cherry on the cake. It is not the cake for us because we are not -- nobody is giving us money or capital to run an alpha sort of a scheme. What we are trying to do is run an insurance company. If equity and debt have a difference of 5% over 5 or 10 years in terms of yield, and we are at 10% in terms of our asset allocation, it can give us 0.5% additional yield. That is how we look at equity till 10%. Once we reach that number, then obviously, as I said, we'll revisit as to what the capital requirement is and what our expectation is. But as of now, that is how we want to see our investment philosophy. On the commercial lines, I think right now, we are writing fire, engineering. Engineering is essentially projects where we are seeing good traction in power projects a bit on the roads, but not much beyond. The third is marine, where I said this book is not really growing much. Fourth is liability. Liability is something which we are growing well in terms of D&O, cyber, public liability has become compulsory. There were some changes in the Public Liability Act, a bit on the surety bonds. So this is something which we are already doing on this. So our focus is to really drive this commercial line. We'll take -- thanks, Dinesh. We'll take last question. I think Sanketh has messaged that he has a question. So we'll take from him as the last question. And please be in touch with our Investor Relations team. We'll be happy to answer any questions that you may have on the results. Sanketh, you may want to go ahead.

The last question is from the line of Sanketh Godha form Avendus Spark.

Kamesh, your absolute opex, if I see outside commissions, it has declined by 10 percentage year- on-year. I just wanted to check whether there is still juice left over to optimize on the non - commission opex for you because there is a huge divergence, 12% growth and 9%, 10% decline in the opex. So just wanted to understand how much juice is left over and what impact it should have on improvement in the overall going ahead? So that's one thing. And the second question I had is on the reinsurance accepted number. See it grew by 47 percentage to INR 475 crores. Just wanted to understand the color in which of these segments have grown, whether it is the same or higher? Or there are other opportunities which led to this growth? And given in second half, last year, you did a lot of help in reinsurance ac ceptance, whether it can -- and also to some extent whether those numbers can be repeatable for the full year onward? Those are two my questions.

Thanks, Sanketh. On the management expenses, if you look at when the growth is coming due to price hike, so basically, in commercial, if you see in fire business, and I'm just giving a number. This is -- the premium rates would have gone up by between 15% to 20%, for example. So your management expenses have actually not increased, but the price increase has happened, this obviously will reduce the management expenses. And if the same thing happens in motor, the same thing will get repeated in motor also. So whenever the price hike happened, good companies should see reduction in the management expenses. Secondly, and I think I'm looking at a CEO also saying this, I think, management expenses are a bit high. So they should reduce it further. But on the other point which was relating to reinsurance accepted, et cetera. What happened is when the premium rate s go up, so suppose last year, there was a risk with a premium rate of INR 100, now we were accepting 10% of that, say, which becomes INR 10. Now our capacities have gone up this year. The risk is good and the premium rate now has become instead of INR 100, say, INR 125 or INR 120. And we have actually taken instead of 10%, 12%. So the premium has actually increased by 40% in that risk because of the increase in premium rate and increase in capacity. So that typically will play out more on the property side in this. But as we go through our results in detail and go line wise, et cetera, we can -- we'll be happy to have a discussion around that. Fundamentally, there has not been any change either in our reinsurance acceptance or in our reinsurance cession at all. I would just request everyone to just keep in mind when you grow so fast, especially in 1 quarter, which is coming from large corporate business. And you know that getting entry into large corporates becoming leaders is not easy. In fact, some of you in our discussion have said that you feel how a new company can go and become leaders in that. So all this actually is showing that we are really getting into this. My personal -- and this is no guidance, my personal wish is that this year, we should be a top 10 insurer even in fire. There's no reason for us not to be in the top 10 in gross written premium, high time, I think, for us to get in there and I think Jasleen is listening to this.

Sure, that answers my question. Thank you very much.

Thanks, everyone, for joining the call. I appreciate your time and patience, and look forward to continuously staying in touch. Anything else you want us to do on the IFRS results, I don't want to take a name, but somebody -- one of the people had -- analysts had said that we should share more information. Anything you feel we should be doing, you can rest assure that we'll include it in our second quarter itself. Transparency is our core value, whatever we can talk -- give transparency in our results, we'll be more than happy to do that. Thanks again for joining us. Good night.

Thank you. On behalf of ICICI Securities Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.