Enclosed Transcript of Earnings Call held on July 15,2026

AI summary - Q1 FY27 individual APE grew 7%, overall APE 9%, retail protection up 42% - VNB grew 9% to INR 879 Cr; new business margin at 25%, up 100 bps q-q - Agency channel grew 21%, non-bank alliances up 17%, HDFC Bank channel subdued but market share recovering - Product mix: ULIP 44%, non-par savings 22%, protection 8%, annuities 11%; non-par savings improving - Profit after tax INR 611 Cr, +12% YoY; solvency ratio improved to 185% - Persistency at 84% for 13-month, 61-month persistency improved to 65% - FY27 guidance: grow in line or faster than industry; VNB growth in line with APE; margins to remain range-bound around 25% - Variable annuity product margins higher than company average; branch expansion ongoing with 18-24 months breakeven - Capital runway of 15-18 months post preferential allotment; awaiting risk-based capital framework implementation