S Sreenivasan

We are using this opportunity on Team AI and BFL in looking at our OpEx cost in Band-Aid and the margin profiles, restructuring the business on different charges.

We believe in the long run, the life business is all about balance. Balance across distribution between channels, balance across products in terms of risk between par, non-par savings, term, and ULIP, and balance between profitability and growth.

We have built two solid businesses in life and general insurance business, and we have always held some focus on equity stake, and this will continue to be, Bajaj will continue to be the dominant shareholder in this business, in the times to come.

We do not believe such claims are recurring in nature, but it so happened in the Q1 of the year, but hopefully they will not recur in the next remaining three quarters.

Our margins have been consistently expanding over the last 4-5 years, from 7% in FY 2019 to 15% in FY 2024. The changes in regulations in the short term may temporarily impact the margin expansion.

Bajaj continues to balance growth with profitability and consistently delivers a superior combined ratio versus the industry.

In insurance, you always do business on expectation of profit. If I definitely know that I'm going to lose money, I'll never do that business.

The company's goal is to grow its NBV. End of the day, we should grow our margins at least at the same rate as IRNB or better if we can.

We have transformed the company from where it was, from a negative margin to a fairly healthy double-digit margin. We have some way to go, and over the next few years, you will see this playing a lot more effectively.