Star Health and Allied Insurance Co Ltd — Q4 FY26

Star Health and Allied Insurance Co Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=NPmv7YNtWKA Published: 2 weeks ago

0:01 1 second Ladies and gentlemen, good day and welcome to the Star Health and Allied Insurance Company Limited Q4 and FY26 0:10 10 seconds earnings conference call. As a reminder, all participant lines will be in the listenonly mode and there will be an 0:18 18 seconds opportunity for you to ask questions after the presentation concludes. Should you need assistance during this 0:25 25 seconds conference call, please signal an operator by pressing star then zero on your touchstone phone. Please note that 0:33 33 seconds this conference is being recorded. I now hand the conference over to Miss Davanchi Davi from AD factors PR 0:41 41 seconds investor relations team. Thank you and over to you ma'am. 0:48 48 seconds Thank you. Good morning everyone. From the senior management we have with us Mr. Anand Roy managing director and 0:54 54 seconds chief executive officer. Mr. Amitab Jen executive director and chief operating officer. Mr. Himman Shualia executive director and chief marketing officer. 1:06 1 minute, 6 seconds Mr. Nesh Kami chief financial officer. 1:10 1 minute, 10 seconds Mr. Anish Shvastava chief investment officer and Mr. Swamit Patara head investigations. 1:18 1 minute, 18 seconds Before we begin the conference call, I would like to mention that some of the statements made during the course of today's call may be forward-looking in 1:25 1 minute, 25 seconds nature, including those related to the future financials and operating performance, benefits and synergies of the company's strategies, future 1:34 1 minute, 34 seconds opportunities and growth of the market of the company's services. Further, I would like to mention that some of the statements made in today's conference may involve risks and uncertainties. 1:46 1 minute, 46 seconds Thank you and over to you, Mr. And I thank you and uh thank you so much and good morning to everyone. Good morning 1:54 1 minute, 54 seconds and uh thank you for joining Starill's earnings call for the fourth quarter and for the full financial year FI 2526. 2:02 2 minutes, 2 seconds FI26 was a year of strategic recalibration for us focused towards strengthening our performance across the core operating levers uh which is 2:11 2 minutes, 11 seconds distribution uh maintaining a strict underwriting discipline case management and high focus on customer experience 2:18 2 minutes, 18 seconds and operating efficiency. We have maintained that given the inherent characteristics of our business, the impact of all these measures would progressively manifest through the P&L. 2:28 2 minutes, 28 seconds Team Star Health has executed and continues to execute this strategic blueprint with consistency and conviction as we report on results for 2:37 2 minutes, 37 seconds Q4 and for the full fiscal FI26. The green shoots of our operating turnaround in the previous quarters is now more 2:44 2 minutes, 44 seconds pronounced in our underlying metrics which I'll be taking you through in today's call. And I start by outlining the broader sectoral context and 2:52 2 minutes, 52 seconds ecosystem trends which is shaping the business environment of our industry. Uh India's health insurance has entered 3:00 3 minutes what we describe as a structurally advanced growth phase. The confluence of policy support, consumer intent and 3:09 3 minutes, 9 seconds sustainable demand drivers is creating a very compelling backdrop towards a multid-dal growth opportunity for the 3:15 3 minutes, 15 seconds category. The GSG exemption on retail health insurance, a landmark policy intervention by the government of India 3:23 3 minutes, 23 seconds has already demonstrated significant impact. Consumer intent is rising actualized through category growth 3:30 3 minutes, 30 seconds trends. We believe that retail health represents the most consequential value pool in the Indian insurance sector. 3:39 3 minutes, 39 seconds with scale driven by deeper penetration amongst new to insurance customers aligned with the national ambition of 3:46 3 minutes, 46 seconds universal health coverage for all by 2047. 3:50 3 minutes, 50 seconds Reflecting this momentum, our new to insurance customers accounted for 94% of fresh additions in H2 FI26 as compared to an already healthy 92% in H1 of FI26. 4:04 4 minutes, 4 seconds At industry level, retail health insurance premiums have grown by 30.2% Y in H2 of FI26, 4:13 4 minutes, 13 seconds significantly outfacing the broader non-life industry growth, which came at 11.2% Y during the same period. For the 4:21 4 minutes, 21 seconds full fiscal, non-life insurance premiums grew by 9.3% Y, while retail health grew 4:27 4 minutes, 27 seconds close to 20% YI. Forward-looking reforms outlined by the regulator are supportive of long-term growth and sectoral 4:35 4 minutes, 35 seconds development. We welcome the IRDI's formal mandate on implementation of India's accounting standards from April 4:42 4 minutes, 42 seconds 1, 2026. At Star Health, we have always believed it to be the most relevant framework and have aligned all our business and investment decisions 4:51 4 minutes, 51 seconds towards these principles. Our India's financials have been reviewed by our joint statutory auditors for multiple quarters now and we enter the Indas regime from a position of readiness. 5:02 5 minutes, 2 seconds Against this backdrop, Star Health has remained focused on maintaining leadership in retail health insurance and compounding a durable value 5:10 5 minutes, 10 seconds accreative franchise anchored on our four pillars which is a risk first approach, a consistent focus on ROE, a 5:18 5 minutes, 18 seconds customercentric execution and a digital first mindset. 5:22 5 minutes, 22 seconds Now let me take you through our quarterly performance highlights. Coming to our operating performance for the quarter, in line with our reporting 5:29 5 minutes, 29 seconds convention in previous quarters, we will state our business numbers on N basis for quarter 4 and for the full financial 5:36 5 minutes, 36 seconds year FI26. Going forward from next financial year, we would uh refer to a reported 1 byN measures for both 5:45 5 minutes, 45 seconds business and growth. Following are the highlights of our performance for Q4 FI26. Fresh retail growth on N basis for the quarter was 38% YI. 5:57 5 minutes, 57 seconds Fresh growth was driven by both value and volume as the number of retail health policies expanded by 11% YI. New 6:05 6 minutes, 5 seconds to insurance mix was 94% on fresh premium basis compared to 90% last year for the same quarter. Overall GWP 6:13 6 minutes, 13 seconds increased 17% YI on N basis to 6,259 crores for the quarter. Our India's 6:20 6 minutes, 20 seconds underwriting profit for the quarter was 186 crores, an increase of 200% YI over 62 crores in Q4 of FI25. 6:29 6 minutes, 29 seconds This was driven by an improvement in combined ratio by 2.7% which was 98.4% in quarter 4 of FI25 and came to 95.7% in quarter 4 of FI26. 6:43 6 minutes, 43 seconds As in the previous quarters, our loss ratio improvement continued for the third successive quarters with a 4% improvement from 69.2 in quarter 4 of 6:52 6 minutes, 52 seconds FI25 to 65.2 in FI quarter 4 of FI26. 6:58 6 minutes, 58 seconds The retail loss ratio improved 3% YI to 64.8% in this particular quarter for FI26. Our 7:07 7 minutes, 7 seconds retail loss ratios have improved by8% 1% and 3% YI during Q2, Q3 and Q4 of 7:17 7 minutes, 17 seconds FI26 respectively, underscoring progressive improvement every quarter. 7:23 7 minutes, 23 seconds The geopolitical tension induced correction in the equity markets led to a 558 crores marktomarket loss during 7:30 7 minutes, 30 seconds the quarter. As a result, we reported a loss of 42 crores for quarter 4 FI26 compared to a profit of 270 crores during quarter 4 of FI25. 7:41 7 minutes, 41 seconds So the headline statements for the full year FI26. Uh the full year numbers are as follows. 7:48 7 minutes, 48 seconds The fresh retail business grew on N basis at 37% YI driven again both by 7:55 7 minutes, 55 seconds value and volume as the number of retail health policies grew 8% for the full year. Our new to insurance mix which we 8:02 8 minutes, 2 seconds believe uh is focused on the quality of business was 93% on fresh premium as compared to 89% for the last large last 8:11 8 minutes, 11 seconds large fiscal. Overall GWP increased 16% YI on end basis to 20,369 crores. This is a very important 8:20 8 minutes, 20 seconds milestone for us to cross 20,000 crores in GWP as we complete 20 years of uh establishment of star health in this uh 8:28 8 minutes, 28 seconds this calendar year as against a fullear loss of 165 crores during FI25 underwriting profit turned positive at 8:37 8 minutes, 37 seconds 206 crores for FI26 a positive delta of 371 crores this was driven by 8:44 8 minutes, 44 seconds improvement in combined ratio by 2.3% from 101.1 in FI25 to 98.8 in FI26. 8:53 8 minutes, 53 seconds The improvement in combined ratio was further driven by improvement in both loss ratio and expense ratio. The loss ratios improved by 2% to 68.7%. 9:04 9 minutes, 4 seconds Further, the retail loss ratio improved by 1% to 68.2%. 9:10 9 minutes, 10 seconds Our India's expense ratio also improved by 30 basis points to 30.1% for the full years. The improvement in expense ratio 9:17 9 minutes, 17 seconds reflects disciplined cost management and operating leverage notwithstanding an absolute impact of around 80 crores due 9:24 9 minutes, 24 seconds to the factors such as GST and labor code. 9:28 9 minutes, 28 seconds On a fullear basis, the marktomarket loss was 127 crores. Full year increased 9:34 9 minutes, 34 seconds 16% YI from 787 crores in last financial year to 911 crores in FI26. 9:44 9 minutes, 44 seconds To smoothen the reported profitability against the short-term marktomarket volatility, we are adop adopting a concept of normalized investment yield. 9:53 9 minutes, 53 seconds Take that 8% on annualized basis. Going forward, we will consistently refer to this basis to depict an appropriate reflection of the underlying 10:01 10 minutes, 1 second profitability excluding the short-term fluctuations that may happen. Under this normalized framework, our profit after 10:08 10 minutes, 8 seconds tax increased 45% YI in FI26 to 1,222 10:14 10 minutes, 14 seconds crores and ROE expanded from 10.1 in FI25 to 13.1 in FI26. 10:23 10 minutes, 23 seconds Progressively improving operating performance in sequential quarters by disciplined execution and recalibrated 10:30 10 minutes, 30 seconds strategies have resulted in turnaround of our underwriting results. 10:35 10 minutes, 35 seconds Coming to the business outcomes, we continue to build a very diversified granular retail franchise focused on ROEcentric growth uh through preferred 10:44 10 minutes, 44 seconds geographies and segments and channels which meet our profitability thresholds. 10:48 10 minutes, 48 seconds Notwithstanding all of the uh all of the underwriting uh uh you know discipline above we have maintained a category leadership and retail health segment 10:57 10 minutes, 57 seconds with market share at 31.3% in FI26. Our strategic choices aligned with the priorities outlined above have 11:04 11 minutes, 4 seconds translated into tangible benefits as evidenced through the underwriting profitability improvements. Our proprietary distribution channels which 11:12 11 minutes, 12 seconds are the agency channel and the digital D2C now contribute over 90% of the retail business and it positions us to 11:20 11 minutes, 20 seconds deepen the insurance penetration beyond the other areas with emphasis on new to insurance customers. We will continue to 11:28 11 minutes, 28 seconds focus on our preferred segments which scales faster with significantly higher growth rate compared to the national average. On the portfolio management and 11:35 11 minutes, 35 seconds recalibration strategies, we have undertaken disciplined recalibration of the portfolio anchored towards improvement of riskadjusted outcomes. 11:44 11 minutes, 44 seconds Progressive improvements in loss ratios have been driven through multiple levers. uh analytics led pricing strengthen the underwriting portfolio 11:52 11 minutes, 52 seconds optimization towards preferred segments and further improvements in uh fraud waste and abuse management and institut 12:00 12 minutes institutization of a wellness-based consumer ecosystem. Our home health care and tele medicine capabilities witness 12:08 12 minutes, 8 seconds significant growth in utilization enhancing our capabilities to manage fever and infection related cases in a homebased setting. and therefore 12:17 12 minutes, 17 seconds improving the customer convenience as well. Our consumer focus metrics continue to demonstrate improvement trends. The retail claim settlement 12:24 12 minutes, 24 seconds ratio increased by 3% to 92% for the full year. Our renewal ratio on full year basis increased by 2% to 99%. 12:34 12 minutes, 34 seconds The company level NPS improved by 8 points to 62 at March 31st, 2026. Our 12:41 12 minutes, 41 seconds retail book demonstrates a best-in-class revenance ratio benchmark with other standalone health insurers. On the digital side of things, the technology 12:50 12 minutes, 50 seconds investments that Star Health is making are improving the productivity and service outcome with digital embedded across the value chain through platform 12:57 12 minutes, 57 seconds modernization, workflow automation and straight through processing and also enhanced deployment of analytics and AI. 13:05 13 minutes, 5 seconds Acquisition and onboarding are now predominantly digital digitalized with 95% of all fresh premiums are collected digitally. Our mobile application the 13:14 13 minutes, 14 seconds customer app has over 14 million downloads playing a pivotal role in driving customer engagement acting as a 13:21 13 minutes, 21 seconds primary interface across the policy life cycle. Monthly active users of the app has scaled past the one and a half million mark with desirable levels of 13:29 13 minutes, 29 seconds self-service adoption through claims intimations and renewals. Ongoing investment in experience design and self-service enablements will continue 13:37 13 minutes, 37 seconds to enhance adoption with integrated wellness and preventive care features enabling sustained nonr non-transactional engagement as well. 13:47 13 minutes, 47 seconds And finally in conclusion to summarize our strategic growth path remains centered on building a very granular retail franchise supported by our 13:56 13 minutes, 56 seconds unmatched operating scale. We have 30% plus category market share. We have 2.8 Eight plus lives were covered with us. 14:04 14 minutes, 4 seconds 15,000 plus hospital partners, 8 lakhs plus agents moving towards a million agents in the next two years. 900 plus offices and 75 plus partnerships. 14:15 14 minutes, 15 seconds Heading into FI27, our priorities remain unchanged that is to deliver strategic objectives like 14:22 14 minutes, 22 seconds customer first approach, growth through proprietary channels and focus on preferred segments. We remain confident 14:30 14 minutes, 30 seconds that disciplined execution at scale will translate into sustainable risk first 14:37 14 minutes, 37 seconds balance of growth and roe. Thank you for your continued trust in starters. And with that we are now open to take your questions. Thank you very much. 14:48 14 minutes, 48 seconds Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star 14:55 14 minutes, 55 seconds and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. 15:04 15 minutes, 4 seconds Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question Q assembles. 15:15 15 minutes, 15 seconds Our first question comes from the line of supratam duta from Jeffrey's group. 15:23 15 minutes, 23 seconds Please go ahead. 15:25 15 minutes, 25 seconds Hi, thanks a lot for the opportunity and very good morning to everyone. Um see the loss ratio improvement has been a you know a welcome change and a positive 15:33 15 minutes, 33 seconds surprise for everybody. Just you know I wanted to you know and my questions were on this bit and you know the outlook 15:40 15 minutes, 40 seconds here going ahead. So see the key uh drivers here has been one the low reduction in group health business and 15:48 15 minutes, 48 seconds the improvement on the retail loss ratios. However the retail loss ratios are still above what you know the level 15:55 15 minutes, 55 seconds that you operated at in 23 24 which was closer to 65 66%. It's currently somewhere around 68. So wanted to 16:04 16 minutes, 4 seconds understand what is the pathway of this 68% retail loss ratio going down to 6566 16:12 16 minutes, 12 seconds is that you know something that is possible or you know has something structurally changed which does not make it possible and if it's possible you know what would be the pathway to that 16:20 16 minutes, 20 seconds um you know loss ratio improvement that's the first bit secondly this year the seasonal claims um you know around 16:28 16 minutes, 28 seconds vectorbone diseases was lower you know as compared to last year. So as you as we go into 27 and if there is a 16:36 16 minutes, 36 seconds recurrence of you know seasonal claims going up you know should we then expect you know how as a company Star Health is 16:44 16 minutes, 44 seconds looking at you know mitigating that you know that would be the uh second question that I have you know thank you. 16:53 16 minutes, 53 seconds Yeah uh thanks here. Um so uh we had a uh better than uh expected 17:02 17 minutes, 2 seconds quarter 4 uh as you would have seen in the numbers. Uh now uh you know this business uh as we all know is has cycles 17:11 17 minutes, 11 seconds and there would be you know cycles of uh frequency or severity going up in particular quarters and we have seen 17:18 17 minutes, 18 seconds that over the years but whatever a series of uh actions we have done over the last one and a half years. Okay, I 17:26 17 minutes, 26 seconds think we are well placed to see a continuous improvement in our loss ratios going forward. 17:33 17 minutes, 33 seconds uh specifically talking about uh you know dealing with uh uh the kind of uh 17:41 17 minutes, 41 seconds cyclical events that happen. Uh as stated uh vanin is addressed uh we have been working on uh three specific areas 17:50 17 minutes, 50 seconds on prevention and wellness starting from tele medicine uh home healthcare and uh you know condition management programs. 17:59 17 minutes, 59 seconds So these are three areas that we've been investing on. Uh and this year this has scaled up significantly. You know we had 18:06 18 minutes, 6 seconds seen overall four to 5x jump over the year. In fact water for saw almost a 9x jump in the consumption of these 18:14 18 minutes, 14 seconds services. So uh the idea is that uh you know we are able to provide a solution 18:22 18 minutes, 22 seconds to our customers uh when they need in terms of fever, infectious diseases, gastro cases which helps them manage 18:29 18 minutes, 29 seconds things at home or through a tele medicine consultation and uh while we service them well but we also uh keep 18:37 18 minutes, 37 seconds the cost of servicing low. So that's that's the approach we've taken and I think it's uh proceeding in the right direction. 18:45 18 minutes, 45 seconds Thanks a lot. Could you just quantify you know what proportion of your policy holders or you know people who are claiming are using this tele medicine 18:54 18 minutes, 54 seconds service now versus last year? So we had uh we had uh more than 90,000 uh calls 19:00 19 minutes for the year uh for uh specifically calls that came for home healthcare but eventually uh the numbers that utilize 19:09 19 minutes, 9 seconds home healthcare were much lower but the tele medicine costs were more than 90,000 and pure tele medicine calls were in excess of another 40,000. So that's the kind of usage we are already seeing. 19:21 19 minutes, 21 seconds Understood. That's very clear. U thanks a lot for the opportunity. 19:28 19 minutes, 28 seconds Thank you. The next question comes from the line of Priest Jen from Motilar Oswald. Please go ahead. 19:36 19 minutes, 36 seconds Yeah. [clears throat] Hi, good morning everyone and uh congratulations on a good set of numbers. Uh just a few questions from my side. Firstly, an you 19:43 19 minutes, 43 seconds spoke about growth right? U you know while industry has been seeing a very strong growth on the retail side are 19:52 19 minutes, 52 seconds still growth lower than the industry. uh obviously the base kind of plays a plays a role but you know the gap that uh that 19:59 19 minutes, 59 seconds that used to exist even say a few years back that gap still exists you know the other companies have also scaled up uh 20:07 20 minutes, 7 seconds reasonably well over the over the last couple of years. So from a you know h from uh how do you see the growth 20:14 20 minutes, 14 seconds panning out for us um you know in the next couple of years uh uh in given the tailwinds that we seeing from the industry. 20:26 20 minutes, 26 seconds Yeah. So fresh uh thanks for the question. 20:29 20 minutes, 29 seconds uh see I think uh over the last two three quarters we have been articulating that growth uh is important but for us 20:37 20 minutes, 37 seconds quality of growth is more important and that's what we are focusing on. If you look at the quality of growth that we are building a franchise for you know which will be sustainable in the future. 20:47 20 minutes, 47 seconds Uh the new to insurance mix of the company has been the main focus. uh we are not so much focused on the 20:54 20 minutes, 54 seconds portability side of business within the geographies also we have taken some decisions on going slow in certain markets as you're aware so I think we 21:03 21 minutes, 3 seconds are not comparing exactly with what the others are doing but we are more focused on what is our uh company's strategy and 21:10 21 minutes, 10 seconds objectives which is to have a sustainable high team growth and a sustainable hopefully mid- team to high team ROIs I think these are the two 21:19 21 minutes, 19 seconds major focus areas and that's what we are trying to Yeah, you got that. Uh secondly was on loss 21:26 21 minutes, 26 seconds ratio, right? We uh you know the fresh growth has picked up momentum in the uh in the last uh in H2 of FI26 and to 21:36 21 minutes, 36 seconds certain extent that is definitely a reflection in terms of improvement of loss ratio. How I think the as NAP 21:43 21 minutes, 43 seconds unwinds out of this fresh growth. Do you think that the loss ratio improvement can still hold up for you know another 21:51 21 minutes, 51 seconds few quarters before the impact of this new book starts coming in from the loss ratio perspective also? 22:00 22 minutes Yeah, absolutely. So uh the already there's an uh increase in the earnings uh you know on the fresh retail business 22:08 22 minutes, 8 seconds and that's improved the portfolio mix and uh the benefits of that as well as the price repricing that we've been 22:16 22 minutes, 16 seconds doing on the portfolio both of them will play out in terms of a sustainance of you know the the seller on an annual basis you know there can be fluctuations 22:25 22 minutes, 25 seconds in the quarter but I think overall we should see an improvement Got that. And just a last bit on the 22:34 22 minutes, 34 seconds commission side, you know, in last couple of quarters, we've seen a significant improvement on commission ratio. Uh, you know, I would assume that 22:42 22 minutes, 42 seconds the fresh growth would obviously be at a higher commission, but some bit of benefit would have come in from the from 22:49 22 minutes, 49 seconds the from the senior citizens commission adjustment that you've done. uh but I think this could you still explain more 22:56 22 minutes, 56 seconds as to you know is there any other levers that is helping the commission ratios or it's just senior citizen part and to that what is the contribution of senior 23:05 23 minutes, 5 seconds citizens say in FI26 versus FI25 so uh senior citizen contributes around 23:12 23 minutes, 12 seconds 20% of our portfolio fresh yes I mean along with senior citizens you know we have been taking various measures to control the outgo 23:21 23 minutes, 21 seconds terms of uh the uh the procurement cost or sourcing cost and some bit of impact is there because you know the fresh 23:29 23 minutes, 29 seconds growth has been higher but uh but senior citizens that we have taken is ensuring that you know the productivity of our case management is also improved a lot all 23:37 23 minutes, 37 seconds these initiatives are helping us to improve the commission ratio the mix is was same in FI25 also 20% in FI25 and FI26 both it's 20%. 23:50 23 minutes, 50 seconds Yeah, it's largely in that range. But this initiative on reduction in senior citizen commission was effective April F2. So it's effective only for 2526. 24:01 24 minutes, 1 second Got that. Got that. Thanks. That's helpful. 24:06 24 minutes, 6 seconds Thank you. The next question comes from the line of Swarnab Mukharji from 361 Capital. Please go ahead. 24:15 24 minutes, 15 seconds Hi sir, thank you for the opportunity and congrats on a good set of numbers. Uh three questions from my side sir. 24:22 24 minutes, 22 seconds First wanted to understand uh what is the status in terms of price types. Uh if you could give some color in terms of 24:29 24 minutes, 29 seconds what proportion uh you know in what products you are doing. So how much will be the proportion uh in terms of G GWP 24:37 24 minutes, 37 seconds and uh what is the quantum of price hike in an average that will be very helpful and uh given that sir you highlighted 24:44 24 minutes, 44 seconds that uh in the opening remarks that uh there is both value and volume uh le growth in fresh. I just wanted to 24:53 24 minutes, 53 seconds understand the same from the renewal side also. uh how would have things transpired uh in terms of value and 25:01 25 minutes, 1 second volume where how should we think about the growth numbers and if you could also highlight uh you know the proportion of fresh in your mixes is is it about a 25:10 25 minutes, 10 seconds quarter of your overall DBPI uh would that be the right assessment so that's one second is sir wanted to understand 25:17 25 minutes, 17 seconds the retention ratio seems to have come up a little bit from last quarter so what is playing out there if you could 25:24 25 minutes, 24 seconds highlight and uh thirdly in terms of uh the NP growth. So sir we are more or less now for multiple quarters growing 25:34 25 minutes, 34 seconds at a fairly steady rate. Uh just wanted to understand that why is NP growth uh 25:39 25 minutes, 39 seconds still uh lagging uh the GWP growth uh how should we think about it and uh 25:46 25 minutes, 46 seconds given that uh you know uh the momentum that is there in fresh business etc. 25:52 25 minutes, 52 seconds when do we expect the entity growth to pick up and come to the 15% kind of a range? Yeah, that would be my question sir. 26:01 26 minutes, 1 second So, let me take some of those questions and I'll request my colleagues to pitch in wherever needed. Uh the price hike 26:08 26 minutes, 8 seconds which you mentioned uh is um you know our strategy has been that we will take an annual price increase in all our 26:15 26 minutes, 15 seconds products um and we will continue to uh follow that strategy. Of course uh within that we will uh see how do we 26:23 26 minutes, 23 seconds optimize so that you know uh customers are given uh benefits based on their own uh behavior in terms of wellness and 26:31 26 minutes, 31 seconds health conditions and so on and so forth. So that we will continue to do on the renewal side you have asked about value and volume I'm happy to tell you 26:39 26 minutes, 39 seconds that star is with the kind of scale that we operate we have the best persistency in the industry you know both on volume and as well as on volume. So I think uh 26:47 26 minutes, 47 seconds on volume basis we have seen uh you know almost close to 86 87% uh retention in 26:53 26 minutes, 53 seconds terms of volume u and we believe that there is scope to improve further but we will we are still the best in the industry um on the n growth see I think 27:03 27 minutes, 3 seconds broadly because of the long-term policy sales which is now becoming order of the day most of the consumers are preferring to go for long-term policies which is I 27:12 27 minutes, 12 seconds believe good for all ecosystem all the stakeholders both from consumer point of view from the distributors as well as from the insurance company's point of 27:20 27 minutes, 20 seconds view. I think that's why the N growth will have a lag effect but it will catch up in the upcoming quarters. 27:29 27 minutes, 29 seconds Right sir just just a follow up on this that uh in uh given that you know the fresh growth as you mentioned is around 27:36 27 minutes, 36 seconds uh 35 37% or and uh the uh volume growth is I think 8 9% which you had mentioned 27:44 27 minutes, 44 seconds in your opening. Would would it be fair to assume that going forwards also like uh I mean earlier we used to highlight 27:53 27 minutes, 53 seconds about a 50% volume and 50% valueled growth because now we'll take consistent price I can maybe this will be the industry penant as well would it be 28:01 28 minutes, 1 second slightly lside towards value growth would that be a fair expectation going ahead 28:08 28 minutes, 8 seconds uh in the end basis reporting yes but once we move to one by basis reporting I think it'll kind normalized to some 28:16 28 minutes, 16 seconds extent but uh yes this this uh distortion is coming because of the long-term policy sales which is now the 28:23 28 minutes, 23 seconds preferred segment for the customers understood sir and uh is is the retention ratio coming off is is this 28:32 28 minutes, 32 seconds also related to the long-term things if if you could uh maybe you know give some color on that 28:40 28 minutes, 40 seconds yeah so sort of you know Q3 was a very unique phenomena the GST cut happened in September. So what happened is a lot of people waited for the month of September 28:48 28 minutes, 48 seconds and they the policies in Q3. Q4 is traditionally a very big quarter and we see some spillover coming to Q1. So so 28:56 28 minutes, 56 seconds on a yearly basis in fact we have improved the volume retention by one one and a half%. But there was slight anomaly in Q3 and Q4 because of the GST 29:04 29 minutes, 4 seconds cut which happened in Q3. I mean September was announcement and people waited in September and did the reversal within the grace period in Q3. 29:13 29 minutes, 13 seconds Okay. Okay. Understood. Uh very included. Thank you so much and all the best. 29:18 29 minutes, 18 seconds Thank you. The next question comes from the line of Deepan Goos from City Group. Please go ahead. 29:26 29 minutes, 26 seconds Uh hi, good morning sir. A few questions from my side. Uh you know if you were to look at your uh yi growth in uh you know 29:34 29 minutes, 34 seconds the volume of claims or the value of teams that you have paid. uh just wanted to understand if you had to break it between uh inflation uh for similar uh 29:44 29 minutes, 44 seconds treatments uh again I mean to the extent possible uh versus let's say claims frequency or incidents I mean how would 29:50 29 minutes, 50 seconds that trajectory have fared in FI26 versus let's say the past few years of historically uh witnessed averages uh 29:58 29 minutes, 58 seconds the second question is you know uh now that you have started seeing um improvement in your retail uh claims ratio on a YI basis and the quantum of 30:08 30 minutes, 8 seconds Yi change seems to be uh improving in terms of you know the claims ratio going down. Uh some of it is obviously new 30:15 30 minutes, 15 seconds business but you know uh if you can give some color on how the backbook is trending and especially some of your vintage products which historically had witnessed some pressure uh that would be 30:24 30 minutes, 24 seconds really great any qualitative feedback on that. Uh the third question uh is on the agency front. uh I mean uh you mentioned 30:32 30 minutes, 32 seconds that you want to touch almost 10 lakh agents uh over the next 2 years. Uh now once you reach a certain size and scale in terms of the proprietary channel and 30:40 30 minutes, 40 seconds given the competitive pressure uh what sort of strategies around ring fencing activation uh improving productivity or 30:48 30 minutes, 48 seconds curtailing or controlling commission payouts in those channels I mean what are the strategies and I have one question on the regulatory frame but maybe I can ask it after this three. 31:00 31 minutes Uh so on the uh first question uh the for the whole year the frequency and severity as a whole has been uh we've 31:09 31 minutes, 9 seconds been able to sort of manage it it uh in the high single digits uh which is the trend that has been there for us for 31:17 31 minutes, 17 seconds some time now. uh if you were to talk about uh the quality of the uh renewal 31:24 31 minutes, 24 seconds book uh you know that is seeing a consistent uh improvement in LR given our uh uh pricing strategy that we've 31:32 31 minutes, 32 seconds been following over the last one and a half years. So on both those uh you know things uh are looking uh better and uh 31:41 31 minutes, 41 seconds we believe that uh this as a strategy we will continue you know as far as the pricing of the book is concerned you know uh we expecting to reprise almost 31:50 31 minutes, 50 seconds 80% of the book between what we started from Q4 going up to Q1 this year and 31:57 31 minutes, 57 seconds that will show up in the uh earnings uh going forward agency on the yeah on the agency side. Uh we we 32:06 32 minutes, 6 seconds are uh confident of getting to 1 million uh in the next two years and uh we we maintain this that we will be adding one 32:14 32 minutes, 14 seconds lakh agents uh you know every year for the next many years and if you look at our aging productivity uh even for this year you know it has improved by about 32:23 32 minutes, 23 seconds 37% on fresh and overall 18% on total business. This is coming on the back of 32:30 32 minutes, 30 seconds uh you know the upskilling of the agents that we do on a regular basis and our L &D transformation which is led by the technology solutions that we are 32:38 32 minutes, 38 seconds providing to our agents. We continue to believe that this will continue to improve and uh as far as the ring fencing of the agents is concerned. Uh 32:46 32 minutes, 46 seconds we have best-in-class uh you know offerings for our agents uh which we believe uh will continue to maintain stickiness of our agents. 32:56 32 minutes, 56 seconds Uh got it. One last question from one side the regulatory front side. Uh you know uh till date we are under a company 33:04 33 minutes, 4 seconds level expense of management and while there have been multiple discussions on line of business by EU uh just wanted to understand that when you talk to the 33:13 33 minutes, 13 seconds regulator uh are they cognizant of the fact that uh there is a natural arbitrage between sahis and multilininers uh in terms of expense of 33:21 33 minutes, 21 seconds management on the retail health business and if there is any consideration on that front. 33:28 33 minutes, 28 seconds what was the question arbitrage please explain I mean you know for example you guys can operate at maximum of 35% and your book is almost entirely retail 33:36 33 minutes, 36 seconds health right uh whereas there is a possibility of cross subsidization at the multi-line channels uh in terms of them able to operate at a higher EOM uh 33:45 33 minutes, 45 seconds specifically for the retail health line okay okay no I think I think uh you know 33:53 33 minutes, 53 seconds broadly we await IDI's uh guidance on uh the EU and there has been some uh data that the regulator has asked which all 34:00 34 minutes of us have supplied but um you know you will appreciate that we have been a very disciplined uh company in terms of we are probably the only company in this 34:09 34 minutes, 9 seconds space operating within the current guidelines and we continue to invest a lot to improve our expenses uh operating 34:16 34 minutes, 16 seconds ratios better so we will aait that I don't want to give any comment now but when it comes I'm sure it'll be fair to all the players 34:25 34 minutes, 25 seconds sure important to the consumers. 34:29 34 minutes, 29 seconds Yeah. [clears throat] Sure. Maybe just one small followup. You know, you mentioned your claim severity is around high single digit. I mean, 34:36 34 minutes, 36 seconds hypothetically speaking, if your price hikes are let's say a percentage or a few percentage points higher than your claim severity, uh is that going to be a 34:44 34 minutes, 44 seconds strategy to kind of bring this claims ratio down from let's say whatever 68 69% to let's say somewhere around 65% and is that something you guys would be 34:53 34 minutes, 53 seconds uh focusing on? Uh that's all from my well obviously uh severity uh claim 35:03 35 minutes, 3 seconds severity is a function of uh you know higher quality of treatments and uh you know the kind of disease profiles we are seeing nowadays. So pricing of insurance 35:11 35 minutes, 11 seconds products will always be a factor of that. So uh to maintain our margins we may have to take a slightly higher than that. So then there are efforts uh 35:19 35 minutes, 19 seconds continuously being done to manage severity better in terms of you know u discussing with our hospitals having more preferred partners and obviously we 35:28 35 minutes, 28 seconds have a target combined ratio under which we want to operate and to that extent we will keep taking our you know strategies aligned. 35:36 35 minutes, 36 seconds Uh thanks Anand and the team and uh all the best. Thank you. 35:43 35 minutes, 43 seconds The next question comes from the line of Sankit Gora from Aendis Park. Please go ahead. Uh 35:50 35 minutes, 50 seconds yeah, thank you for the opportunity. Uh sorry Anand and Amit, it's it's the same question probably in a different way. Uh 35:57 35 minutes, 57 seconds see the loss ratio improvement honestly was a positive surprise very positive surprise. So if if you really want to 36:04 36 minutes, 4 seconds attribute a major reason is it is it uh the a large part of the improvement happened in the renewal book uh and and 36:12 36 minutes, 12 seconds naturally the new contribution would have played a role but that bigger delta came from the renewal book because of your uh that cohort based or or uh 36:20 36 minutes, 20 seconds pricing strategy which you adopted last maybe five quarters back. uh that is Getty is getting reflected in the 36:26 36 minutes, 26 seconds numbers or um or or uh uh and and therefore therefore uh if if that strategy is is was useful and and if you 36:35 36 minutes, 35 seconds try to implement to the entire book is it fair to say that uh uh the renewal book delta will be the biggest change to bring the loss ratio improvement going 36:43 36 minutes, 43 seconds ahead that that was my question basically I just wanted to understand uh the breakup or or waterfall of the loss ratio improvement whether it is new 36:52 36 minutes, 52 seconds renewal or severity ity or or hospital management they just if you can give a bit color there it will be useful 37:00 37 minutes some I think you have answered the question yourself it's a it's a sum of all parts right it's not one uh can lay 37:07 37 minutes, 7 seconds a finger on any one particular item uh it's everything that you mentioned it's a improvement in the renewal book the pricing strategy the quality of sourcing 37:16 37 minutes, 16 seconds of new business the selection of geographies and profile of customers and of course uh over and above that most 37:24 37 minutes, 24 seconds importantly having a very very strong FWA uh fraud waste and management uh you know initiatives so it's a combination 37:32 37 minutes, 32 seconds of everything I think at you know we operate at a scale which probably others are not able to do and that's why we you 37:39 37 minutes, 39 seconds know the kind of data and the kind of uh you know analytics we bring to the table to manage this it's little better than 37:46 37 minutes, 46 seconds what maybe others can provide so it's a combination of everything yeah so uh as far as if you want to 37:54 37 minutes, 54 seconds specifically as the improvement has been across the renewal book and the fresh book. So it's not simply about one 38:00 38 minutes aspect of the business and two uh the the overall impact uh specifically 38:08 38 minutes, 8 seconds quarter 4 has been the improvement in frequency that we have seen uh over the last year. So that cut across here as 38:15 38 minutes, 15 seconds cut across uh you know the uh entire book it doesn't pay out only for one thing and all of this has been enabled 38:24 38 minutes, 24 seconds because of the continuous uh uh you know uh efforts we've been taking on the tele 38:32 38 minutes, 32 seconds medicine and home healthare front along with all other prevention measures. So that's this is something that is playing across the book. 38:40 38 minutes, 40 seconds Understood. So, so Amitab just just on this frequency part you said uh is it is it that it was uh uh in general lower 38:49 38 minutes, 49 seconds than actually usually it is or or this frequency coming down is more structural because of the tele medicine and all the measures what you just told is playing out. 39:00 39 minutes Yeah. So it is lower than uh what we expected and uh the effect that both uh 39:07 39 minutes, 7 seconds our interventions have played. So it's a mix of both. 39:11 39 minutes, 11 seconds So, so which means that incrementally the loss ratio maybe if not 68 uh 66 67 kind of a number can be achievable uh 39:19 39 minutes, 19 seconds given the intervention measures what we are taking from from next year point of view. 39:24 39 minutes, 24 seconds See uh u the point is that u this business we need to discuss in terms of 39:31 39 minutes, 31 seconds a longer period and we can't just focus on a particular quarter right so whatever changes and series of interventions we've done are for the 39:40 39 minutes, 40 seconds improvement of the book in the longer term and there can be cyclical uh you know ups and downs in a quarter or you 39:49 39 minutes, 49 seconds know here and there but fundamentally what we're trying to improve is uh the quality of the book, the quality of sourcing, the way we are managing our 39:57 39 minutes, 57 seconds claims, the way we're dealing with fraud, waste and abuse and uh disproportionately focus on uh you 40:05 40 minutes, 5 seconds know managing uh the claims that can be managed at home or through tele medicine and invest on wellness uh you know as a big part of our strategy. 40:17 40 minutes, 17 seconds Understood. and and uh one one one small data keeping question maybe two basically one one if you can give your 40:24 40 minutes, 24 seconds 4567 source of fresh premium break up into long-term and uh uh annual plans um 40:31 40 minutes, 31 seconds and and how it was compared to last year uh maybe if you can give that uh number both on both on NOP and premium basis 40:39 40 minutes, 39 seconds will be useful and and lastly in the fresh premium you said an or even it's there in the presentation that 93% of the business is fresh to insurance 40:48 40 minutes, 48 seconds customer which means indirectly 7% of the customer are porting uh that is on NOP but if you can give a bit of color 40:54 40 minutes, 54 seconds on on premium too that 7%age if it is porting lead uh in in the fresh premium how much is on that premium 4 five 67 41:02 41 minutes, 2 seconds course no case the number is on GWP not on NOP u on the new insurance it's a fresh 41:11 41 minutes, 11 seconds premium okay and I'm not even I'm not even saying that we will not portability. What I'm saying is that we will be calibrated and making it 41:20 41 minutes, 20 seconds a risk first approach and where we feel that there is opportunity, we will go for that. But as far as the wakeups of long-term and all that is concerned, uh I we will give it to you separately. 41:31 41 minutes, 31 seconds Yeah. 41:32 41 minutes, 32 seconds Okay. Okay. Thanks. Thanks. Thanks for the answers. 41:37 41 minutes, 37 seconds Thank you. The next question comes from the line of Ain Singh from MK Global. Please go ahead. 41:46 41 minutes, 46 seconds Yeah. Hi uh thanks for the opportunity. Congratulations on great set of numbers. 41:51 41 minutes, 51 seconds Uh couple of question I mean uh uh I mean the first one more around you know that uh a lot of kind of you know the 42:00 42 minutes actions you have taken on multi uh multiple parts of your business including the repricing of portfolio and 42:07 42 minutes, 7 seconds all. Now of course the BAU based repricing or price increasing will continue but do you see I mean the way 42:14 42 minutes, 14 seconds uh you know uh that uh medical inflation and your claims experience are going forward I mean any sort of a a major 42:23 42 minutes, 23 seconds repricing need is at least not there in FI27 and it will be normal I mean whatsoever single digit or whatsoever possible typical uh you know the price 42:30 42 minutes, 30 seconds increase. So is that current prices sustainable with the kind of a claim inflation to uh settle you in your desired uh combined ratio zone? The 42:40 42 minutes, 40 seconds second on the regulatory side I mean of course I I guess you briefly touched upon the expected EUM/ 42:47 42 minutes, 47 seconds uh commission regulation to be out in near future on this Bimasum that finally seems to be kind of making some 42:55 42 minutes, 55 seconds progress. Uh uh I mean what's your evaluation? I mean uh is it going to be 43:02 43 minutes, 2 seconds kind of augmenting your uh sourcing or it is more going to be you know the renewal and maintenance and on that 43:09 43 minutes, 9 seconds front uh uh is uh I mean the regulator looking that the product I mean whether it's a new new or renewal to be priced 43:18 43 minutes, 18 seconds differently on this platform I mean because uh this you know the uh uh uh this platform is being projected as a 43:26 43 minutes, 26 seconds direct to customer and for customer only. So is there some sort of a you know uh uh rebate or discount uh that 43:33 43 minutes, 33 seconds the insurer has to offer to the customer uh on this platform if the customer is buying new or renewing the policy. Thanks. 43:42 43 minutes, 42 seconds Yeah V first of all thank you for the good wishes and um see over the last uh you know five to six quarters we've been 43:49 43 minutes, 49 seconds taking this pricing uh corrections across all our products and as you rightly put it we'll be taking this in the future as well. uh we do not foresee 43:57 43 minutes, 57 seconds any particular change in the strategy or any increase that is beyond normal. Uh we do not see that. Uh so we'll continue 44:06 44 minutes, 6 seconds to maintain the current strategy and uh we believe that that should be more than sufficient for us to uh maintain the 44:13 44 minutes, 13 seconds target combined ratio that we have. Uh so that that is one. As far as the Vimma Sukum platform is concerned, I think uh 44:22 44 minutes, 22 seconds you know the the the project is more focused on giving a platform to the consumers for uh 44:31 44 minutes, 31 seconds affordable insurance plans. Obviously uh it will not be zero cost but there may be lower cost but at the same time uh it 44:40 44 minutes, 40 seconds is also a serviceoriented platform for both having all insurance policies under one roof in terms of life insurance, 44:47 44 minutes, 47 seconds health insurance and all uh general insurance products so that the consumer can have one platform to do all the services themselves. So I think this is 44:56 44 minutes, 56 seconds a good initiative. We are totally supportive of that. We are also a shareholder of the platform. So we hope that you know it is successful and we'll we'll keep you updated as we get more 45:04 45 minutes, 4 seconds information and a quick a quick one now looking back this EOM regulation that had a kind of a 45:12 45 minutes, 12 seconds March 26 as a deadline now what is the regulator's view now in terms of because I mean a number of players will be non-compliant 45:20 45 minutes, 20 seconds now what are you hearing of course you are in the compliant bucket but across the board because eventually when this new revelation was launched on 1st April 45:28 45 minutes, 28 seconds 23 three uh I mean there was a deadline that there were a kind of amendments and companies had to give a glide path how they are exiting March 26 with those 45:37 45 minutes, 37 seconds kind of a limits the 30 or 35% limit depending upon the class now what is the regulators view now for the non-compliant 45:46 45 minutes, 46 seconds you know companies because this kind of a will set that okay how in future the companies will take regulators I mean if 45:54 45 minutes, 54 seconds if even with a three-year deadline if there is no sort of a you know action or uh nudge from regulator for the 46:02 46 minutes, 2 seconds non-compliance then I mean it's very difficult to believe that I mean in future regulations will be taken that seriously 46:11 46 minutes, 11 seconds sir this is a very difficult question for me to answer I think I'll give it a pass 46:18 46 minutes, 18 seconds no I thank thank you the next question comes from 46:24 46 minutes, 24 seconds the line of rishi Junjunwala from Il Please go ahead. 46:30 46 minutes, 30 seconds Yes, thanks for the opportunity. Two questions. Um firstly, sir, u you you've talked about continuing with the price 46:39 46 minutes, 39 seconds hikes in your portfolio. Um given the sensitivity around GST cut being passed 46:46 46 minutes, 46 seconds on to the consumers and and government indicating they are keeping a close eye on that. How do you think um you know 46:55 46 minutes, 55 seconds you'll be able to manage price hike in the near term which is not overlapping or or compensating for some of the GST 47:03 47 minutes, 3 seconds loss? I mean it optics I I understand but do you believe this will be uh easier uh to do than than how it looks? 47:16 47 minutes, 16 seconds Rishi the pricing strategies are all done beforehand in the sense that pricing strategies are based on product 47:24 47 minutes, 24 seconds performance. It has nothing to do with GST GST benefits fully passed on to the consumers. The pricing strategies of the 47:32 47 minutes, 32 seconds company is based on the performance of the product in terms of the loss ratios and uh on that basis only we are taking the price increases. I believe that it 47:41 47 minutes, 41 seconds is uh you know should be fair to all the stakeholders. 47:47 47 minutes, 47 seconds Understood sir and and the other question is now it is based on fully defined actual principles and uh I don't think that there should be any resistance there. 47:58 47 minutes, 58 seconds Yeah. 47:59 47 minutes, 59 seconds Fair enough sir. Thank you. The other question is um on uh it's been now 7 8 months of uh uh you know GST exemption 48:09 48 minutes, 9 seconds related tailwinds that we have seen um you know in your portfolio where customers are returning for renewals out 48:17 48 minutes, 17 seconds of the 118 rupees say of um you know cash outflow that they used to do for a 48:24 48 minutes, 24 seconds 100 rupee premium. Um can you give some sense of uh you know how much have we been able to retain in the form of maybe 48:33 48 minutes, 33 seconds a higher some assured and as a result higher premium or attach more riders so that that 118 48:40 48 minutes, 40 seconds um inflow actually doesn't go down completely to 100. So just want to understand um you know how much incremental demand we have received from the um from the returning customers. 48:54 48 minutes, 54 seconds So good question Rishi. Uh if you look at our renewal retention numbers for the current financial year, there's a 300 bits improvement in terms of GWP, right? 49:03 49 minutes, 3 seconds That clearly reflects that the customers are now opting for higher sums and they are also willing to you know opt for riders which are beneficial for them and 49:13 49 minutes, 13 seconds in terms of uh NOP numbers is 100 bits improvement. So it goes to show that the uh you know there is significant improvement in the backbook. 49:23 49 minutes, 23 seconds and and how does this look for our distributors? 49:28 49 minutes, 28 seconds Yeah, distributors are pretty much happy because the growth has been upwards of 50% ever since uh GST has been announced, right? So, their income levels have gone up. 49:40 49 minutes, 40 seconds Understood. Okay. Thank you. 49:44 49 minutes, 44 seconds Thank you. The next question comes from the line of Nidesh Jen from Invest. Please go ahead. 49:52 49 minutes, 52 seconds Uh thanks for the opportunity and congratulations for a good set of numbers. Uh so first question is on NEP mix if you can share what is the share 49:59 49 minutes, 59 seconds of new and renewal for FI26 and FI25 uh on NEP basis. 50:09 50 minutes, 9 seconds See uh NP basis uh as you mentioned you know a good proportion of the long-term businesses coming in. It's it's in the 50:16 50 minutes, 16 seconds range of 2% difference. You know it has been 80/20 and it has changed by 100 to 150 basis points on on business 50:24 50 minutes, 24 seconds and next year also this ratio should further increase because as these long-term policies business will get acred in NAP. Is that a right understanding or yes it will it will continue to improve. 50:37 50 minutes, 37 seconds Uh secondly we have seen a good improvement in group health claims ratio. So what is the uh I think we have been defocusing on that segment uh for 50:46 50 minutes, 46 seconds last uh one year. What is the strategy on in on that segment going forward and uh do we expect growth to come back in that segment? 50:55 50 minutes, 55 seconds So see uh we've taken a very uh recalibrated strategy right at the beginning of uh FI26 and that has played 51:03 51 minutes, 3 seconds out really well which defects in a loss ratio right we've been focusing on our theme segment which uh for the current financial year has contributed to 78% of 51:12 51 minutes, 12 seconds our uh overall business which was 58% uh in FI25. 51:17 51 minutes, 17 seconds So we continue to maintain this strategy and uh we are absolutely clear that we will go behind businesses uh which are 51:24 51 minutes, 24 seconds uh profitable in nature and theme is one of those businesses and we have uh taken uh growth rate targets in line with the overall objective of the organization. 51:36 51 minutes, 36 seconds Sure. Uh third question is on our growth in retail segment. So if you look at Q4 uh the growth in retail is around 19% versus industry growth is close to 29%. 51:45 51 minutes, 45 seconds So there is a decent gap in our retail growth and industry growth. Uh how how are we thinking about this gap let's say 51:54 51 minutes, 54 seconds from a medium-term perspective because we have also got benefit the industry has got benefited from GST cut and that benefit probably will come into base in H2. So when industry is growing at 52:03 52 minutes, 3 seconds steady state of 17 18% how should we see this gap between our growth and industry growth panning out? 52:11 52 minutes, 11 seconds See you know at star we are uh completely aligned on profitable growth right uh so our market share has 52:17 52 minutes, 17 seconds sustained at 31% for uh the full year uh so internally we track our business on n basis and grow growth growth remains 52:25 52 minutes, 25 seconds pretty steady on that front with upwards of 39% for fi26 but more importantly we we are focused on profitable uh 52:33 52 minutes, 33 seconds geographies and profitable cohorts of consumers right and which is why if you look at our mix of business on the new to industry is now about 94 95%. And 52:43 52 minutes, 43 seconds portability is uh has come down further and uh as maintained in the previous calls also we will continue to chase 52:50 52 minutes, 50 seconds businesses which which are profitable in nature. Right. So growth we are not desperate to grow our market share at the cost of profits. 53:00 53 minutes Sure. Sure. And last question is if you can share the quantum of deferred revenue on long-term policy as of March 26. 53:10 53 minutes, 10 seconds of deferred is the opinion issued in advance. 53:14 53 minutes, 14 seconds Yes, they received in advance. Yes, we can give it to you offline. Yeah, it's part of the balance. 53:21 53 minutes, 21 seconds Sure. Thank you. Thank you. That that's it for my time. Thank you. 53:27 53 minutes, 27 seconds Thank you. The next question comes from the line of Supratim Duta from Jeff. Please go ahead. 53:33 53 minutes, 33 seconds Yeah. Hi. Hi. Thanks a lot for the opportunity for this followup. So in just two questions. one you know you have transitioned to this Media Assist 53:41 53 minutes, 41 seconds platform you know it has been now nearly one year so just wanted to understand you know how is that transition playing out what are the savings that you're 53:49 53 minutes, 49 seconds getting and how should we think about that playing out over the next you know couple of years that's one and secondly you know on this IRDA initiative 53:59 53 minutes, 59 seconds regarding public insurance registry wanted to understand you know how do you see that you know impact loss ratios 54:07 54 minutes, 7 seconds particularly on the fraud and wasted side. If you could give some color there that would be helpful. Thank you. 54:15 54 minutes, 15 seconds So on the uh platform shift on the claims processing uh that is now nearly 54:22 54 minutes, 22 seconds complete uh uh we are just entering the final phase of uh of our last set of products that will be shifted onto that 54:29 54 minutes, 29 seconds platform and by this quarter end I think we should be fully through. Uh so we clearly seeing efficiencies coming 54:37 54 minutes, 37 seconds across uh for which we had sought for the you know platform and uh that's playing out uh and more more importantly 54:47 54 minutes, 47 seconds it's not simply a matter of efficiency but also the effectiveness of uh managing our claims better and giving 54:54 54 minutes, 54 seconds our customers a better experience on both those fronts we doing 55:01 55 minutes, 1 second on the P side this is a very good initiative we believe. So uh it will help the industry to have more 55:09 55 minutes, 9 seconds disciplined underwriting uh data and we await further uh you know insights on this but we are closely engaged with the 55:17 55 minutes, 17 seconds regulator in terms of building this model. Our CTO is part of the working group uh as far as this particular model 55:25 55 minutes, 25 seconds is concerned. We'll keep you updated as we get to know more. 55:32 55 minutes, 32 seconds Thank you. The next question comes from the line of Mohit Surana from HDFC AMC. Please go ahead. 55:41 55 minutes, 41 seconds Yeah. Hi sir. U congratulations. Uh uh from my side I just wanted to know uh since uh historically uh we've had uh 55:50 55 minutes, 50 seconds ups and downs in terms of loss ratios and often uh external environment has also played a part in it. So how do you 56:00 56 minutes assess the current um external environment in terms of the health care lifestyle changes as well as uh some of 56:08 56 minutes, 8 seconds the seasonal uh stuff and second if you know we can in some way is there a 56:15 56 minutes, 15 seconds thought process to smoothen out um uh some of these movements over time 56:21 56 minutes, 21 seconds because um often u you know uh the profit and loss and loss ratios kind of 56:28 56 minutes, 28 seconds get impacted by um changes in external environment. While we are trying to improve the internal uh processes and uh 56:38 56 minutes, 38 seconds policies, external environment has historically often played a part in um you know the how vagaries of business 56:46 56 minutes, 46 seconds have planned out. So is there a thought process to smoothen out uh the impact of external impact? 56:55 56 minutes, 55 seconds Yeah, Mo. So that's a good question and uh I think uh you'll be happy to know that there is a lot of uh engagement now 57:03 57 minutes, 3 seconds happening at various stakeholder levels on the external environment side to manage the uh piece that you're talking about whether it is the council GI 57:12 57 minutes, 12 seconds council u creating a common empan element of hospitals uh whether it is the IRDI and CI working together to 57:19 57 minutes, 19 seconds bring the payers and providers together on a single platform. wide working groups have been created and we believe that all these initiatives will over 57:27 57 minutes, 27 seconds time you know reduce the friction and also at the same time reduce the challenges that we used to face earlier. 57:34 57 minutes, 34 seconds So I think this is this is something that we can do on the internal side as you have seen that over the last four five quarters we have set a process in 57:41 57 minutes, 41 seconds place and every for the last three quarters consistently we have been demonstrating that the loss ratios have been improving. So I think the model is 57:48 57 minutes, 48 seconds uh you know working fine and we will continue to invest in the same model but beyond that I think company will focus 57:54 57 minutes, 54 seconds on sustainable growth with a sustainable RO target that we have set for ourselves. So if that answers your question. Thank you. 58:04 58 minutes, 4 seconds Got it. Got it. Thank you and wish you all the best. Thank you so much. 58:10 58 minutes, 10 seconds Thank you ladies and gentlemen. That was the last question for today. I would now like to hand the conference over to Mr. 58:17 58 minutes, 17 seconds Nillesh Kami for the closing remarks. 58:21 58 minutes, 21 seconds Uh thank you everyone for joining the call. You know it has been one of the turnaround year of for star health with in terms of higher health growth and 58:28 58 minutes, 28 seconds improvement in the combined ratio driven by an improvement in loss ratio. You know the normalized path with 8% investment has been has seen a robust 58:37 58 minutes, 37 seconds score to 1222 crores. Uh you know and we continue to build on that in the coming future. We'll continue to execute our 58:44 58 minutes, 44 seconds strategy with more conviction and confidence and uh you know thanks for your continued support. Thank you very much. 58:51 58 minutes, 51 seconds Thank you sir. Ladies and gentlemen on behalf of Star Health Allied Insurance Company that concludes this conference call. Thank you for joining us.