• The document contains the transcript of an earnings conference call held with investors and analysts to discuss the unaudited financial results for the quarter ended 30th June 2026 (Q1 FY27).
  • The event was held on Monday, 17th August 2026, and was moderated by Ms. Nikita from Ernst & Young.
  • Management participants included Mr. Hitesh Joshi (Chairman cum Managing Director), Mr. Sanjay Mokashi (General Manager and Chief Underwriting Officer), Mr. Rajesh Laheri (Chief Financial Officer), and Ms. Radhika Ravishekar (Chief Investment Officer).
  • The purpose was to discuss Q1 FY27 financial results and provide business updates, followed by a Q&A session with analysts.
  • The company indicated that the discussion contained forward-looking statements involving known and unknown risks and uncertainties.

Financial Highlights Discussed

  • Gross premium income: INR13,475.36 crores (vs. INR12,388.01 crores YoY)
  • Investment income: INR3,265.51 crores (vs. INR3,313.74 crores YoY)
  • Incurred claim ratio: 85.04% (vs. 90.42% YoY)
  • Combined ratio: 104.88% (vs. 106.94% YoY)
  • Profit before tax: INR2,490.25 crores
  • Profit after tax: INR1,922.04 crores
  • Solvency ratio: 4.32 (vs. 3.85 as of June 30, 2025)
  • Flood loss provision: INR440 crores for Gujarat floods

Key Business Updates and Guidance

  • Growth target of approximately 10% overall, with higher growth expected in foreign business
  • Combined ratio targets: 103% for domestic business and 95% for foreign business over next 2-3 years
  • Long-term goal of 50/50 domestic-international business mix, with medium-term target of 60/40
  • Focus on profitability over growth, with emphasis on return on equity and shareholder value creation
  • Investment portfolio: Market value INR157,800 crores (73.4% fixed income, 17% equity, ~8.67% money market)
  • Credit rating upgrade to 'A' targeted in 4-5 years, subject to business model improvements and regulatory changes (IFRS, RBC)

Market Conditions and Strategy

  • Competitive reinsurance market with ample global capacity leading to pricing pressure
  • IRDAI issued advisory on reinsurance discounts (mentioned in discussion)
  • Focus on retail health segment rather than corporate/group health for better profitability
  • Portfolio pruning in international motor, aviation, and cargo businesses
  • Strategy to reclaim business lost during rating downgrade period

Additional Notes Section

  • The document is a regulatory filing submitted to BSE and NSE listing departments in compliance with SEBI LODR Regulations
  • The transcript includes full Q&A session with analysts from Emkay Global, Avendus Spark, JP Morgan, and individual investors
  • The presentation deck and press release were referenced as being available on the company website and stock exchanges