Good afternoon, everyone. I am Girija Subramanian, Chairman cum Managing Director of The New India Assurance Company Limited.

I warmly welcome all of you to this earnings conference call to discuss our financial and operational performance for the third quarter and nine months ended December 31, 2025. Joining me on this call are Mrs.

Kasturi Sengupta, Executive Director, our general managers, chief financial officers, and other senior officials of the company. At the outset, I would like to express our sincere gratitude to our shareholders, investors, analysts, policyholders, and all stakeholders for their continued trust and support.

Your confidence and engagement remain a key source of strength for the company. Before diving into the numbers, I am proud to share significant third-party validation of our financial stability.

In December 2025, AM Best, a global credit rating agency, revised our outlook to positive from stable while reaffirming our financial strength rating of B++ (Good) and long-term issuer credit rating of bbb+. This revision specifically recognizes our improving trend in enterprise risk management and the strengthening of our internal systems and audit controls.

New India Assurance stands at an important phase of this journey, carrying forward a legacy of over 106 years while steadily adapting to the evolving dynamics of the insurance industry. Established in 1919 and nationalized in 1973, the company has played a foundational role in the development of India's general insurance sector.

Today, with a pan-India network of over 1,660 offices and an overseas presence across 24 countries, we continue to maintain leadership in the Indian non-life insurance market in terms of gross direct premium. Our strategic focus remains clearly defined and consistent.

We continue to prioritize risk-weighted and sustainable growth, strengthen underwriting discipline, enhance claims efficiency and service quality, leverage technology to improve operational effectiveness, and preserve capital strength and solvency. These principles guide our decision-making across business cycles.

During the quarter, the general insurance industry operated in a competitive environment with selective pricing pressures and elevated claims experience in certain segments. As per General Insurance Council data for December 2025, the Indian general insurance industry reported a gross direct premium of ₹2.5 lakh crores, registering a year-on-year growth of 8.69%.

Against this backdrop, New India Assurance underwrote gross direct premium of ₹32,229 crores, translating into a market share of approximately 13.40%, reinforcing our continued leadership position in the sector. Our diversified distribution architecture and balanced product portfolio continue to support stable performance while managing acquisition costs and risk concentration.

For the nine months ended FY '26, our distribution mix comprised direct at 31.15%, brokers at 37%, agency at 24.39%, dealers at 6.9%, and bancassurance at 0.56%. Our product mix remained well-diversified, with health and personal accident at 48.16%, fire at 15.52%, motor own damage at 11.10%, motor third party at 13.04%, marine at 2.43%, crop at 0.37%, and other segments accounting for 9.35%.

Over the past few quarters, we have taken deliberate steps to recalibrate our portfolio by exiting or restructuring select large corporate accounts where pricing did not adequately compensate for risk or capital consumption. This has been offset by an increased focus on retail, SME, and better quality risks.

Our operating philosophy continues to emphasize prudent risk assessment at the policy level, ensuring that growth is aligned with profitability and capital efficiency. The benefits of this approach are reflected in improved portfolio stability and controlled volatility.

Turning to our financial performance for the quarter ended Q3 FY '26, gross written premium global was ₹11,680 crores, while net premiums earned stood at ₹9,725 crores. The company reported a net profit after tax of ₹372 crores for the quarter compared to ₹353 crores in the corresponding period last year.

From an operating metrics perspective, for Q3 FY '26, the net incurred claim ratio stood at 90.77%. The commission ratio and expense ratio were at 10.78% and 16.44% of the net premium, respectively.

The combined ratio for the quarter was reported at 117.98%. Solvency ratio stood at 1.81 times, remaining comfortably above the regulatory requirement, and the return on equity for the quarter was 6.63%.

For the nine months ended FY '26, the gross written premium income global stood at ₹35,555 crores. Net profit after tax for the period stood at ₹826 crores.

For nine months FY '26, the net incurred claim ratio was reported at 99.63%, with the commission ratio and expense ratio at 9.80% and 14.56% of net premium, respectively. The combined ratio stood at 124%.

Solvency ratio remained strong at 1.81 times, and the return on equity for the period was 4.95%. While near-term challenges such as claims inflation and competitive intensity persist, we remain confident that our continued focus on disciplined underwriting, operational efficiency, and customer-centric initiatives will support stable and sustainable performance.

Our emphasis remains on long-term value creation while upholding the highest standards of governance and service excellence. With this, I conclude my opening remarks and now invite our General Manager Finance, Mrs.

Mary Abraham, to take you through the financial performance in greater detail.

Thank you, ma'am. Good afternoon, all.

I'd like to take you through the financial performance of New India for for the quarter and up to the quarter ended 31st December 2025, as well as the performance of New India as compared to the vis-à-vis the industry and the company's strategy. Beginning with the financial performance, for the quarter ended 31st December 2025, our gross written premium was 11,680 as compared to that of the previous year of 10,778 with a growth of 8.37%.

After the quarter, our growth in gross written premium was 10.47% as compared to the previous year. Coming to the incurred claims ratio, it was 90.77% for the quarter ended December 2025 as compared to that of the previous year, which was 94.49%.

There was a reduction of 4%. This is as against the figures up to the quarter, which stood at 97.38% for last year as compared to 99.62% for the current year.

This was mainly because of the half-yearly the increase in the ICR up to the half year, that is September 30th, 2025. The commission ratio on net written premium was 10.78% for the quarter as compared to 9.70% for the quarter of the previous year.

Operating expenses for the quarter of the current year was 16.44% as compared to 12.09% of the previous year. This was mainly due to the provision that was made for the wage revision as per the approval given by the central government, and we are awaiting the notification.

The combined ratio was 117.98% for the quarter of the current year as compared to 116.28% for the quarter of the previous year. This, once again, the increase is because of the wage revision provision that has been made.

Coming to the underwriting results, it is a loss of ₹1,736 crores, and up to the quarter, the loss was ₹7,046 crores. However, with the investment income that we were able to earn in the quarter of ₹2,280 crores, and the interest, dividend, and rent of ₹1,200 crores, and the capital gains of ₹1,080 crores net of the other expenses of ₹174 crores, we were able to make a profit before tax of ₹367 crores for the quarter as compared to ₹116 crores for the quarter of the previous year.

The underwriting results were mainly impacted by the provision towards wage arrears and the retirement benefits of active employees, where we had provided ₹759 crores for quarter three of the financial year '25-'26 and ₹1,877 crores for the nine months ended 31st December 2025. After making provision for tax, our profit after tax stood at ₹372 crores for the quarter of this year as compared to ₹353 crores for the quarter of the previous year.

It's notable here that the PBT, the profit before tax, recorded an increase of ₹215 crores, 15%, as compared to that of last year. Income from the fixed income securities and dividend income from equity showed a steady increase during the period, while buoyant equity markets helped in realizing higher capital gains.

Besides, we also had monetized our investments to help in the provision that we made for the wage revision. Moving on to some of the important ratios.

The solvency ratio up to quarter three of '25-'26 is 1.81 times as compared to 1.9 times of last year. However, it's notable that our solvency ratio increased from 1.79 times in quarter two of the current year to quarter three of the current year.

Assets under management up to the quarter increased from ₹97,690 crores last year to ₹1,00,890 crores in the current year. Technical reserve up to the quarter increased from ₹52,536 crores last year to ₹56,745 crores in the current year.

Net worth up to the quarter increased from ₹21,516 crores to ₹22,630 crores in the current year. Fair value change account, which was ₹24,991 crores last year up to the quarter, reduced to ₹19,993 crores in after the quarter of the current year, mainly because of the volatile market condition and also because of the monetization of investments that we had done to finance our wage revision provision.

The return on equity, which stood at 4.01% up to the quarter last year, increased to 4.95% after the quarter of the current year. Coming to the segment-wise performance, for the quarter, fire registered fire line of business registered an increase of 4.06%, and up to the quarter the increase was 15.31%.

Marine had a very significant increase of 19.46% for the quarter, with an increase of 9.01% up to the quarter. Motor, including OD and TP premium, had a minus growth of 0.89% for the quarter, and up to the quarter also it was a minus figure of 1.18%.

This was because of the conscious decision that we were making to realign some of our product product-wise premiums, where we did not want to continue in lines which were incurring losses, huge losses. Health, including PA, registered a good growth of 18.42% in the current quarter, and up to the quarter too, the growth was good at 16.15%.

Liability for the quarter increased by 21.42%, while the liability premium up to the quarter registered an increase of 8.5%. Engineering showed an increase of 16.46% for the quarter, and it was an increase of 15.51% up to the quarter.

Aviation, there was a minus of 5.14% in the current quarter due to some premium which did not come in, whereas up to the quarter there is a growth of 1.13%. The others, all the other business LOBs put together, for the quarter, there was a reduction of 26.14%, mainly because the crop premiums did not come to us, and up to the quarter, however, there is a growth of 7.08%.

Going over to the incurred claims ratio, segment-wise, the ICR for fire improved from 54% sorry, not improved, it worsened from 54% to 65% for the quarter, and up to the quarter it was 81%. For marine, marine again, the ICR for the quarter was adverse at 119%, which was mainly due to some very large claims that came in, especially due to two of the ships that sank and the resultant GA claims, the fire claim that was there on one of the ships and a ship that sank, resulting in a large marine cargo claim.

Motor, the ICR, both OD and TP put together, the ICR for the quarter was 108% as compared to 102% last year. This was, as mentioned earlier, was because of the decision being taken to weed out some of the non-viable product lines.

Health, including PA, registered a remarkable decline for the quarter, from 103% to 91%, and after the quarter too, there was a decrease from 103% to 101%. Liability too showed a reduction in the ICR for the quarter, from 57% to 21%, and up to the quarter, it was a reduction from 59% to 51%.

Engineering, the ICR for the quarter stood at 3% as against 37% of the previous year, and up to the quarter, it was the ICR was 52% as compared to 54% of last year. Aviation, the ICR for the quarter stood at 149% as compared to 106%.

This was mainly due to the Air India claim that we had. The ICR up to the quarter was 323% as compared to 78% of last year.

In all the other lines of business, the ICR for the quarter stood at 52%. It was a reduction from last year's figure of 76%, and up to the quarter, the figure was 79% as compared to 69% of the previous year.

Coming to the performance of NIA vis-à-vis that of the industry, the general insurance industry grew by 8.69% in quarter three financial year '25-'26, whereas New India's domestic gross direct premium income drew grew by 13.71%, outpacing the industry growth. The year-on-year market share increased from 12.8% to 13.40%.

The growth momentum continued in December 2025, with company outpacing the industry growth. The market share, segment-wise, in fire, the fire LOB, while New India had a total premium of ₹4,028 crores out of the total market share of ₹22,769 crores, which was a market share of 17.69%.

For marine, our market share is 18.19%. In motor, we have a market share of 9.63%.

In health and PA, we have a market share of 16.44%. For crop, it is 0.03%.

In all the other lines of business, it is 17.12%. The company's strategy: our segment mix, health accounts for 48.16%, motor TP accounts for 13.04% of our total premium, motor OD is 11.10%, marine stands at 2.43%, fire is at 15.52%, the other crop is 0.37%, and all the other lines of business is 9.35%.

As for our distribution mix, brokers account for 37% of our total premium, agency accounts for 24.39%, direct business accounts for 31.15%, bancassurance accounts for 0.56%, and dealer business accounts for 6.90%. Key initiatives for the financial year '25-'26: we're launching innovative new products with focus on retail and MSME.

We have entered new lines like parametric insurance. There's emphasis on growth in segments other than motor and health, where the competition intensity is high.

There's further impetus on risk management initiatives, and we have taken steps to improve the global credit rating. Key initiatives, IT initiatives, that have been taken: we have a call center offering services in seven regional languages, we have revamped our

Hello. Yes, just continuing with the key IT initiatives.

We have a call center offering services in seven regional languages. We have revamped our website.

WhatsApp service in eight languages, which offer policy and claim-related services. We have our AI and ML-enabled chatbot for customer service.

Claim automation efforts continue for faster claim settlement, and customer portal offering a seamless user experience for standard products. Thank you.

It is done. Yes.

Hello, thank you for the opportunity. A few data and business-related questions.

First, has the reserve release in claims, that is [unclear]

We can't hear you clearly. Can you repeat this question?

We can't hear you clearly.

I will repeat my question. Is it clear now?

Can be a little louder?

Okay. Has the reserve release, that is IBNR, also contributed to decline in claims

Okay. Hello?

Hello?

Yes, my question was has the IBNR reserve release, which has seen a decline from ₹547 crore to around ₹85 crore, has that also resulted into a decline in claims ratio, or how should I read this? This is my first question.

I can answer that question. There is no particular decline per se as far as the core lines like motor third party are concerned.

However, what happens is there are lines like crop where initially you set aside reserve in the form of IBNR, and later when the claims are actually is paid out, correspondingly IBNR comes down. In this quarter, we did see quite a lot of payments on our crop business, which led to a reduction of IBNR.

If you exclude crop, the IBNR estimates have been pretty consistent with what it was during the first half, and there is no specific release per se as far as the reserves are concerned.

Understood. My second question is on the investment book.

If we see the investment book has not grown so much, it's grown only by 3%, but if we see our investment income and yield on investment, they have improved quite a lot year on year. If you could provide some color on that piece as well?

I'm Chandra here. The yield has increased because of what Mary ma'am has mentioned during the presentation.

We have sold some bit of equity to realize profit, and that is why the overall income on investment has increased. This is a one-time thing, which is done for accommodating the wage revision expense.

Okay. On investment book, if you could provide some color?

About?

The growth on investment.

Because we have sold, like I just mentioned, accordingly, to some extent, it has come down. The investment book value has not grown to the extent that would have been there in previous quarters.

I understand we have exited unprofitable business in group health, but still our ratio is

Hello? Am I audible?

Okay.

Hi ma'am. Thanks for the opportunity, hope I am audible.

Ma'am, my first question is on the growth side. If I look on the motor side, though you have mentioned that we are recalibrating our portfolio and because of which we have slowed down, can you help us understand how long it will take to stabilize, and how should we see the growth trajectory from next year onwards?

If you can give us some color around the composition of our motor portfolio between the private car, two-wheeler, and commercial vehicle, how it has moved and what changes we have incorporated, if you can give some numbers around it, that would be helpful. Lastly, on the motor side of the business, if you can give us some composition in terms of the business which we have sourced in the form of new vehicles and old vehicles, that would be helpful.

Why I wanted to know this is because on the health side, though we have taken number of measures, the result on the loss ratio is quite visible, but on the motor side, though I understand TP is a long tail, but on the OD side, ideally it should be visible if you have taken that kind of stance. This is my first thing, yeah.

Thank you, Shobhit, for your question. The growth on motor is a little dented because of very strategic and very well thought out solutions for this loss-making accounts that we have been suffering from in motor.

Definitely because of exiting from many of these segments in motor wherever we found the losses exceptionally harsh, growth has come down. This will continue for some time, maybe we are trying to work with new dealers and other new partnerships.

I think with that coming, we should be able to make up for this growth in the next couple of quarters, and at least it will show an upward trend is what we feel. The composition as of now is 46% in private car, 47% in commercial vehicles, and the rest in two-wheelers.

Basically with this particular restructuring also, I think we will try to work towards a better composition on private car and more than the other two. We are working towards a better composition on private car, and going forward, I think in a couple of quarters, we should be showing some positive growth and profitability and reduction in ICR at least on motor.

Just a follow-up on this, can you tell us on the private car, two-wheeler, CV, how this mix has evolved over the last couple of quarters, or maybe last year how we ended and where we are right now?

On the commercial vehicles, I think we had more on commercial vehicles earlier, and private car was definitely less than 47%. Now, I think we have increased our share on private cars, and commercial vehicles has come down slightly.

The two-wheelers has, by and large, remained where it was. In commercial vehicle also, we have restricted our writing on those greater than 40,000 cc vehicles, and there I feel because we have stayed away from those more risky segment, there also there will be a turnaround that we will see in the next few quarters.

Any kind of benefit which you have seen on your portfolio because of the GST rationalization over the last quarter, on the motor side specifically?

Motor side, actually the private car the growth is there in the private car segment because of the GST rationalization, and I think that will continue, and as because year quarter-on-quarter as we grow, we will see the growth in premium also because of that.

Ma'am, thank you. Ma'am, another question is on the wage cost.

Though in the notes to accounts, the wage cost arrears which is mentioned is around ₹1,500 crores impact for the nine months period, but the press release mentioned it is somewhere around ₹2,500-odd crores. Can you help us clarify that?

Lastly, on the wage cost, you have mentioned that there is a family pension revision which has happened up to 30% of 30% of the cost. Can you give us some number how this cost would be and what kind of impact this number can have, will it be this large like we have seen the arrears?

Actually the wage revision calculations is around ₹2,500 on the whole. For the revenue account, it's around ₹1,677 crores, which comes to the in-service employees and for the arrears that have to be paid to them from August '22.

The rest of it, that is around ₹642 crores is on account of arrears that are payable to our retired employees, and that has been taken to the profit and loss account. This is the break-up.

As far as FPS is concerned, 30%, that is from the date the notification comes through, therefore it has not been included here, and that would be roughly around ₹700-800 crores. That should complete the whole thing for us as far as wage revision is concerned.

Ma'am, anything on the arrear side is yet to be provided in our books, or we have taken entire impact in the nine months period?

No, no, we will have to provide for this ₹700-800 crores, ₹700 or ₹800 crores, around that amount, for the FPS in the last quarter, because it cannot be done before the notification comes out. Notification is yet to come out.

Only the FPS portion is pending for provision because of the Gazette notification?

That is prospective, that is why it's not been taken into

account. Ma'am.

Now coming to your investment book, we are seeing a significantly higher realization. You mentioned it was to offset the impact of the wage cost revision.

Can you help us understand how much gains we have realized during the nine months and the current quarter, and how should we think about it going forward as well?

The profit on sale that we have realized is around ₹4,236 crores. Of this, ₹2,000 crores is pertaining specifically to the wage revision provision.

The balance is our regular trading activity, buy and sell activity, according to the turning of the portfolio.

Ma'am, how much of this was accounted for in the third quarter?

It is entirely accounted in the third quarter.

What's this number for nine months period?

Which one? ₹2,280 is ₹280 is investment.

Just a moment.

Sir, it is around 2,000 crore from special activities.

No, I think he is asking what is the amount which is in this quarter, Q3.

It is around ₹1,080 crore in all, total, from equity.

Yeah, ₹1,080 crores from profit on sale of equity in the third quarter,

and

overall up to the third quarter, it is 4,200.

Okay. How should we think about it?

Ma'am, this is what I was asking. How should we think about it, let's say, for FY '27, because if we are able to provide that FPS again in the fourth quarter, let's say, how should we think about our investment book?

Will maintain that ₹2,000-odd crores kind of run rate on the gain side?

Yes, sir. That would be our normal sale activity would be around ₹700 to ₹800 in the quarter, plus the additional that is required to set off the wage revision provision, which will be known once the notification comes and when the provision is required to be made, we will be planning accordingly.

Depending on what is our income that we have already generated from our entire portfolio up to that point of time.

Ma'am, one of your portfolio company wherein you have a significant holding has just got an SEBI approval for IPO. Do we have a plan to participate in the IPO for that?

That is in the future, we will look into it when it comes up.

Ma'am. Ma'am, lastly on the taxation side, we have not seen anything provided for in terms of the income tax on your P&L for the nine months period.

Can you help us understand why is it so, and how should we think about it going forward?

No, this is because the advance tax is being paid, because of that, we are paying adequately, advance tax is being paid, and that is why we are not providing for

Right-off of bad debt.

Plus the write-off that we have been doing on the bad debts as per our board-approved policies, that has also given us some release and some cushioning, because of which our tax has come down.

Ma'am, for this financial year, should we assume a negligible tax rate for you?

Yes.

What should be a long-term tax rate going forward from FY '27 onwards? It should be

17.472% of the profit.

It should be 17.472%, this is the MAT tax rate.

Ma'am. Lastly ma'am, coming on to the health

Sure. Thank you, and all the best.

Hello, I hope I am audible?

Yes.

Thank you for this opportunity. My question is, which segment contributed most to the improvement in the incurred claim ratio in this quarter, and it would be helpful if you quantify your highest?

What did you ask? Which is the segment that

Which segment contributed most to the improvement in the incurred claim ratio?

Health. The health segment.

Okay.

The health segment contributed immensely to the improvement because it forms around 48% of our book, and the incurred claim ratio has come down by 2 percentage points up to nine months. For the quarter, it has come down quite drastically from 103% to 91%.

This 91% of our net incurred claim ratio, is this sustainable on a run rate basis from now on?

We are working towards a strategy where the group GMC accounts are concerned, we are either pricing them and negotiating to get closer to the more right price, or we are exiting from GMCs that do not give us adequate pricing. Going for accounts where pricing is more fair and more adequate.

Apart from that, we have increased our anti-fraud activities, like we increased inspections from 30% to 50% compulsorily, and we'll be increasing it even more in the quarters to come. We have got our own doctors, we are on the way of hiring new doctors in this activity will go on intensifying.

We are on the threshold of buying a new software for fraud analysis, and already the vendor selection process is on. As soon as, I think, in three to four months' time, we would be able to bring in that fraud-monitoring software, which would make this entire activity even more automated.

I think, therefore, the sustenance of this model is going to definitely be there going forward.

Understood. Can you comment on run rate loss ratio in motor and health, excluding one-off and cat losses?

Motor on health, we're aiming towards the loss ratio of around 98% to 100% overall. For motor also, we are trying to bring the loss ratio to around 103%-104%.

Just one last question from my side. How has market share trended across motor, health, and non-motor segment in Q3, and where do you see the strongest competitive position?

We had done well on the market share side, wherein I think we have, like fire, marine, everywhere we are 17%-18% plus in market share, including health and PA, which is a very big portfolio. With the standalone companies being there, even then we are managed around 16.44%, which is quite creditable.

Going forward, we see a similar kind of market share across these segments. Maybe in the others, like in the miscellaneous, that we expect to see more market share in the miscellaneous side, SME and parametric and such other lines.

Thank you. That is it from my side.

Yeah.

Yeah. Good afternoon to the management team, and thank you for the detailed presentation.

I just have couple of questions. The company has provided around ₹2,026 crores towards wage revision this quarter, including ₹824 crores for retired employees.

Is this provision now fully reflective of the expected liability, or investors should brace for further adjustments?

It is already provided for completely. The FPS is one thing which, as we clarified, that is going to be taken care of in the last quarter, but all other things are already provided for till this Q3.

It's already completely provided for, there's going to be no enhancement here.

My second question is, management indicated focus on segment beyond motor and health due to competitive intensity. Which segment in fire, marine, and engineering can deliver profitable growth, and what is your medium-term mix target?

Fire has always been our mainstay, and we've been leading this market in fire and continue to do that. Fire is an area where we are definitely ahead of the market and we'll continue to be there.

Marine is an area where New India has traditionally been leading, especially in marine hull. We'll continue to do that, and only for this quarter, I think because of a couple of unusual losses, we've had this loss numbers.

Otherwise, marine has also been performing quite well for us. As far as the health and PA, the risk selection, the fraud-monitoring strategy that we have employed has paid off for us, as we can see, and we'll continue on the same lines.

For the others, where we have miscellaneous and other lines like parametric, surety, we already are leading the market and we'll continue to have this major presence in the market and continue to have our mainstay there.

Yes. Ma'am, despite strong PAT growth, ROE remains modest at around 5%.

What are the key levers management is focusing on to structurally improve ROE, whether it is underwriting discipline, or expense control, or capital efficiency?

Basically, all of these parameters have contributed to this growth. Our actuary will elaborate on this.

Coming to ROE, right now it is under single digits. The focus is to bring it up to the double digits, and the primary lever will be to reduce the ICR.

The results are quite sensitive to the swings in ICR, with every percentage improvement creating quite a substantial improvement in the PAT. The aim is to improve the ICR in order to increase the profitability and thereby increase ROE.

The first goal is to reach double-digit ROE.

Okay. Sir, the budget did not include major direct support for the general insurance sector, though it included tax exemption on interest awarded in motor accident claims.

Do you view this change in the broader policy environment for general insurance in the budget, especially in terms of improving penetration, competitiveness, or the pricing dynamics, sir?

Yeah. Basically, New India has declared this year as the year of SME, and we are totally committed to seeing that we are able to give support to the large population of SMEs, which form around 1.6 crores, and we want to see that we are absolutely in line with the government's intention to see that they're financially included.

The budget that has given now so many enablements for the MSME sector, this opens up a lot of insurance opportunities for us where credit is concerned, where overall protection for the SME is concerned, and also the expansion into Tier 3 Tier Tier 2, Tier 3 cities. I think all of this will contribute to New India expanding its book on MSME.

Already, we are in we are actively, engaging in awareness programs for MSMEs across the country. We are liaising with agencies like Dun & Bradstreet, ET Now, and such media agencies to ensure that we have these shows where we bring in a lot of awareness for MSMEs.

Our MSME book has also grown by 36% up to December '25, and we know that this is going to grow in the months to come.

Ma'am, thank you so much. Thank you.

Hello. Thanks for the opportunity, ma'am.

I have a few questions. The first will be on the segmental-wise performance.

Can you throw some light on segmental-wise performance, especially on the other business? Because if we see, we have degrown by 26% on a quarter-on-quarter basis.

What exactly happened in this quarter where we declined 26% that much?

Crop insurance. We have degrown by 26% that is in the other segment.

That was mainly because of crop insurance. Basically, we don't write crop on a direct basis in the market, we used to write crop as a reinsurer for Agriculture Insurance Corporation.

This year, because of some regulatory issues, Agriculture Insurance couldn't cede us business on a reinsurance basis, and therefore there we have degrown significantly, yes.

Just to put some numbers, the others include both crop and the miscellaneous segment. Crop, the premium has come down from ₹180 crores last year same quarter to ₹5.7 crores.

Whereas in the miscellaneous other segment, which is our focus area, the premium has gone up from ₹246 crores to ₹309 crores, which is an increase of close to 26%. Because crop premium came down, overall basis, you're seeing those number of -26%.

Otherwise, if you see within that, excluding crop, the business has grown by 26%.

Okay. My next question would be, if you exclude the wage revision impact, what would the combined operating ratios look like for Q3 or for the 9M for this year?

Without the impact of the wage revision, the COR for the quarter would have been 110.13% as compared to 117.98%, which is including the wage revision. This is for the quarter.

After the quarter, with the wage revision, the COR was 124%, and without the wage revision provision, it would have been 117.6%.

Okay. My last question is on your new business line.

You're entering into new business line for a parametric. Can you just give me some road map, or what are your plans, and what we are currently standing at, some numbers maybe, some ballpark numbers, something?

Yeah. Basically, parametric insurance is a new type of insurance, which will take time to pick up in India, because it's not exactly on the principles of insurance, like wherein there's a threshold fixed for a particular weather-related peril.

Once the threshold is breached, then everything from ground up is paid. Whether the person suffers from a loss or not, it is paid.

This involves a lot of active collaboration with fintech companies, insurtech companies, who understand weather-related perils, who understand the kind of portfolio that we are insuring, and then they're able to fix up a threshold in a way that it's not an everyday issue, it's not an everyday loss. Basically, this is something that is slowly picked up.

We have done some 10 or 12 contracts till now, but I think the days to come, this is being sought after both from a penetration agenda, because the government wants that penetration gets done faster and quicker. Parametric ensures that penetration can be done faster because it is possible to issue policies for a large number of people at one go from a digital interface, and also to settle claims in no time through the digital interface, wherein people get paid the claims in hours, in minutes.

This is something wherein the claim reaches the insured within a few hours of the catastrophe, whereas the normal claim procedure takes a lot of time, a lot of processing and all of that. This is something that eases the whole burden of claim processing, and therefore this is going to be one of the very happening lines of businesses going forward.

As of now, since it is yet to develop, it is slow

As I said that though the pick up is not very fast, but it is one of the most sought after products, people wanting to know more and more about it, many people going for it also, and therefore we see a very big traction for this in the coming year itself.

Okay. Thank you.

That's all from my side.

Thank you. Before we conclude, I would like to extend my sincere gratitude to all our stakeholders for joining us today and for your continued confidence in New India Assurance.

Your support plays an important role in strengthening our resolve to uphold the highest standards of service, governance, and operational excellence. I would also like to acknowledge the unwavering commitment of our employees across India and our overseas offices.

Their dedication and professionalism continue to be the backbone of this institution, enabling us to serve millions of customers with consistency and care. Most importantly, we remain deeply grateful to our policyholders, who have placed their trust in New India Assurance for over 106 years.

Their confidence inspires us to continually improve, innovate, and deliver on our promises with sincerity and accountability. As we move forward, the management team and I, we reaffirm our commitment to sustainable growth, prudent risk management, and consistently enhancing our service standards.

We will continue to work towards strengthening our operational capabilities, enhancing our digital initiatives, and contributing meaningfully to the development of the insurance sector and the broader economy. Thank you once again for your time and participation.

We look forward to your continued engagement.