Life insurance margin compression from regulatory changes
New surrender value regulations could impact traditional product margins by 150-200 bps, though management expects to mitigate through commission realignment.
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Material risks this quarter
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Unsecured loan asset quality pressure
Stage 3 in unsecured business loans inched up due to denominator effect; management noted it is stable but remains a watch area.
NBFC ROA target of 3% may be delayed
Current ROA of 2.41% is below the medium-term target of 2.7-3%, and product mix shift could delay achievement.
Banca channel growth dependency
Life insurance growth was impacted by muted performance from one banca partner; new tie-ups may take time to scale.