New India Assurance Company Ltd — Q4 FY26

New India Assurance Company Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=_RCF-FFBrpE Published: 1 hour ago

0:00 Welcome to the conference call of the new India assurance company limited arranged by concept investor relation to 0:07 7 seconds discuss this Q4 FI26 results. We have with us today Mrs. Gera Subramanyan chairman from managing director Mr. S. 0:16 16 seconds Shivashankar executive director general managers and chief financial officers among other esteemed management members. 0:24 24 seconds At this moment all participant lines are in the listen only mode. Later we will conduct a question and answer session at that time. If you have a question please 0:32 32 seconds press star and one on your telephone keypad. Please note that this conference is being recorded. I would now like to 0:39 39 seconds hand the floor over to Miss Mrs. Gera Subramanyan chairman managing director. Thank you and over to you ma'am. 0:47 47 seconds Good afternoon everyone. I'm Girija Subramanyan chairman come managing director of the new India assurance company limited. I warmly welcome all of 0:56 56 seconds you to this earnings conference call to discuss our financial and operational performance for the fourth quarter and financial year ended 31st March 2026. 1:08 1 minute, 8 seconds Joining me on this call are Mr. S. Shiv Shanka, executive director, our general managers, chief financial officer and other senior officials of the company. 1:19 1 minute, 19 seconds joining. Before I begin, I would like to express my sincere appreciation to our shareholders, investors, policy holders, 1:28 1 minute, 28 seconds analysts, and all stakeholders for their continued engagement and support throughout FI26. Their continued 1:35 1 minute, 35 seconds confidence reinforces our commitment towards responsible growth, operational resilience, and service excellence. We 1:44 1 minute, 44 seconds continue to maintain strong financial credentials reflected in its crystal AAA stable rating which represents the 1:52 1 minute, 52 seconds highest level of credit quality. During the year, AM Best also revised the company's outlook to positive by 2:01 2 minutes, 1 second reaffirming our financial strength rating of B++ good recognizing the continued strengthening of our 2:08 2 minutes, 8 seconds enterprise risk management framework, internal systems and governance processes. New India assurance continues 2:15 2 minutes, 15 seconds to be identified by IRDI as a domestic systematically important insurer consecutively for the fifth year 2:24 2 minutes, 24 seconds reflecting the company's scale, market significance and systemic importance within the insan insurance sector. 2:33 2 minutes, 33 seconds So as we navigate through FI2526, the Indian economy continues to be a beacon of resilience projected to 2:42 2 minutes, 42 seconds maintain a robust growth of approximately 7.5% driven by strong domestic consumption 2:49 2 minutes, 49 seconds and a revitalized MSME sector. for the insurance landscape this year marks a historic inflection point driven by the 2:58 2 minutes, 58 seconds SKA vima sapki amendment act 2025 which has ushered in 100% FDI and significant 3:07 3 minutes, 7 seconds regulatory relaxations propelling us towards the vision of insurance for all by 2047 the general insurance industry 3:16 3 minutes, 16 seconds operated within a highly competitive landscape throughout the period characterized by specific pricing 3:23 3 minutes, 23 seconds pressures and a rise in claims across various segments. According to data from the general insurance council, the 3:31 3 minutes, 31 seconds sector maintained steady growth momentum to the end of FI26 and the start of FI27 3:38 3 minutes, 38 seconds even as pricing discipline remained a challenge. Consequently, the industry's gross direct premium income reached 3:45 3 minutes, 45 seconds roughly rupees 3.36 lakh crores for FI26, marking a year-on-year increase of 9.3%. 3:55 3 minutes, 55 seconds As the market leader, the new India assurance has harnessed this momentum, achieving a stellar 10.9 yearon-year 4:03 4 minutes, 3 seconds gross domestic premium growth in the fiscal and achieving GDP or gross domestic premium of rupees 42,822 4:13 4 minutes, 13 seconds crores. The Indian business grew faster than the industry and the company's market share increased from 12.56% 4:22 4 minutes, 22 seconds to 12.74% during the year compared to the same period last year. The profit after tax 4:30 4 minutes, 30 seconds improved by 40% for the year and 61% for the fourth quarter of FI26. Our focus 4:38 4 minutes, 38 seconds remains steadfast on bridging the protection gap through innovative tech enabled products like parametric covers 4:46 4 minutes, 46 seconds and tailored MSME solutions ensuring that as India marches towards becoming a 4:52 4 minutes, 52 seconds dollar 5 trillion economy. New India stands at its most trusted financial partner. The global insurance landscape 5:01 5 minutes, 1 second in 2026 continues to be shaped by a complex web of geopolitical shifts. 5:07 5 minutes, 7 seconds Ongoing regional conflicts in the Middle East and Eastern Europe have moved beyond localized disruptions triggering 5:15 5 minutes, 15 seconds secondary impacts that the entire industry must navigate through. For insurers, this volatility manifests in 5:22 5 minutes, 22 seconds two primary ways. increased claim cost driven by supply chain le inflation and a constricted global reinsurance market. 5:31 5 minutes, 31 seconds As logistics routes are rerooed and energy prices fluctuate, the cost of reinstatement for industrial assets has 5:39 5 minutes, 39 seconds risen, necessitating a more disciplined approach to underwriting and risk management. Furthermore, these tensions 5:47 5 minutes, 47 seconds have heightened the demand for specialized protection. We are seeing a fundamental shift where war and political violence covers are no longer 5:57 5 minutes, 57 seconds viewed as optional extras but as core components of a resilient risk management strategy. As India's premier 6:05 6 minutes, 5 seconds multinational insurer, New India Assurance is leveraging its robust balance sheet and international presence 6:13 6 minutes, 13 seconds to provide stability to our corporate partners amidst this global uncertainty. 6:18 6 minutes, 18 seconds In direct response to these evolving risk, New India Assurance has launched the war cover for the fire segment. 6:26 6 minutes, 26 seconds Historically, Sanders fire policies in India excluded losses from war and hostilities. By introducing this 6:34 6 minutes, 34 seconds dedicated add-on which indic integrates with our bat laguam suraka and business 6:41 6 minutes, 41 seconds all flexi suites we are filling a vital protection gap for large scale industrial units and infrastructure 6:48 6 minutes, 48 seconds projects complementing on our war cover in a landmark move towards the national self-reliance and securing India's 6:57 6 minutes, 57 seconds strategic interests and pleased to highlight the operationalization of the bar maritime pool formed by the Indian 7:04 7 minutes, 4 seconds non-life insurers backed by the government of India's sovereign guarantee. In an era where global maritime roots are increasingly 7:13 7 minutes, 13 seconds susceptible to geopolitical shifts and international reinsurance volatility, this pool serves as a critical shield 7:22 7 minutes, 22 seconds for our national fleet. As a lead insurer, New India insurance is at the forefront of this initiative, providing 7:29 7 minutes, 29 seconds much needed indigenous capacity for protection and indemnity and hull risk. 7:35 7 minutes, 35 seconds By localizing this capacity, we are reducing our dependency on overseas markets and ensuring that Indian ship 7:42 7 minutes, 42 seconds owners have access to stable uninterrupted cover even during global crisises. This initiative is not merely 7:51 7 minutes, 51 seconds a business expansion. It's our long-standing commitment to the Atma Nirbar Bharat vision ensuring that the 7:58 7 minutes, 58 seconds lifelines of our nation's trade remain protected by a robust Indialled insurance framework. Turning to a 8:06 8 minutes, 6 seconds financial performance for the full financial year FI26 and the quarter ended Q4 FI26 for the full year the uh 8:15 8 minutes, 15 seconds gross return premium was Rs 47,174 crores um against the the gross return 8:24 8 minutes, 24 seconds premium for FI25 which was at Rs 43,618 crores. Net premium earned was rupes 8:32 8 minutes, 32 seconds 38,462 crores as against FI25 where it was rupees 35,368 8:40 8 minutes, 40 seconds crores and net profit after tax was rupees 3 1,384 crores against the net profit after tax 8:49 8 minutes, 49 seconds for the year FI25 which was at rupees 988 crores for the quarter ended Q4 FI26 8:59 8 minutes, 59 seconds the gross return premiums stood at rups 11,619 crores as compared to 11, 433 crores for 9:07 9 minutes, 7 seconds the Q4 FI25. Net premiums earned stood at rupees 9,969 9:13 9 minutes, 13 seconds crores as compared to Rs 9,36 crores for FI25. We reported a net profit after tax 9:21 9 minutes, 21 seconds of rupees 558 crores for the quarter Q4 FI26 as compared to rupees 347 crores 9:29 9 minutes, 29 seconds for uh Q4 FI25 uh last year. From an operating metrics perspective for the full financial year 9:37 9 minutes, 37 seconds FI26 the net incurred claim ratio stood at 98.65 of the net earned premium. The 9:44 9 minutes, 44 seconds commission ratio and expense ratio were at 9.75% and 14.15% of the net return premium respectively. 9:54 9 minutes, 54 seconds The combined ratio was reported at 122.57%. 9:59 9 minutes, 59 seconds The company was able to absorb the full impact of wage revision and revision in family pension amounting to rupees 3,525 10:09 10 minutes, 9 seconds crores during the year. The entire impact of revision in the family pension from 15% to 30% as notified by the 10:18 10 minutes, 18 seconds government amounting to rupees 597 was absorbed during the fourth quarter. The adverse impact was partially offset by 10:26 10 minutes, 26 seconds better investment returns during the year. The combined ratio for the year adjusted for the wage revision related 10:34 10 minutes, 34 seconds impact was 116.67% 67% compared to 115.34% 10:40 10 minutes, 40 seconds in the previous year. The incurred claim ratio was impacted due to the higher loss ratio in the motor third party 10:48 10 minutes, 48 seconds segment where the long awaited premium revision has not yet happened while court awards have been rising year on 10:55 10 minutes, 55 seconds year. The unfortunate loss of Air India in the aviation segment also contributed to higher infer claim ratio in the 11:03 11 minutes, 3 seconds current year compared to the previous year. The health segment witnessed an improvement in in incurred loss ratio 11:10 11 minutes, 10 seconds from 101.3% in FI25 to 99.09% in FI26 through increased monitoring of 11:19 11 minutes, 19 seconds the ICR audit of claims and TPA monitoring. The solveny ratio stood at 1.84 times remaining comfortably above the regulatory requirement of 1.5 times. 11:31 11 minutes, 31 seconds Our stable performance is driven by a balanced product portfolio and a multi-channel distribution strategy 11:38 11 minutes, 38 seconds which effectively manages risk concentration and acquisition expenses. 11:46 11 minutes, 46 seconds Our business mix remains highly diversified. Health and personal accident represents the largest share at 47.57% 11:55 11 minutes, 55 seconds followed by fire at 14.62% 62% and a combined motor portfolio of 25.81% 12:03 12 minutes, 3 seconds comprising 14.12% third party and 11.69% own damage. Marine insurance accounts 12:10 12 minutes, 10 seconds point for 2.38% while the remaining balance is distributed across other niche segments. 12:17 12 minutes, 17 seconds The retail health insurance segment continued to witness healthy demand momentum during the year driven by increasing awareness, medical inflation 12:27 12 minutes, 27 seconds and rising insurance penetration. The health retail segment has grown at 7.7% indicating a strong push of the 12:35 12 minutes, 35 seconds company's vision towards retail segments. The motor segment which is critical for the industry exhibited a clear two-phase performance. Vehicle 12:44 12 minutes, 44 seconds sales were muted in H1 F526 with private cars and two wheelers growing by only 12:51 12 minutes, 51 seconds 4.6% and 3.2% respectively. However, post GST rationalization the H2 F526 sh 13:00 13 minutes saw the sharp acceleration. Um P private cars grew at around 17.8%. Two wheelers 13:07 13 minutes, 7 seconds surged 21.5% and Q4 alone recorded 16.3% and 24.7% 13:15 13 minutes, 15 seconds growth. This strong momentum in new vehicles registrations significantly boosted human motor OD new business in 13:24 13 minutes, 24 seconds the second half. New India's performance in motor this year reflects a deliberate and strategic recalibration of its motor 13:32 13 minutes, 32 seconds portfolio. While the industry continues to see high volume, New India has recorded marginal growth by design. We 13:40 13 minutes, 40 seconds are currently undergoing a rigorous churning of a motor book consciously shedding high loss ratio accounts and segments that do not meet our 13:49 13 minutes, 49 seconds underwriting benchmarks. This quality over quantity approach is essential to counter the persistent pressure of 13:56 13 minutes, 56 seconds stagnant third party rates and rising claim costs. Our focus is shifted towards selective underwriting in the 14:02 14 minutes, 2 seconds own damage space, targeting retail customers and a low-risk fleet segments where we can leverage our brand 14:10 14 minutes, 10 seconds strength. By optimizing our portfolio mix and emphasizing digital first renewals, we are building a more 14:17 14 minutes, 17 seconds resilient motor engine that contributes to a long-term goal of improving the combined ratio, ensuring that New India 14:25 14 minutes, 25 seconds remains a symbol of stability and fiscal discipline in a volatile market. 14:33 14 minutes, 33 seconds Reflecting on our strategic road map, I'm proud to report that our focus on the MSME sector has yielded exceptional 14:41 14 minutes, 41 seconds results. Having declared the previous year as a year of the MSME, we successfully deepened our penetration 14:48 14 minutes, 48 seconds into this vital engine of the Indian economy, achieving a remarkable 25% growth in the MSME premium. This growth 14:56 14 minutes, 56 seconds was driven by a commitment to simplifying insurance for small businesses through products like Bharat, Lagu, Udyam, Suraka which provided the 15:05 15 minutes, 5 seconds comprehensive protection small enterprises need to scale confidently. 15:10 15 minutes, 10 seconds Building on this success, we have entered the current year with a clear mandate to go retail. It is important to note that this is an expansion of our 15:19 15 minutes, 19 seconds horizons while we continue to maintain our aggressive focus and leadership in the corporate space. Our go retail 15:26 15 minutes, 26 seconds campaign is designed to bring that same intensity to the individual customer segment by leveraging the digital 15:33 15 minutes, 33 seconds infrastructure distribution network strengthened during our MSME campaigns. 15:39 15 minutes, 39 seconds At present, the broker channel forms 43.43% of our portfolio. Agency forms are 27% 15:47 15 minutes, 47 seconds and we aim to grow in the agency and other alternate business channels focused on retail. Our distribution mix 15:54 15 minutes, 54 seconds is judiciously aligned towards agency POSP bank assurance and direct digital channels while protecting quality 16:02 16 minutes, 2 seconds corporate business. This dual track strategy protecting both the businesses and the individual will diversify our 16:10 16 minutes, 10 seconds risk profile and drive high margin granular growth that delivers sustainable value for our shareholders 16:17 16 minutes, 17 seconds long term. IT infrastructure revamp has already been initiated and is nearing completion. Digital marketing and sales 16:26 16 minutes, 26 seconds implemented for few health products at a PI pilot stage and the same will be extended to other products and lines of 16:33 16 minutes, 33 seconds businesses too. The company has already automated the survey appointment and digital survey report. All the retail 16:41 16 minutes, 41 seconds products of the company are available online. Mobile super app for customers, intermediaries and surveyor have been 16:47 16 minutes, 47 seconds implemented. The company additionally uses a IML tools in our daily transactional work. FI26 was an 16:57 16 minutes, 57 seconds important year for the company from both an operational and strategic standpoint. 17:02 17 minutes, 2 seconds During the year, we've continued to strengthen underwriting discipline, recalibrate our portfolio mix, and enhance digital integration across 17:11 17 minutes, 11 seconds underwriting, claim servicing, and customer engagement processes to improve operational efficiency and service 17:18 17 minutes, 18 seconds delivery. Despite elevated claims experience in certain segments and a competitive pricing 17:25 17 minutes, 25 seconds environment, we remain focused on preserving profitability, solveny strength, and customer service standards 17:33 17 minutes, 33 seconds while continuing to focus on sustainable long-term growth. Supporting these initiatives is the consistent guidance 17:40 17 minutes, 40 seconds and close monitoring by the Department of Financial Services. This collaborative oversight has been instrumental in sharpening our focus on 17:49 17 minutes, 49 seconds operational efficiency and institutional discipline. By aligning with rigorous performance benchmarks, we have 17:56 17 minutes, 56 seconds streamlined internal processes and optimized resource allocation. This focus on efficiency is a dual commitment 18:04 18 minutes, 4 seconds providing faster claim settlements for our policyholders and a more transparent professionally managed organization for 18:12 18 minutes, 12 seconds our investors. The company continues to maintain a strong balance sheet and a healthy solveny position, providing the 18:20 18 minutes, 20 seconds financial flexibility required to support future growth while effectively navigating underwriting volatility and 18:28 18 minutes, 28 seconds evolving regulatory requirements by way of extensive corporate governance. With these opening remarks concluded, I would 18:36 18 minutes, 36 seconds now like to hand over the floor to our general manager for finance, Mrs. Mary Abraham who will provide a detailed 18:43 18 minutes, 43 seconds overview of our financial and operating performance for the fourth quarter and the full financial year FI26. Thank you. 18:51 18 minutes, 51 seconds Thank you ma'am. Good afternoon everyone. Uh the financial performance that is being presented is that of our 19:00 19 minutes global performance. By global we mean our Indian operations and the foreign branches and agencies. So the gross 19:08 19 minutes, 8 seconds written premium for the year showed an increase a growth of 8.15%. 19:14 19 minutes, 14 seconds Please note that our gross domestic premium however grew at 10.9% which is much higher than the industry growth rate of 9.3%. 19:25 19 minutes, 25 seconds And the gross return premium globally for the quarter grew at 1.63%. 19:33 19 minutes, 33 seconds uh this muted growth was because of the high competitive rates that were there in the market especially for property insurance 19:41 19 minutes, 41 seconds from the second half onwards. The net return premium for for the financial 19:47 19 minutes, 47 seconds year 20 2526 stood at 39,331 as against 36,335 19:55 19 minutes, 55 seconds crores in the financial year 2425. the net earned premium to that 38,462,000 20:03 20 minutes, 3 seconds crores for the financial year 26 as compared to rupees 35,368 crores for the financial year 2425. 20:13 20 minutes, 13 seconds The IC the incur claims ratio for the year ended 31st March 2026 stood at 20:20 20 minutes, 20 seconds 98.65% as against 96.61% 61% of the previous year and this was because of uh of the 20:29 20 minutes, 29 seconds aviation claim. We had the unfortunate u air India crash claim which was there and also um a few ladcat flood claims uh 20:38 20 minutes, 38 seconds which were there which could not be which were not fully recovered under reinsurance. We also had saw a lot of marine claims and this was the reason 20:46 20 minutes, 46 seconds for the increase in our ICR during the year. For the quarter two we saw an increase in the ICR from 94.4 from 43% to 95.85%. 20:58 20 minutes, 58 seconds Commission as a percentage of the net return premium reduced from 9.95% 21:04 21 minutes, 4 seconds in the financial year 2425 to 9.75% in the financial year 2526 and for quarter 4 there was a 21:13 21 minutes, 13 seconds substantial reduction from 11.717% to 9.53%. 21:20 21 minutes, 20 seconds The operating expense as a percentage of the net return premium increased from 10.21% 21:29 21 minutes, 29 seconds in the financial year 2425 to 14.15% in the financial year 2526. 21:36 21 minutes, 36 seconds The main reason for this being the provision the wage revision expenses uh the government had notified uh a wage 21:43 21 minutes, 43 seconds revision and the earliers and the other related expenses had to be made and provided for and this was the reason. Uh similarly in quarter 4 there was a 21:52 21 minutes, 52 seconds substantial increase in the operating expense as a percentage of the net return premium from 5.85% 85% to 12.95% 22:01 22 minutes, 1 second because the um the the family pension scheme and certain other uh wages uh related uh expenses and provisions was also made in quarter 4. 22:12 22 minutes, 12 seconds So the combined ratio for the year ended 2526 22:19 22 minutes, 19 seconds stood at 122.57 as compared to 116.78% of the previous year. The main reason 22:27 22 minutes, 27 seconds for this worsening of the combined ratio being the wage revision um and the other related expenses that were paid during 22:36 22 minutes, 36 seconds this year and for the quarter two the combined ratio was from 111.46% to 118.34%. 22:48 22 minutes, 48 seconds the underwriting results but uh without the impact of the uh the wage revision our combined ratio would have been 22:56 22 minutes, 56 seconds 116.67% as compared to 115.34% last year because last year too there 23:04 23 minutes, 4 seconds was a small provision made which we have excluded for this comparison purpose. 23:10 23 minutes, 10 seconds the underwriting result. Yes, there was a loss of 8,882 crores as compared to 6,124 23:20 23 minutes, 20 seconds crores last year um because of the uh in the increase in the incurred claims as well as the provision for the wage revision expenses. 23:30 23 minutes, 30 seconds Investment income stood at 11,112 crores as compared to 8,034 crores last 23:38 23 minutes, 38 seconds year. U there was also a part of the investment which was uh monetized for the purpose of supporting our uh wage areas. 23:48 23 minutes, 48 seconds The profit before tax increased from,034 crores in 2425 to,262 23:58 23 minutes, 58 seconds crores in the year 2526 and for the of water there was an in there was a reduction from 526 crores to 437 crores. 24:08 24 minutes, 8 seconds The main reason being that we had absorbed a major portion of the family pension uh areas in quarter 4. 24:18 24 minutes, 18 seconds the profit after tax. 24:23 24 minutes, 23 seconds stood a profit after tax is,384 crores for the year ending 31st March 24:29 24 minutes, 29 seconds 2026 which is a 40% increase over the profit after tax of the previous year at 24:36 24 minutes, 36 seconds 988 crores and for the quarter for quarter 4 our profit after tax stands at 24:42 24 minutes, 42 seconds 558 crores which is an increase of 61% on the profit after tax of the previous 24:50 24 minutes, 50 seconds year of 347 control. 24:56 24 minutes, 56 seconds So the underwriting results were mainly impacted by the provision that was made towards wage areas and the retirement benefits of the active employees uh 25:05 25 minutes, 5 seconds which were taken uh to the revenue account and the other income and expenses were impacted by the wage areas 25:12 25 minutes, 12 seconds uh and the retirement benefits of the retired employees. So the amount that was taken uh to the revenue account 25:20 25 minutes, 20 seconds towards this was 436 crores for quarter 4 and 234 25:26 25 minutes, 26 seconds 14 crores for the entire year 2526 and the portion of the wage ear that was taken to other income and expenses was 25:36 25 minutes, 36 seconds 569 crores in quarter 4 and,211 crores for the whole year and but for this as 25:44 25 minutes, 44 seconds mentioned earlier without rate division our combined ratio would have been 116.67%. 25:53 25 minutes, 53 seconds Mr. Caller some of the important uh ratios combined ratio is 122.55% 26:02 26 minutes, 2 seconds as compared to 116.78% of last year. 26:10 26 minutes, 10 seconds Our solveny ratio is 1.84 84 times as compared to 1.91 26:17 26 minutes, 17 seconds times uh in the year 2425. The main reason for this fall being the wage revision uh expenses that we have to 26:25 26 minutes, 25 seconds bear this year. Esset under management for the financial year 2526 stands at 96,652 26:32 26 minutes, 32 seconds crores as compared to 98,045 crores in the financial year 2425. 26:39 26 minutes, 39 seconds uh and this is because of the u uh some of the investments that were monetized and also because of the u uh volatility 26:46 26 minutes, 46 seconds in the markets. Technical reserves increased from 53,177 26:53 26 minutes, 53 seconds crores in the year 2425 to rupes 57,620 crores in the year 2526. 27:01 27 minutes, 1 second Net worth increased from rups 21,884 crores in 2425 to rups 23,619 crores in 2526. 27:13 27 minutes, 13 seconds Fair value change reduced from 21,46 crores to rupes 30 13,878 27:21 27 minutes, 21 seconds crores. Uh the reason for that being the market volatility and uh the fall in the investment value. We also had some 27:28 27 minutes, 28 seconds monetization of the investment being made. 27:31 27 minutes, 31 seconds Return on equity increased from 4.59% in 2425 to 6.08% in 2526. 27:42 27 minutes, 42 seconds We next look at the segment wise performance of the company in terms of the gross return premium. This is once again on the global uh figure. 27:53 27 minutes, 53 seconds So for in the uh fire line of business there was a 10.76% increase in the fire premium for the 28:02 28 minutes, 2 seconds entire year whereas quarter 4 saw a reduction of 4.33% 28:09 28 minutes, 9 seconds in the grow a deg growth. The reason for this being that the market was highly competitive. Uh the rates um literally crashing in the property market. 28:20 28 minutes, 20 seconds In the marine lob we registered an increase an increase in premium of 11.43% for the entire year and for the 28:29 28 minutes, 29 seconds quarter we had a substantial increase of 20.26%. 28:35 28 minutes, 35 seconds Motor OD saw a muted growth of uh 2% for the entire year whereas for the quarter 28:44 28 minutes, 44 seconds there was a a significant increase of 11.48%. 28:49 28 minutes, 49 seconds And one of the reasons for the u the growth being low in motor odi was the conscious decision of the company to 28:56 28 minutes, 56 seconds realign uh some of the uh focus on some of the on the profitable lines of segments and to weed out the those 29:04 29 minutes, 4 seconds segments which uh are not very profitable. 29:08 29 minutes, 8 seconds Motor TP saw a very very negligible growth of.13% for the entire year. The 29:15 29 minutes, 15 seconds reason being that the much awaited TP premium increase has still not happened uh and which we are awaiting for. 29:23 29 minutes, 23 seconds Whereas the quarter saw a growth of 2.89%. 29:28 29 minutes, 28 seconds Health and PA together saw a substantial increase of 12.62% 62% for the whole year with a 2.58% 29:37 29 minutes, 37 seconds growth in quarter 4 as compared to quarter 4 of the previous year. 29:43 29 minutes, 43 seconds In crop line of business there was a reduction because we did not accept the inward um 29:51 29 minutes, 51 seconds insurance on crop and in the other lines of business put together there was an increase of 12.48% 29:58 29 minutes, 58 seconds for the entire year with growth of 2.03%. 03% for quarter 4 as compared to quarter 4 of 2425. 30:07 30 minutes, 7 seconds So overall our GWP grew by 8.15% for the entire year with a 1.63% 30:16 30 minutes, 16 seconds growth for quarter 4. in the low growth as I mentioned earlier is because of the competitive rate uh that's available in 30:23 30 minutes, 23 seconds the property market income claims ratio uh lobby wise 30:35 30 minutes, 35 seconds in the fire lo the income claims ratio for the year 2526 to 76.54% 30:43 30 minutes, 43 seconds as compared to 71.20% 20% in the previous year. The reason for this worsening of the ICR was mainly because 30:52 30 minutes, 52 seconds of um uh quite a number of small napkin 30:59 30 minutes, 59 seconds uh which were not fully absorbed by our ar re arrangements uh and this affected and also another reason for the increase 31:06 31 minutes, 6 seconds was the um the the growth in the fire was not as much as anticipated because of the fall in the prices. 31:15 31 minutes, 15 seconds Marine claims the ICR worsened from 53.74% last year to 86.74% 31:24 31 minutes, 24 seconds uh in 2526. The reason for this being um a number of claims that we had a large number of cargo claims as well as a 31:33 31 minutes, 33 seconds general average claim in one particular from one particular client as well as a fire fire to one of the ships where the 31:40 31 minutes, 40 seconds entire cargo um was damaged and this was insured with us. So these were some of the reasons why the marine cargo marine 31:49 31 minutes, 49 seconds claims have worsened. Motoring claims worsened from 104.22% 22% last year to 31:56 31 minutes, 56 seconds 108.85% in 2526. 32:00 32 minutes Uh here too though conscious efforts are being made to correct the uh the composition of our segment. Uh this 32:08 32 minutes, 8 seconds would the it would take about a year or so to see the impact of uh the strategic decisions that we have taken in this segment in this uh line of business. 32:19 32 minutes, 19 seconds Motor TP also saw um um a worsening of the ICR from 108.17% to 113.86%. 32:30 32 minutes, 30 seconds The main reason being that the premium in TP has has not gone up. Awards have been increasing awards given by the 32:38 32 minutes, 38 seconds courts and um uh the court being giving awards as per the latest circumstances even for the old games that have been 32:46 32 minutes, 46 seconds registered. So these are some of the reasons health and PA has improved from 100.98% 32:53 32 minutes, 53 seconds in the financial year 2425 to 99.05% which is a significant uh reduction uh 33:01 33 minutes, 1 second due to the very good monitoring of the uh the claims and uh the TPA and the increase in TPA audits from 30% to 50% 33:10 33 minutes, 10 seconds which was implemented uh during this year cross ICR was in from 81.0 02% in 33:17 33 minutes, 17 seconds 2425 to 96.15% in 2526 mainly because we had not accepted the premium re the insurance 33:25 33 minutes, 25 seconds premium however the old claims continued to theta and in the other lines of business there was an increase in the 33:32 33 minutes, 32 seconds ICR from 58.77% to 63.40% in 2526. 33:40 33 minutes, 40 seconds So overall the ICR has uh increased from 96.61% 61% in 2425 to 98.65% 33:49 33 minutes, 49 seconds in the year 2526 and for quarter 4 there was an increase from 94.43% to 95.85%. 34:04 34 minutes, 4 seconds The performance of new India Indian business with respect to the industry the general insurance industry grew by 34:10 34 minutes, 10 seconds 9.3% in the financial year 2526 whereas uh we grew at our domestic gross direct 34:17 34 minutes, 17 seconds premium grew by 10.9% outpacing the industry growth and our market share increased from 12.56% to 12.74%. 34:35 34 minutes, 35 seconds Segment wise market share in fire our market share stands at 17.56%. 34:44 34 minutes, 44 seconds In marine we have a market share of 17.77%. In motor our market share is 9.91%. 34:52 34 minutes, 52 seconds In health and PA it is 14.93%. 34:56 34 minutes, 56 seconds And in the other lines put together it is 15.13%. 35:01 35 minutes, 1 second So with an overall market share of 12.74%. 35:08 35 minutes, 8 seconds The gross domestic premium of new India is rupes 42,822 crores. This is just the Indian business. The gross domestic premium as 35:17 35 minutes, 17 seconds compared to the market total industry premium of 3 lak 36,123 crores. 35:35 35 minutes, 35 seconds Distribution mix of the company of the Indian business. Broker accounts for 35.79%. 35:43 35 minutes, 43 seconds Direct business accounts for 30.13%. Agency accounts for 25.91%. 35:51 35 minutes, 51 seconds Dealer accounts for 7.56%. and bank assurance. 61%. 35:59 35 minutes, 59 seconds Thank you. 36:06 36 minutes, 6 seconds Shall we start with the question and answer session? Yes. Yes. Yes. 36:10 36 minutes, 10 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchstone 36:18 36 minutes, 18 seconds telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a 36:27 36 minutes, 27 seconds question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. 36:44 36 minutes, 44 seconds The first question is from the line of Sharma from HGFC Limited. Please go ahead. 36:50 36 minutes, 50 seconds Yeah. Hi ma'am. Thanks for the opportunity. Ma'am, I have questions on your motor line of business. Uh we have been course correcting the motor 36:57 36 minutes, 57 seconds portfolio over the last two three quarters we seeing. 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? 37:07 37 minutes, 7 seconds And are there any plans to increase or repric our OD OD premiums? and uh uh and what's your sense on the overall 37:15 37 minutes, 15 seconds competitive intensity in the industry as of now post the GST tailwind which has come across the industry and if you can 37:23 37 minutes, 23 seconds highlight the mix of private car commercial vehicle and two wheelers for FI26 and FI25 this is my first 37:50 37 minutes, 50 seconds share. 37:54 37 minutes, 54 seconds Yeah. So the you asking about the course correction the course correction like we've just started this course correction in motor from the second 38:02 38 minutes, 2 seconds quarter of this year and we have seen a very positive change in the portfolio composition for the current year and we 38:11 38 minutes, 11 seconds believe it will take another year before we are able to get to the right mix that we feel will uh work out for new India. 38:19 38 minutes, 19 seconds Now um uh and I think the overall ratios will also show a reducing trend in the 38:25 38 minutes, 25 seconds uh in the current fiscal. Now um uh for the GST we have seen that the growth in the pre the sales of motor car motor 38:34 38 minutes, 34 seconds vehicles has gone up uh you know and it has reached um normal levels for the which has been the case in the previous 38:42 38 minutes, 42 seconds year and going forward we believe that we'll be able to leverage on this growth and see that we grow in the in the lines 38:50 38 minutes, 50 seconds of in the segments that we want uh to grow in. Now uh with the the private car percentage 39:03 39 minutes, 3 seconds what is a portfolio mix? Uh it consists of 4,890. No no no want the percentage. Percentage. 39:12 39 minutes, 12 seconds So the uh the Yeah. So the we have a private car the same portfolio 47.56 39:19 39 minutes, 19 seconds commercial vehicle 45.60 60 and uh two wheeler 6.79 for the current year as 39:27 39 minutes, 27 seconds against um there is a redu reduction in commercial 39:34 39 minutes, 34 seconds vehicle compared to last year by 1 and a half% private car segment we have grown by 4%. Unfortunately in the first two 39:42 39 minutes, 42 seconds quarters for a auto type of mari we couldn't grow it but subsequently we have grown this 39:58 39 minutes, 58 seconds 24.8 8 45.8 Did you know this 47.316? 40:24 40 minutes, 24 seconds So yes, we will be trying to get this mix in a you know more towards our uh 40:31 40 minutes, 31 seconds the our preferred lines in the current year. So does this answer your question? Any other questions? 40:38 40 minutes, 38 seconds What 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 40:45 40 minutes, 45 seconds private car by reducing the CV? What kind of optimal mix are we talking? So the commercial vehicles where in the uh 40:52 40 minutes, 52 seconds the cc is greater than 7,500 we would not like to be much present in that segment. you would like to be in the 40:59 40 minutes, 59 seconds lower than 7,500 uh cc segment and also be have a greater representation in the 41:06 41 minutes, 6 seconds private car to improve the two-heer to double digit selectively and also uh geographically also across the country 41:14 41 minutes, 14 seconds we have got different strategies for uh different uh you know vehicle combinations which we'll be deploying this year we already started that 41:23 41 minutes, 23 seconds process so I think across the country it will not be the same it'll be different strategies for different geographies and on an overall basis we would like the 41:31 41 minutes, 31 seconds private private se uh private car and uh the two-heer to dominate. 41:37 41 minutes, 37 seconds Okay. Uh are we are we looking to increase premiums on the OD side given we are experiencing higher loss issues on that side? 41:45 41 minutes, 45 seconds That's what so it it will also be linked with uh you know our um uh our strategies for this portfolio re uh 41:53 41 minutes, 53 seconds calibration. So uh basically we'll be we'll be seeing that we uh you know go ahead with increasing our OD premium on the selected uh segments. 42:08 42 minutes, 8 seconds Okay ma'am uh and how is the competitive intensity now uh is the payouts on the motor side on the higher side or it has rationalized 42:15 42 minutes, 15 seconds it continues to be extremely competitive. Okay. Okay. And what about the discount? 42:21 42 minutes, 21 seconds It has gone up or it has broadly remained stable? 42:24 42 minutes, 24 seconds No, it has gone up. It has been increasingly going up over the over every quarter in the last year. 42:32 42 minutes, 32 seconds Okay. Okay. And my second question is on the commission ratio. We have seen your commission ratio has improved significantly this year. So what has 42:39 42 minutes, 39 seconds resulted or what has contributed to this decline? Is this the high RA commissions or we have reduced the commission payouts which we used to do on on our policy? 42:53 42 minutes, 53 seconds Commission commissions overall across many many lines of business we have reduced uh uh commissions. So whether it 43:00 43 minutes is health also we've reduced commissions we have reduced it in we've got increased RA commission also. So uh so 43:07 43 minutes, 7 seconds the net commission has definitely uh you know been in our favor. 43:13 43 minutes, 13 seconds Yes. Okay. Mh can you comment upon the April renewals on the commercial lines? 43:17 43 minutes, 17 seconds How is the pricing environment there? We have heard that the pricing again on the pricing side again the discounts have increased and uh so how are we looking 43:25 43 minutes, 25 seconds forward for the rest of the year? So any comments on that piece? 43:30 43 minutes, 30 seconds Actually I think commercial lines it will continue to be competitive and I think we'll have to see how we meet up with the competition the rest of year 43:39 43 minutes, 39 seconds where our selected segments are. We'll have to play around with the commissions. we'll have to pay down the payouts and give more payouts in areas 43:47 43 minutes, 47 seconds where we want um you know to get the uh better benefit of the portfolio. So we'll be um dynamically changing the pricing and the strategy accordingly. 43:59 43 minutes, 59 seconds Then last question, how should we think about the overall growth for FY27? 44:03 44 minutes, 3 seconds Should we see a muted single-digit kind of a growth or should we expect a high higher growth for New India specifically the motor segment if you can come under 44:10 44 minutes, 10 seconds and last question is how much was the capital gain which we recognized during the financial year. 44:16 44 minutes, 16 seconds So we uh the growth will definitely be there and it will because I think in the the next year the growth will continue to be very bullish. It will be double 44:25 44 minutes, 25 seconds digit for the industry and so it'll be for new India also. on motor I think it'll be a singledigit growth if not be 44:32 44 minutes, 32 seconds very aggressive on motor we'll have a single digit growth and we see that we focus more on the uh profitability 44:41 44 minutes, 41 seconds capital gain the capital gains is around 5,600 uh.1 cr 44:48 44 minutes, 48 seconds this is for the year yeah for the year motor is roughly around 20 30% of your overall portfolio if I look around 25%. 45:00 45 minutes Yeah, 25%. So you you mentioned it. So overall growth would be in a higher double digit or in double digits for you and the motor. 45:08 45 minutes, 8 seconds It would be single digit for motor double digits for the entire book. 45:12 45 minutes, 12 seconds Okay. So which segments are we looking at for the higher growth? Will it be driven by the health segment? 45:19 45 minutes, 19 seconds Yes. Uh it will be driven extensively by all retail segments. It can be health, it will be uh the fire uh engineering 45:27 45 minutes, 27 seconds all the retail lines in whether it's liability, miscellaneous, credit, shity, bonds, all of this and it will primarily 45:34 45 minutes, 34 seconds be you know push pushed up by the health retail segment that will be the focus area. 45:41 45 minutes, 41 seconds Okay ma'am thank you thank you from my thank you. The next question is from the line of wen an individual investor please go ahead. 45:52 45 minutes, 52 seconds Uh hello good afternoon ma'am thank you for the opportunity. 45:56 45 minutes, 56 seconds So my question is health and PA now contributes nearly half of the company premium mix. So going forward what 46:04 46 minutes, 4 seconds growth and profitability we can expect in this segment. 46:08 46 minutes, 8 seconds Yeah, health and VA totally contributes around 40 47.5% of the whole book and going forward also 46:17 46 minutes, 17 seconds because this is a segment in which awareness is very high among customers. 46:21 46 minutes, 21 seconds There is a a pull towards buying uh insurance and therefore we see that the growth will continue to be high and this 46:28 46 minutes, 28 seconds is also propelled by the 18% GST tax waiver. So we see a lot more interest in you know individual uh purchases 46:37 46 minutes, 37 seconds individual health policy purchases which will also be a preferred uh segment for us and like what profitability we can 46:46 46 minutes, 46 seconds expect in this segment they have reduced the combined the ICR this year by 2% and also brought down 46:53 46 minutes, 53 seconds the commission ratio so therefore there has been a big increase in the profitability for the segment from where from the way the company has operated 47:01 47 minutes, 1 second this year and we'll continue to do the same in the future. 47:05 47 minutes, 5 seconds And in this year, which business segment contributed most to the premium growth? 47:11 47 minutes, 11 seconds It was a health segment. It was a health segment which contributed the most. 66% of our overall growth this year was from 47:18 47 minutes, 18 seconds health followed by 25% from fire and the rest from liability, shorty, bond etc. 47:25 47 minutes, 25 seconds Okay. And excluding COP insurance the miscellaneous segments it reportedly 47:31 47 minutes, 31 seconds like grew by appro 26%. So which sub segments are driving this? 47:39 47 minutes, 39 seconds 26% is excluding excluding cop insurance the miscellaneous segment by 26%. 47:47 47 minutes, 47 seconds Yeah. Yeah. It's driven by engineering liability shity bonds all these segments. 47:54 47 minutes, 54 seconds Okay. Okay, thank you. That's it from my Thank you. 48:02 48 minutes, 2 seconds Thank you. The next question is from the line of Nishias on individual investor. Please go ahead. Hello. Uh thank you for the opportunity. 48:11 48 minutes, 11 seconds So just wanted to understand you know the company has continued to outpace the industry growth um during the financial 48:18 48 minutes, 18 seconds year 26. So just wanted to understand how sustainable is this you know market share gain and apart from that are we 48:25 48 minutes, 25 seconds expecting it to increase uh going further. 48:29 48 minutes, 29 seconds It is very much sustainable and this has not been a random aggressive growth without uh strategy. This has been a strategic growth in area um that uh you 48:38 48 minutes, 38 seconds know that that that we want to grow in and uh because most of the growth has come in from the retail segment where we 48:46 48 minutes, 46 seconds put our entire focus on and this is in line with the uh you know with the penetration agenda with the insurance for all agenda for the country wherein 48:55 48 minutes, 55 seconds 19 almost 98.9% of the entire you know insurable interest lie uninsured and therefore the thrust for new India has 49:03 49 minutes, 3 seconds always been to you know insure new assets which have not been insured before or which have been underinsured before and therefore a lot of this 49:12 49 minutes, 12 seconds growth is yet to come industry is just opened up and growth will be in double digits in the next few years. 49:20 49 minutes, 20 seconds All right. So as you mentioned that there's a lot of penetration and there's a lot of scope for growth going forward. 49:26 49 minutes, 26 seconds um just wanted to understand the kind of opportunities we might have you know with the increase of government focus on uh MSME and financial inclusion. So what 49:35 49 minutes, 35 seconds kind of growth are you expecting from tier 2 and tier three expansion? 49:39 49 minutes, 39 seconds Yeah. So the tier 2, tier three hinterlands these are the places where wherein the government also wants that financial inclusion should be there and 49:48 49 minutes, 48 seconds issuers should focus more. I mean already there are regulations which ask us to you know uh put in our attention 49:56 49 minutes, 56 seconds on rural and other areas and I think going forward uh there will be all insurers are working uh to you know get 50:04 50 minutes, 4 seconds into tier 2 tier three towns and that is where uh I think the bulk of the population that really requires this inclusion is there and this is what will 50:13 50 minutes, 13 seconds make the entire ecosystem more sustainable because when we get more new new to insurance um assets into the 50:20 50 minutes, 20 seconds financial inclusion ring then you will find that you know the capacity available will be you used judiciously and the pricing will also become more 50:29 50 minutes, 29 seconds affordable you know making the sustainability aspect that you asked before also you know possible for us 50:37 50 minutes, 37 seconds all right so ma'am apart from this also you know with the kind of growth that we are expecting going forward uh how are we going to maintain the underwriting 50:45 50 minutes, 45 seconds discipline as well at the same time yes so Underwriting discipline is something that uh we already have guidelines and most of our classes are 50:55 50 minutes, 55 seconds you know the guidelines are released by the it's ho the head office controls it and it is sort of uh passed down to our 51:02 51 minutes, 2 seconds offices down the line if there are changes they monitored there's there strict periodical monitoring of the guidelines if there is anything that's 51:11 51 minutes, 11 seconds out of line or any such case comes up it is handled very strictly and therefore underwriting discipline has always been maintained from in the beginning and I 51:20 51 minutes, 20 seconds think going forward also it'll be absolutely no issue to maintain the same in fact there is increased monitoring and increased corporate governance as I 51:28 51 minutes, 28 seconds already said towards qualitative impact that we have on the company's balance sheet on our investors and also on the 51:35 51 minutes, 35 seconds customers when it comes to promise on what we deliver you know by way of terms and conditions in the policy so the promise to deliver is at the forefront 51:43 51 minutes, 43 seconds of everything that we do and therefore uh the price that we charge the the prudence the underwriting discipline is of prime importance. We understand that and we implement that also. 51:54 51 minutes, 54 seconds All right. All right. Okay. Okay. That's it from my side. Thank you. 51:59 51 minutes, 59 seconds Thank you. The next question is from the line of Rahul, an individual investor. Please go ahead. 52:05 52 minutes, 5 seconds Yeah. Good afternoon ma'am. Thank you for this opportunity. 52:08 52 minutes, 8 seconds So my question is that when we say that NICL is the largest general insurance in India, let me go back in the past in 2008 and 9 our market share was close to 19%. 52:20 52 minutes, 20 seconds And in 10 and 11 it was reduced to 16%. 52:24 52 minutes, 24 seconds 2017 18 we were below 15%. And currently from 12.56 to 12.7. 52:31 52 minutes, 31 seconds So from 19 to 20% market share now we are at 12.76. 52:36 52 minutes, 36 seconds Any comment on that? And if you're going with this trend, I can see it will go beyond 10% also. It's not a growth. I 52:44 52 minutes, 44 seconds can see it's a degrowth in last 15 years. 52:46 52 minutes, 46 seconds Yeah. So when you talk about drastically Yeah. You talk about growth, it's also in context with the environment and in the ecosystem. Now when you look at 52:55 52 minutes, 55 seconds 20089, the number of insurers that were there I come public was almost in single digits. And then when you go towards 53:04 53 minutes, 4 seconds this 10 level and 171 18 and it slowly built up today you have close to 29 insurers and many of them are the you 53:12 53 minutes, 12 seconds know the what do you say state-of-the-art insurers who have no legacy or or any or even experience to carry the business they just do it on 53:20 53 minutes, 20 seconds the backbone of digital uh digital uh you know technology. So with all this with the digital technology coming and 53:29 53 minutes, 29 seconds the insurance you know the it was the premium kitty having grown I think from what what was it in 89 53:38 53 minutes, 38 seconds 89 you were at 19% 19 to 20% yeah we were at 19% but the premium kitty itself was very small from there 53:45 53 minutes, 45 seconds from there to today we are at 3.36 lakh crores I mean we have grown multiffold and at 12.574% 53:54 53 minutes, 54 seconds of what it is today 3.26 26 that is 42,822 crores is what we write on domestic in 54:02 54 minutes, 2 seconds 20089 we were talking of something like less than 10,000 for that number so we have grown five times in this space and 54:10 54 minutes, 10 seconds that speaks for 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 you 54:19 54 minutes, 19 seconds know the kind of technology that has creeped the opulence of technology as you go day by day and the kind of 54:26 54 minutes, 26 seconds challenges that we've had to you know um encounter and this thing and and go I mean and leap frog to see that we are 54:36 54 minutes, 36 seconds where we are and I think we are doing very very well for that um I mean I don't think even any of the private sectors can talk about anything like 54:45 54 minutes, 45 seconds this on a market share basis in a 10 12 year horizon the way we have done in 20089 it was 6,400 54:54 54 minutes, 54 seconds so in 89 time we were at 6,400 total business and today we are at 42,822 crores. So it is totally unsinkable. 55:04 55 minutes, 4 seconds Seven times we have grown. 55:09 55 minutes, 9 seconds Thank you ladies and gentlemen. As there are no further questions from the participants, I now hand the conference over to management for closing comments. 55:18 55 minutes, 18 seconds Thank you. 55:24 55 minutes, 24 seconds 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 55:33 55 minutes, 33 seconds confidence in new India assurance. Your support plays an important role in strengthening our resolve to uphold the 55:40 55 minutes, 40 seconds highest standards of service, governance and operational excellence. I would also like to acknowledge the unwavering 55:47 55 minutes, 47 seconds commitment of our employees across India and overseas offices, our agents, our brokers and all our stakeholders. All 55:56 55 minutes, 56 seconds their dedication and professionalism continue to be the backbone of this institution enabling us to serve millions of customers with consistency 56:04 56 minutes, 4 seconds and care. Most importantly, we remain deeply grateful to our policyh holders who have placed their trust in New India 56:10 56 minutes, 10 seconds assurance for over one or seven years and we have also delivered on their trust while being consistently voted as 56:18 56 minutes, 18 seconds the best PSU for customer grievance reduction for the last 6 months. The the confidence of our customers inspires us 56:26 56 minutes, 26 seconds to continually improve, innovate and deliver on our promises with sincerity and accountability. As we move forward, 56:33 56 minutes, 33 seconds the management team and I, we reaffirm our commitment to sustainable growth, prudent risk management, and consistently enhancing our service 56:42 56 minutes, 42 seconds standards. We will continue to work towards strengthening our operational capabilities, enhancing our digital initiatives, and contributing 56:50 56 minutes, 50 seconds meaningfully to the development of the insurance sector in the broader economy. 56:55 56 minutes, 55 seconds 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. 57:06 57 minutes, 6 seconds Thank you ladies and gentlemen. On behalf of New India, New India Assurance Company Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines.