Shall we start with the question-and-answer session?

Yes

Thank you very much. We will now begin the question -and-answer session. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Shobhit Sharma from HDFC Securities Limited. Please go ahead.

Hi ma'am. Thanks for the opportunity. I have questions on your Motor line of business. We have been course correcting the Motor portfolio over the last two, three quarters we have seen. So, how long do you think it will take for us to course correct the overall portfolio? When can we expect the loss ratios to come down? And are there any plans to increase or reprice our OD premiums? And what is your sense on the overall competitive intensity in the industry as of now post the GST tailwinds which has come across the industry? And if you can highlight the mix of private car, commercial vehicle and two wheelers for FY26 and FY25. This is my first question.

We have just started this course correction in Motor from the second quarter of this year. And we have seen a very positive change in the portfolio composition for the current year.And we believe it will take another year before we are able to get to the right mix that we feel will work out for New India. And I think the overall ratio s will also show a reducing trend in the current fiscal. Now post the GST we have seen that the growth in the sales of Motor vehicles has gone up and it has reached normal levels which has been the case in the previous year and going forward we believe that we will be able to leverage on this growth and see that we grow in the segments that we want to grow in. Now with the private car percentage, So, we have a private car portfolio of 47.56, commercial vehicle 45.60 and two wheeler 6.79 for the current year.

There is a reduction in commercial vehicle compared to last year by one and a half percent. We have grown by four percent. Unfortunately, in the first two quarters for auto type we couldn't grow it but subsequently we have grown.

So, yes, we will be trying to get this mix more towards our preferred lines in the current year. So, does this answer your question?

What kind of optimal mix we are looking at? Are we looking to increase the two wheeler mix to double digits or we are looking to increase the share of private car by reducing the CV? What kind of optimal mix are we targeting?

Commercial vehicles wherein the CC is greater than 7500, we would not like to be much present in that segment. We would like to be in the lower than 7500 CC segment and also have a greater representation in the private car to improve the two wheeler to double digit selectively. And also geographically also across the country we have got different strategies for different vehicle combinations which we will be deploying this year. We already started that process. So, I think across the country it will not be the same. It will be different strategies for different geographies and on an overall basis we would like the private car and the two wheeler to dominate.

Are we looking to increase premiums on the OD side given we are experiencing higher loss ratios on that side?

It will also be linked with our strategies fo r this portfolio recalibration. So, basically we will be seeing that we go ahead with increasing our OD premium on the selected segments.

And how is the competitive intensity now? Is the payouts on the Motor side on the higher side or it has rationalized?

It continues to be extremely competitive.

And what about the discount? It has gone up or it has broadly remained stable?

No, it has gone up. It has been increasingly going up over every quarter in the last year.

Second question is on the commission ratio. We have seen your commission ratio has improved significantly this year. So, what has resulted or what has contributed to thi s decline? Is it the higher R.I. commissions or we have reduced the commission payouts which we used to do on our policy?.

Overall across many lines of business we have reduced commissions. Whether it is Health also we have reduced commissions. We have got increased R.I. commission also. So, the net commission has definitely been in our favor.

Can you comment upon the April renewals on the commercial lines? How is the pricing environment there? We have heard that on the pricing side again the discounts have increased. So, how are we looking forward for the rest of the year? So, any comments on that piece?

Actually, I think commercial lines will continue to be competitive. And I think we will h ave to see how we meet up with the competition the rest of the year, where our selected segments are. We will have to play around with the commissions. We will have to play around with the payouts and give more payouts in areas where we want to get the be tter benefit of the portfolio. So, we will be dynamically changing the pricing and the strategy accordingly.

How should we think about the overall growth for FY27? Should we see a muted single digit kind of growth or should we expect a higher growth for New India? Specifically , the Motors segment if you can comment upon. Last question is how much was the capital gain which we recognized during the financial year?

The growth will definitely be there. Because I thi nk next year the growth will continue to be very bullish. It will be double digit for the industry. And so it will be for New India also. On Motor, I think it will be a single digit growth. We will not be very aggressive on Motor. We will have a single digit growth. And we will see that we focus more on the profitability. The capital gain is around INR 5477 crores.

This is for the year? Yes, for the year. Motor is roughly around 20-30% of your overall portfolio if I look at it.

Around 25%.

Yes, 25%. So, you mentioned it. So, overall growth would be in double digits for you?

It would be a single digit for Motor, double digit for the entire book.

Okay. So, which s egments are we looking at for the higher growth? Will it be driven by the health segment?

Yes, it will be driven extensively by all retail segments. It can be Health, it will be the Fire, engineering, all the retail lines. Whether it is liability, miscellaneous, credit surety bonds, all of this. And it will primarily be pushed up by the Health Retail segment. That will be the focus area.

Thank you. The next question is from the line of Vansh Jain, an Individual Investor. Please go ahead.

Hello. Good afternoon, ma'am. Thank you for the opportunity. So, my question is, Health and PA now contributes nearly half of the company premium mix. So, going forward, what growth and profitability we can expect in this segment?

Yes, Health and PA totally contribute around 47.5% of the whole book. And going forward also, because this is a segment in which awareness is very high among customers , there is a pull towards buying insurance and therefore, we see that the growth will continue to be high. And this is also propelled by the 18% GS T tax waiver. So, we see a lot more interest in individual Health policy purchases, which will also be a preferred segment for us.

And like what profitability we can expect in this segment?

We have reduced the ICR this year by 2% and also brought down the commission ratio. So, therefore there has been a big increase in the profitability for this segment from the way the company has operated this year and will continue to do the same in the future.

And in this year, which business segment contributed most to the premium growth?

It was the health segment. It was the health segment which contributed the most. 66% of our overall growth this year was from Health followed by 25% from Fire and the rest from liability, surety bonds, etc.

And excluding crop insurance, the miscellaneous segments reportedly grew by approx. 26%. So, which sub segments are driving this growth? Excluding crop insurance, the miscellaneous segments grew by approx. 26%.

It's driven by engineering, liability, surety bonds, all these segments.

Thank you. That's it from my side.

Thank you. Thank you. The next question is from the line of Nishi Vyas, an Individual Investor. Please go ahead.

Hello. Thank you for the opportunity. So, I just wanted to understand the company has continued to outpace the industry gr owth during the Financial Year 2026. So, just wanted to understand how sustainable is this market share gain? And apart from that, are we expecting it to increase going further?

It is very much sustainable and this has not been a random aggressive growth without strategy. This has been a strategic growth in areas that we want to grow in. And because most of the growth has come in from the retail segments where we put our entire focus on. And this is in line with the with the penetration agenda, with the insurance for all agenda for the country, wherein almost 98.9% of the entire insurable interest lie uninsured. And therefore, the thrust for New India has always been to insure new assets which have not been insured before, or which have been underinsured before. And therefore, a lot of this growth is yet to come. Industry has just opened up and growth will be in double digits in the next few years.

All right. So, as you mentioned that there is a lot of penetration and the re is a lot of scope for growth going forward. Just wanted to understand the kind of opportunities we might have with the increase of government focus on MSME and financial inclusion. So, what kind of growth are we expecting from Tier-2 and Tier-3 expansion?

Yes. So, the Tier-2, Tier-3 hinterlands, these are the places wherein the government also wants that financial inclusion should be there and insurers should focus more. I mean already there are regulations which ask us to put in our attention on rural and other areas. Going forward, all insurers are working to get into Tier-2, Tier-3 towns. And that is where I think the bulk of the population that really requires this inclusion is there. And this is what will make the entire ecosystem more sustainable because when we get more new -to-insurance assets into the financial inclusion ring, then you will find that the capacity available will be used judiciously and the pricing will also become more affordable making the sustainabilit y aspect that you asked before also possible for us.

All right. So, ma'am, apart from this, also with the kind of growth that we are expecting going forward, how are we going to maintain the underwriting discipline as well at the same time?

Yes, underwriting discipline is something that we already have guidelines and most of our guidelines are released by the HO, the head office controls it and it is sort of passed down to our offices down the line. If there are changes, they are monitored. There is strict periodical monitoring of the guidelines. If there is anything that is out of line or any such case comes up, it is handled very strictly. And therefore, underwriting discipline has always been maintained from the beginning. And I think going forward also it will be absolutely no issue to maintain the same. In fact, there is increased monitoring and increased corporate governance, as I already said, towards qualitative impact that we have on the company's balance sheet, on our investors and also on the customers when it comes to promise on what we deliver by way of terms and conditions in the policy. So, the promise to deliver is at the forefront of everything that we do. And therefore, the price that we charge, the prudence, the underwriting discipline is of prime importance. We understand that and we implement that also.

All right. Okay. That's it from my side. Thank you. Thank you.

The next question is from the line of Rahul, an Individual Investor. Please go ahead.

Good afternoon, ma'am. Thank you for this opportunity. So, my question is that when we say that NIACL is the largest General Insurance in India, let me go back in the past. In 2008 and 2009, our market share was close to 19%. And in 2010 and 2011, it was reduced to 16%. 2017- 18, we were below 15%. And currently, from 12.56% to 12.74%. So, from 19% to 20% market share, now we are at 12.74%. Any comment on that? And if we are going with this trend, I can see it will go below 10% also. It's not a growth. I can see it's a de-growth in the last 15 years. It has reduced drastically.

Yes, when you talk about growth, it's also in context with the environment. And in the ecosystem. Now, when you look at 2008 -09, the number of insurers that were there, private come public, was almost in single digits. And then when you go towards this 10 - 11, and 17 - 18, and it slowly built up. Today, you have close to 29 insurers. And many of them are state-of- the-art insurers who have no legacy or any, or even experience to carry the business. They just do it on the backbone of digital technology. So, with all this, with the digital technology coming, and the insurance because the premium kitty having grown, I think from, what was it in 2008- 09?

2008-09, we were at 19%, 19% to 20%.

Yes, we were at 19%, but the premium kitty itself was very small. From there to today, we are at INR 3.36 lakh crores. I mean, we have grown multifold. And at 12. 74% of what i t is today, INR 3.36 lakh crores, that is INR 42,822 crores, is what we write on domestic. In 2008 -09, we were talking of something like less than 10,000 for that number. So, we have grown 5 times in this space. And that speaks for itself. When we speak of growth, you have to see the relative growth of the number of competitors, the kind of regulations that have come in, the kind of technology that has creeped in, the obsolescence of technology as you go day-by-day, and the kind of challenges that we have had to encounter, and leapfrog to see that we are where we are. And I think we are doing very, very well for that. I mean, I don't think even any of the private sectors can talk about anything like this on a market share basis in a 10–12 year horizon. The way we have done. In 2008-09, we were at 6,400 total business. And today, we are at INR 42,822 crores. So, it is totally unthinkable. 7 times we have grown.

Thank you. Ladies and gentlem en, as there are no further questions from the participants, I now hand the conference over to management for closing comments. Thank you.

Thank you, everyone. Before we conclude, I would like to extend my sincere gratitude to all our stakeholders for joining us today and for your continued confidence in New India Assurance. Your support plays an important role in strengthening our resolve to uphold the highest standards of service, governance, and operational excellence. I would al so like to acknowledge the unwavering commitment of our employees across India and our overseas offices, our agents, our brokers, and all our stakeholders. Their dedication and professionalism continue to be the backbone of this institution, enabling us to serve millions of customers with consistency and care. Most importantly, we remain deeply grateful to our policyholders who have placed their trust in New India Assurance for over 107 years , and we have also delivered on their trust by being consistently voted as the “Best PSU for Customer Grievance Redressal” for the last six months. The confidence of our customers inspires us to continually improve, innovate, and deliver on our promises with sincerity and accountability. As we move forward, the management team and I reaffirm our commitment to sustainable growth, prudent risk management, and consistently enhancing our service standards. We will continue to work towards strengthening our operational capabilities, enhancing our digital initiatives, and contributing meaningfully to the development of the insurance sector in the broader economy. Thank you once again for your time and participation. We look forward to your continued engagement to the furtherance and well-being of your company. Thank you.

Thank you, ladies and gentlemen. On behalf of New India Assurance Company Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines.