The event was an earnings conference call held with Investors and Analysts to discuss the Unaudited Standalone and Consolidated financial results for the period ended 30th September 2026 (Q2 FY27).
The call was held on Friday, 6th November 2026. The specific time and time zone were not disclosed in the provided transcript.
The stated purpose was to discuss Q2 and H1 FY 2027 financial results and provide a business update.
The meeting was held after the earnings announcement, as referenced by management directing participants to results already available on the website and stock exchanges.
Management participants included:
Mr. Hitesh Joshi – Chairman and Managing Director
Mr. Sanjay Mokashi – Chief Underwriting Officer
Mr. Rajesh Laheri – Chief Financial Officer
Ms. Radhika Ravishekar – Chief Investment Officer
Mr. Sateesh Bhat – Appointed Actuary, Non-Life Business
The moderator was Ms. Nikita Atri from Ernst & Young.
The company indicated that a press release and presentation had been mailed to participants and were available on the company website and stock exchanges. The full transcript of the call was attached to the regulatory filing.
The company included standard forward-looking statement disclaimer language, noting that discussions may contain forward-looking statements involving known and unknown risks and uncertainties.
Financial Highlights Discussed
Gross Premium Income: INR 11,228.21 crores for Q2 FY27 (vs. INR 9,601.70 crores in Q2 FY26); INR 24,703.57 crores for H1 FY27 (vs. INR 21,989.71 crores in H1 FY26)
Investment Income: INR 4,238.26 crores in Q2 FY27 (vs. INR 3,791.67 crores in Q2 FY26); INR 7,503.78 crores for H1 FY27 (vs. INR 7,105.41 crores in H1 FY26)
Incurred Claims Ratio: 87.39% in Q2 FY27 (vs. 81.50% in Q2 FY26); 86.19% in H1 FY27 (vs. 86.45% in H1 FY26)
Combined Ratio: 110.23% in Q2 FY27 (vs. 109.15% in Q2 FY26); 107.39% in H1 FY27 (vs. 107.41% in H1 FY26)
Adjusted Combined Ratio (with policyholders' investment income): 85.92% for H1 FY27 (vs. 83.74% in H1 FY26)
Underwriting Loss: INR 1,709.06 crores for H1 FY27 (vs. INR 1,234.59 crores in H1 FY26)
Profit Before Tax: INR 3,101.54 crores in Q2 FY27 (vs. INR 3,472.76 crores in Q2 FY26); INR 5,591.79 crores for H1 FY27 (vs. INR 5,716.30 crores in H1 FY26)
Profit After Tax: INR 2,455.62 crores in Q2 FY27 (vs. INR 2,866.79 crores in Q2 FY26); INR 4,377.66 crores for H1 FY27 (vs. INR 4,619.02 crores in H1 FY26)
Solvency Ratio: 4.18 as of 30th September 2026 (vs. 3.85 as of 30th September 2025)
Net Worth (excluding fair value change): INR 53,402.32 crores as of 30th September 2026 (vs. INR 46,669.38 crores as of 30th September 2025)
Net Worth (including fair value change): INR 93,138.68 crores as of 30th September 2026 (vs. INR 88,709.19 crores as of 30th September 2025)
Premium Breakup: Domestic premium for H1 FY27 was INR 19,794.41 crores (80% share) with 15.9% YoY growth; International premium was INR 4,909.16 crores (20% share) with broadly unchanged YoY growth
International Portfolio Combined Ratio: Improved to 108.24% in H1 FY27 from 119.87% in H1 FY26
Forward-Looking Statements & Strategic Themes
Management stated that achieving a combined ratio of 105% for FY27 is believed to be achievable but noted Q3 remains exposed to global catastrophe activity.
The company discussed the upcoming transition to Ind AS accounting standards, noting it will move away from the concept of combined ratio due to different recognition methods, particularly for investment income and discounting of reserves.
For the international portfolio, competitive conditions are expected to persist in the second half, with a measured approach to growth where pricing terms and risk-adjusted returns meet expectations.
Management highlighted focus on strengthening underwriting profitability through better risk selection, appropriate pricing, and active portfolio management.
Additional Notes Section
The regulatory filing included the full transcript of the conference call as an attachment.
Financial data was extensively disclosed during the call, including all key P&L and balance sheet metrics for Q2 and H1 FY27.
The company disclosed a specific provision of INR 450-500 crores for Gujarat floods in the current quarter, with acknowledgment that some impact might show in subsequent quarters due to reporting lags.
The company recognized INR 1,082 crores from NSE OFS in investment income, and NSE valuation was changed from cost to market value post-listing, with unrealized appreciation going to the fair value change account.
