Date: November 13, 2026

Business Update Summary

Industry Outlook & Dynamics

  • Industry growth consistent at 11%, led by private insurers
  • India's General Insurance GDP Penetration is just a quarter of the Global Average
  • Regulatory and pricing cycles favor disciplined, digital-native players

Our Approach

  • Focus on 'Private Car' insurance using three levers: Product Innovation, Usage-Based Insurance, and Digital AI-enabled platform efficiency
  • Pioneered Usage Based Car Insurance in India with 5-year journey building proprietary data moat of 96 Mn+ kms
  • Driving behavior linked to claims shows ~50% lower claims at 95+ score
  • ~15% penetration of eligible policies using telematics

Digital Platform-led Operating Efficiency

  • 99.99% system availability
  • 4 weeks product GTM, 7 days add-on GTM, <1 week partner integration
  • 95% unassisted policies, ~90K policies issued per month
  • 466+ APIs across journeys
  • 24×7 claims with insta-payouts
  • <30 seconds policy issuance, ~200 milliseconds API response
  • ~97% successful payments
  • 4.6★ app ratings

AI Implementation Areas

1. Faster GTM – 50% reduction through AI-assisted development

2. Granular Pricing: ~2 point uplift in conversion via ZunoWise dynamic pricing model

3. One Platform. Many AI Agents. DIY through Orion unified AI platform

4. Fraud prevention: 2x savings through ML-powered fraud identification and LLM-based ORBIT Agent

5. Personalized support at scale through AI-Powered Agent for Customers (Zia) and Partners (ZAC)

6. Faster decisions through NLP dashboards

Customer Experience

  • 10 Mn+ customer base
  • 100% policies issued digitally
  • 4.6 App Store rating (Oct 2026)
  • 5 minutes fastest motor claims settled (Q2 2026)
  • Features: Single-click buying, paperless processes, instant issuance & renewal, instant KYC, instant claim registration, instant payment (Zuno Pay)

Our Performance

Financial Metrics (US $ Mn):

| Period | GWP | PBT | AUM |

| FY26 | 135 | (6) | 176 |

| H1FY26 | 55 | (2) | 157 |

| H1FY27 | 81 | 0.1 | 197 |

YoY Performance:

  • GWP: 49% growth
  • PBT: Turnaround to profitability from $(2)M loss
  • AUM: 26% growth

Key Ratios:

| Ratio | FY26 | H1FY26 | H1FY27 | Change |

| Opex Ratio | 12.2% | 15.8% | 11.1% | ▼4.7 pp |

| COR | 124% | 128% | 118% | ▼10 pp |

| Net EOM | 30.5% | 34.1% | 31.6% | ▼2.5 pp |

Growth Metrics:

  • 4-year CAGR at 38% versus 11% for Industry
  • Private Car 4-year CAGR at 44%

Aspiration

  • Three long bets: Continue building breadth and depth in Motor, The Machine (autonomous processes, AI-driven decisions), The Franchise (digital advantage as permanent moat)
  • Goals: Market leadership across Motor and focus segments, 1Bn lives and risks protected, sustainable economics with sub-100% COR, structural operating advantage with 6-7% Opex/GWP

Notes

  • Currency conversion: 1 USD = 95.9832 INR
  • PBT figures reported as per Ind AS, FY26 PBT excludes deferred tax provision
  • Forward-looking statements subject to risks and uncertainties
  • Data source: GIC monthly segmental reports, IRDAI Annual Report 2024-25, Swiss Re Institute, Ministry of Road Transport & Highways/VAHAN data