General Updates

AI summary - H1 FY27 profit after tax grew 21.52% y-y to Rs 25,568 Cr - Total premium income rose 11.64% y-y to Rs 274,269 Cr; individual new business up 14.86% - VNB increased 33.95% y-y to Rs 6,846 Cr; VNB margin improved 470 bps to 22.3% - Solvency ratio improved to 2.35 from 2.13 y-y; AUM grew 4.16% y-y to Rs 59.6 tn - Focus on product mix, ticket size, operational efficiency to improve margins further - Protection business APE grew 58.59% y-y; launched multiple new non-par products - Bancassurance and alternate channels grew 21.44% y-y; expense ratio down 87 bps y-y - Persistency mixed; improvements in some cohorts but premium persistency lagging - ULIP APE down due to market; management pushing higher ticket sizes and agent training - Group business premium up 20% y-y; market share dip due to cyclical factors - Management confident on margin outlook for FY28 despite RFR volatility - Hedging program covers ~80% of non-par premiums; focus on margin-accretive products - Awaiting final RBC guidelines before capital deployment decisions - Digital initiatives (MyLIC, Super Sales Saathi) show strong adoption and growth - Agent productivity and earnings enhancement remain key priorities