Submission Details
• Date of submission: August 1, 2024
• Earnings call date: July 26, 2024
• Participants: Chairman Kamesh Goyal, Managing Director Jasleen Kohli, CFO Ravi Khetan
• Hosted by: ICICI Securities
• Transcript availability: Company website
Financial Highlights
• Gross return premium: INR 2,660 crores (22.2% YoY growth)
• Market share: Approximately 3.6%
• Claims processed: 3,500 to 4,000 daily; over 21 lakh claims settled
• Net earned premiums: INR 1,824 crores
• Profit after tax: INR 101 crores (first three-digit profit in a quarter)
• Solvency margin: Improved to 2.17
• Growth areas: Significant in health and travel insurance; slight decline in group health insurance
• Investment income: Loss of INR 19.5 crores due to strategic asset allocation shift
Operational Insights
• Loss ratios: Consistent over nine quarters with minor fluctuations
• Technology advancements: 140 new APIs facilitating two-thirds of policy issuances
• Financial reporting: IGAAP results subject to limited review; full IFRS results audited at year-end
Q&A Session Highlights
• Impact of Direct-to-Consumer Players: Goyal noted challenges in maintaining competitiveness without compromising loss ratios.
• Motor Third Party Business: Acknowledged cautious approach due to profitability concerns.
• Profitability Metrics: Variability based on acquisition costs; specific ROE figures not provided.
• Claims Environment: Increased claims incidence noted; challenging market conditions for Motor TP.
• Growth Strategies: Interest in B2B segments like fire and liability insurance.
Market Trends
• Claims patterns affected by climatic changes; stable motor claims.
• New car sales stabilization contributing to renewal base growth.
• Group health and personal accident insurance growth driven by institutional partnerships.
Future Outlook
• Product mix: Continuous evaluation of new categories (e.g., cyber and pet insurance).
• Investment strategy: Plans to increase equity exposure; cautious approach to crop segment growth.
• Expense ratio improvements linked to product mix and cost management.
Conclusion
• Goyal emphasized ongoing growth potential and competitive advantages in underwriting and retention rates.
• Acknowledged room for growth compared to larger competitors.
• Call concluded with gratitude and an invitation for the next quarterly call.

Submission Details
• Date of submission: June 21, 2024
• Earnings call date: June 14, 2024
• Hosted by: ICICI Securities
• Key participants:
• Kamesh Goyal (Chairman)
• Jasleen Kohli (CEO)
• Ravi Khetan (CFO)
• Compliance: SEBI regulations
• Transcript availability: Company website
Company Performance Highlights
• Premium income: Over INR 9,000 crores, 3.1% market share
• Claims settled: Approximately 20 lakh, averaging 80,000-90,000 monthly
• Assets under management: INR 15,700 crores
• Net earned premium: Doubled from FY '22 to FY '24
• Premium retention ratio: 85.8%
• Combined ratio for FY '24: 108.7%
• Profit: INR 182 crores for the year, INR 53 crores for the quarter
• Solvency ratio: 1.61
• Strategic review of unprofitable segments, particularly in third-party motor insurance
Loss Ratios and Underwriting
• Quarterly fluctuations: Not a major concern due to seasonality
• Impact of INR 70 crores on property and engineering sectors
• High net earned premium mitigated overall loss ratio impact
• Cautious underwriting approach to manage NAT CAT risks
Technology and Reporting
• API integration: Doubled in two years, 51% of policies issued through APIs
• Reserving practices: Adequate reserves across various lines of business
• Upcoming IFRS earnings reporting: Commitment to quarterly reconciled results
Investor Inquiries
• Health insurance segment: Majority in group health, considered loss-making
• Solvency ratio post-IPO: Expected to exceed 200%
• Combined ratio guidance: Not provided due to market dynamics
• Distribution mix: Channel-agnostic approach, adapting to market changes
• Motor business complexity: Focus on profitability across segments
Strategic Focus
• Cautious approach to motor third-party insurance: Recent decline noted
• Support for de-tariffing: Acknowledgment of unsustainable losses in the industry
• B2B business strategy: Combination of relationships, risk understanding, and reinsurance capacity
• Commitment to long-term profitability over aggressive growth
Closing Remarks
• Gratitude expressed to participants for their support during the IPO
• Assurance of the company's commitment to earning investor trust
• Call concluded by the moderator from ICICI Securities