Q1 24/25

Aug 14, 2024

Summary

Q1 FY25 GWP grew 3.74% and net earned premium 7.37%, while PAT fell to ₹217 crore. Strategy centers on retail and bancassurance growth, disciplined pricing and a medium-term reduction in the combined ratio.

Afternoon, ladies and gentlemen. I am the moderator for this conference. Welcome to the conference call of The New India Assurance Company Limited, arranged by Concept Investor Relations to discuss its Q1 FY 2025 results. We have with us today Mrs. Girija Subramanian, CMD, Mr. Titus Francis, Executive Director, Mrs. Smita Srivastava, Executive Director, General Managers Technical, Mr. Sharad Ramnarain, appointed actuary, and Mr. Vimal Jain, CFO. At this moment, all participant lines are in listen-only mode. Later, we will conduct a question and answer session. At that time, if you have a question, please press star and one on your telephone keypad. Please note that this conference is being recorded. I would now like to hand over the floor to Mrs. Girija Subramanian. Thank you, and over to you, ma'am. Thank you, and good evening to everyone. I am Girija Subramanian, Chairman and Managing Director of New India Assurance. Joining me on this call are Mr. Titus Francis, ED, Mrs. Smita Srivastava, ED, our General Manager Technical, Sushma Anupam, Mrs. Lavanya Mundayur, Mrs. Mukta Sharma, and Mrs. Chandra Iyer. We have our CRO, Mr. Ayyappan, with us, our appointed actuary, Mr. Sharad Ramnarain, and also our DGM, Mr. Ruchir Pant. First of all, I would like to thank all the participants who have taken out time for attending this con call. I would also like to express my gratitude to our valued shareholders, analysts, and investors for your continued support and interest in our organization. There has been remarkable growth in the Indian insurance sector over the past few years. However, India still remains under-penetrated, with general insurance penetration around 1.10%. IRDAI, the regulator, and Government of India, along with various insurers, are taking many steps to help increase insurance cover, bring down the cost of premium, and educate people about the importance of insurance. Furthermore, we are witnessing increasing disposable income, increasing cost of medical expenses, alongside awareness and willingness of the new generation to opt for a health cover. All this has helped increase penetration levels to some extent. We firmly believe that this will only increase substantially with time. As many of you know, New India Assurance was founded by Sir Dorab Tata in 1919. Our operations now span 25 countries, and we have maintained our position as a market leader since nationalization in 1973. We are proud to be rated AAA by CRISIL and hold an exceptional aaa.IN rating by AM Best on the India national scale. Additionally, we are recognized as a domestic systemically important insurer by the IRDAI and are ISO 27001:2013 certified for IT security, placing us amongst the few general insurers in India with such high standards of data security. Also, we are the state insurer for the state of Gujarat and Union Territory of Lakshadweep. This widespread footprint reinforces our dominant position in the domestic market and enhances our ability to serve a broad customer base. The Indian general insurance industry has shown impressive growth. During the quarter ended June 30, 2024, the industry grew 13.33%, with a GDPI of INR 72,758 crores as against INR 64,198 crores for the corresponding quarter of the previous year. Current trends suggest this figure could surpass INR 3 lakh crores by the end of this financial year. For New India, staying true to our motto, growth with profitability, we have strategically avoided loss-making businesses that could not meet our pricing or terms, resulting in a slightly lower direct premium growth. The company's GWP for the quarter ended 30th June 2024 was INR 11,788 crores. Our net earned premium for the quarter ended 30th June 2024 was INR 8,503 crores, registering a growth of 7.37% year-on-year. Our market share stands at 14.67% as on 30th June 2024, and we continue to be market leader despite the highly competitive environment. The first quarter of the year was marked by significant catastrophic events, including Cyclone Remal, which severely affected the West Bengal area, and severe flooding in Assam and northeast area due to heavy monsoon rain, exacerbated by the Cyclone Remal. As on 30th June 2024, the company has a net worth of INR 21,343 crores and investment assets standing at INR 98,770 crores. The company's net worth, including the fair value change account, increased from INR 44,704 crores in March 2024 to INR 47,703 crores in June 2024. The profit after tax stood at INR 217 crores as against INR 260 crores in the previous financial year, primarily due to motor third-party portfolio, where there has been no price revision in the last three years. The incurred claims ratio has improved to 95.98% for the period ended 30th June 2024, as against 96.19% for the corresponding quarter last year and 97.36% for the year ended 31st March 2024. The combined ratio stands at 116.05% as against 115.16% for the corresponding quarter last year, and 120.87% for the year ended 31st March 2024. The solvency ratio remains comfortably above the threshold of 1.50 times, and we are currently at 1.83 times. The company has a well-diversified portfolio of products, including the recent launches of surety bonds. In fact, New India is one of the few insurers issuing both bid bonds as well as performance bonds, which will support infrastructure growth in the country. We are continuously striving to provide the best customer initiatives and services. Moving forward, our focus remains on digital initiatives, streamlining processes for increased efficiency, and expanding our sales force, particularly through our agency channels. In this direction, we have tied up with super-app players like PhonePe, and have in place WhatsApp-enabled sales facilities. Looking at the Q1 performance, we have revised our premium targets to better align with our strategic goal of growth with profitability. We aim to achieve an increase in retail insurance premiums and profitable segments while improving our presence in under-penetrated areas and lines of businesses. We plan to undertake targeted marketing campaigns, customer and intermediary engagement initiatives, and the marketing of our products as per individual requirements. As per our benchmark, by under-penetrated areas, we consider potential in the rural sector, livestock insurance, tier 2 and 3 cities, micro-insurance products for low-income groups, MSME sector, women-centric products targeting millennials and the Gen Z. With our superior digital capability, we plan to utilize our digital platforms, mobile technology, and apps to reach remote areas. A concerted effort for the bancassurance channel is being made with the intention to collaborate with commercial banks, cooperative banks, Regional Rural Banks, non-banking financial institutions. Additionally, we are looking to tap cooperative societies, local organizations, NGOs, and self-help groups to enhance reach and trust with our customers. Apart from the agency and bancassurance plans, our key focus areas shall be speedy claim settlement, improving our turnaround time and ICR, designing new products to meet the requirements of different segments, and digitizing the claims settlement process, including the AI-based claim settlement in select lines of business. We have tied up with super-app players like PhonePe, WhatsApp-enabled sales facility, which is made available across many products. Work is in progress for adding more plug-in facilities to improve customer journey. I want to assure our stakeholders that your company, recognized as a domestic systemically important insurer, is fundamentally strong and strategically well-positioned to cater to the insurance needs of the country, offering best solutions to our customers whilst ensuring proper pricing for our products. With that, I now hand over to our CFO, Mr. Vimal Kumar Jain, who will present the performance up to the first quarter of 2024. Thank you, ma'am, and good evening to everyone. I will give you a brief overview of the financial performance of the recently concluded first quarter of financial year 2024/2025. The results have been uploaded on our stock exchange and on our website as well. You can also access it. Loud. You can also access it as I am presenting a brief overview of the financials of the company for the quarter one financial year 2024/2025. We have the highest market share of 14.67% out of the total gross direct premium of INR 7,275 crores written by all the companies. We are leaders in fire, marine, engineering, motor, health, including PA, and aviation. We are a 105-year-old company. We have a presence in 25 countries with 1,755 offices in India and having dominant domestic market positions. Our solvency is strong at 1.83 times, which has grown from the earliest quarters. We are also rated by AM Best and CRISIL ratings and are also having an ISO 27001:2013 certification. We are having a diverse product mix with technical competence and a multichannel distribution. We strive to excel in customer service and technology with a consistent market leadership and growth. Along with the various initiatives, we are also aware of the ESG initiatives which are required to be done, and we are trying to reduce our carbon footprint by sustainable practice in green energies, solutions, and digital processes. We are also implementing the various governance practices and aim to be transparent and accountable in all operations. We are involved in various social initiatives like education and health, and have been using the CSR budget. Our future strategy continues to be increasing the return on equities by increasing in-market share, improving our profit margin by leveraging economies of scale driven by growth, rationalization of operating offices, increasing the digital penetration, and maintaining a healthy solvency margin. We are always aiming to leverage technology to drive customer satisfaction, profitability, and growth. Our distribution mix, we have brokers 30%, direct business 36%, agency 25%, dealers 8%, and bancassurance 1%. Our financial performance in short. We have completed a gross direct premium income of INR 10,536 crores in first quarter of 2024/2025 as against INR 10,212 crores in last year of first quarter. There is a growth of 3.17%. Our gross written premium is of INR 11,788 crores as against INR 11,362 crores, which is giving a growth of 3.74%. The profit after tax is INR 217 crores against INR 260 crores. A net worth of INR 21,343 crores as against INR 20,25 crore in quarter 1 financial year 2023/2024. There is a growth of 5.39% in net worth. Net worth including fair value is INR 47703 crores against INR 38487 crore last year. Our ICR is 95.98% against 96.19% last year. Our combined ratio is at 116.05% against 115.16% last year. Solvency is 1.83 times and our return on equity is 4.09%. Our product mix for Fire LOB is at 16%, marine is 2%, motor 22%, health and PA 50%, and others at 10%. The movement in technical reserves are adequately provided. As on June 30, 2024, it is INR 51,638 crores in technical reserves. The key ratios, we have incurred claim ratio of 95.98%, commission 8.49%, and expenses ratio of 11.58%. We are well within the EOM limits as per the IRDA EOM regulations. Our solvency is 1.83 times and return on equity, as already mentioned, is 4.09%. Net worth is INR 21,343 crores. Net worth including fair value change INR 47703 crores. General reserves INR 16,819 crores. Investment and market value is INR 98,770 crores and solvency is 1.83 times. We come to the segmental performance. We have negative growth in fire by 7.15% and motor OD at -2.29%, whereas positive growth is in motor TP at 9.39%, health including PA at 5.58%, and other business miscellaneous at 16.69%. As already mentioned, the ICR is 95.98% and if you look at the LOB wise ICR, fire is at 7.85%, marine at 56.19%, motor OD 114.82%, motor TP at 11.69%, health at 105.95%, and other miscellaneous at 54.95%. These are the brief highlights of the financial performance of the company for the first quarter. Any question? Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Uday Agarwal, SBICAP Securities. Please go ahead. Yeah. Good afternoon, sir. Am I audible? Yes. Thank you for the opportunity. Sir, I had a couple of questions. First one is that earlier we had mentioned in our con calls that we are trying to improve our bancassurance partnerships to increase our sales. Sir, has there been progress on that front? Yes, there has been considerable progress on that front. In fact, in this current year also, the strategy remains with an increased focus on increasing our bancassurance partnerships and also trying to make products and make them available across bancassurance channels in the way our customers would like to receive them. We are in discussion with several banks, the RRBs, the cooperative banks, as well as the commercial banks, and we are forging new ties with a couple of PSU banks. It will soon come into play in this current year. With this, we are expecting that this year, the bancassurance premium will go up considerably and all our products which are catering to the bancassurance channel are also being promoted and training is being given to required people at the banks to enable them sell this product. With all these efforts, we hope to see a lot of traction in the bancassurance channel for us. Okay. Thank you for the detailed answer. My next question is could you just give us an indication about our profitability and the margins going forward? How it will pan out going ahead? Will we see any improvement on that front? Yeah. As regards profitability, we are profitable at the moment, and will continue to be profitable going forward also because our strategies have We have had a very close granular look into our operations across offices. We have realigned our targets. This year we have got increased thrust on our retail segment, where we feel there is a more subjective pricing that is possible for us to have, and also where we are able to hold on to customers in a big way. We will be going very aggressively on the retail channel and therefore the profitability seems to be on a positive note, more achievable. Going forward, we plan to bring down the combined ratio significantly in the medium term so that we are able to be competitive in this current environment as well as have a very win-win situation for the company along with the growth. Okay. If I could just squeeze in one more question. I wanted to know, what is the international insurance market panning out as we have presence in 25 countries? Please give us a breakup of the domestic and international gross written premium. Hello? Ladies and gentlemen, the management line seems to have been disconnected. Please be on the line while we reconnect. Ladies and gentlemen, we have the management line back. Sir, could you please go ahead with your question again? Yeah. I was saying that, what is the international insurance market panning out as we have presence in 25 countries? The last question is, sir could you just give us a breakup of our domestic and international gross written premium? Also which of the above geography has the higher margin? The second part of your question was not clear, Sudhir. If you could kindly repeat it. Sir, I was saying that could you just give us the breakup of the domestic and international gross written premium? Yeah. Our overall premium consists of 10% foreign and 90% domestic. Okay. How is the international insurance market panning out as we have presence in 25 countries? Yeah. The insurance market internationally is also very competitive. Most of our branches and other offices are located in much developed nations and they have seen a lot of experience across very many years. Very stably the operations are running. They are able to stand alone on their own without any capital support from us at the moment. If we want to grow aggressively in those markets, we will have to infuse a lot more capital. Therefore, the strategy has generally been to remain profitable and relevant and not with a very aggressive growth margin. In any case, those markets are developed markets where it is very strictly regulated, so being compliant with the regulations and having a very relevant existence there itself is a challenge which New India has very successfully managed for many years across 25 countries. Okay. Thank you. That is it from my side. Best wishes. Thank you very much. To ask a question, please press star and one now. Participants who wish to ask questions may please press star and one at this time. The next question is from the line of Aditi Joshi from JP Morgan. Please go ahead, ma'am. Yeah, thank you for taking my questions. I have a couple of questions. The first is just want to follow up on the ma'am's comment that you're trying to avoid this loss-making business lines. Can you please get some more details as in which specific business lines or product segment that is? Second is, can you please share your ROE target, if you have, for this year and the next year? The third question is on the health insurance underwriting. In the presentation comments you have mentioned that some higher loss ratios were seen in the government health scheme. Just trying to understand, is it just one-off or how do we see the loss ratios panning out in the government scheme segment? How should we overall think about the health insurance loss ratios? Because you have said that the retail and the group side is sort of improving in the underwriting. Yeah, those are from me. Yeah. To answer your question number 1, which was on which lines of business we are avoiding which I was making. The comment that we made was we're not avoiding any line of business. We are present across all lines of business. We'll continue to be present. The only thing is our strategies have changed within the line of business so that we focus within the segment on better business on wherever we've had bleeding accounts, like in group mediclaim business, where we had a lot of heavy ICR because of certain groups not performing well. We have hiked up the price and we have lost businesses because of that. Wherever we have lost business on account of increase in price so that it becomes viable for us, we have lost the business and therefore the degrowth in those lines. Otherwise, we are very aggressive on the retail side across all lines of business, where we intend to grow with much more aggression in the coming quarters. The second question was on ROE targets, which our Executive Director, Mr. Raitas will answer. Yeah. Good evening once again, and thank you for joining us. Regarding the question regarding ROE, I would like to just inform you that we are committed to have double-digit ROE in the short term. Anything above 10 is we are targeting to be above 10 in the short term or the medium-term range. This is our target because we have a good amount of net worth. We require a good amount of profit to have that ROE. This is what we target in the short term. Probably in a year, 1-3 years, we have targeted that we will be going about that. On the third question regarding health loss ratio, we have our GM, Mrs. Sushma Anupam, who will answer that question. Good evening, and thank you for the question. Actually, related to the government loss ratio, I will first answer that usually in any policy, the claims would be panning out in different times of the year, and they are more or less cyclical and seasonal. What happens is that the entire picture, the loss ratios will stabilize by end of the year. If we look at it at any one point of time, it could vary from time to time, but over a period of time, it stabilizes. We see stability that will come by end of the year in the government loss ratios. As regards the other balance health portfolio, as CMD ma'am has already mentioned, that we are forging ahead into the retail segments which are profitable, and we are strategizing to have more and more business in that. At the same time, we are concentrating on the group businesses which have been profitable. Some of them which have not been profitable, we have tried attempting the price correction. Wherever the customers have supported us in this initiative, we have gone ahead with them. Wherever it has not been mutually acceptable, there we have let go of some accounts. Definitely the effort as we have also recruited a large number of doctors. We are making all efforts to make the portfolio sustainable. At the same time, we are actually having some constraints in the form of the medical inflation that is coming year on year. As much as the efforts are being made, we are even having to face the medical inflation and the newer additions in the treatments and the modern treatment cost which is going up that actually is, on the other hand, making all the calculations and estimations a bit stormy. Nevertheless, it is a journey which we have begun and I think that with the strategy, we are very hopeful of bringing down our loss ratios in the group segment. Thank you. Yes. Thank you. Participants who wish to ask question may please press star and 1 at this time. The next question is from the line of Aditi Joshi, JP Morgan. Please go ahead. Yeah. Sorry. Thank you for taking the question again. I could not catch your comments on the last question actually. There was some issue with the line. Just briefly on the health insurance segment again, if you can. Sorry. Okay, sure. Actually, as I was mentioning that as far as the government loss ratio, I would address that query first. Actually, the policy which is there is for a year. Usually in all such policies, as the awareness increases and as we encounter different seasons, the claims do change in the numbers and the exposure that is there changes in the time of the year that we talk about. Usually all such policies, they stabilize by end of the year. Even in this policy, currently, though we see a spike in the loss ratio, we are very hopeful that by end of the policy year, we will be able to have a repeat performance of the previous years and the loss ratio would stabilize there also because the seasonal impact will be neutralized by then. Coming to the other part, I mentioned that in the retail segments, as our CMD ma'am has already mentioned, we are really going strong, and we are making all efforts to increase our portfolio there. We are coming out with new products and simplifying the processes and making it more customer friendly and easier for the customers to onboard various products that are being offered. We see a good traction, and we are hopeful that there the portfolio is going strong. As far as the corporate group policies are concerned, we have attempted lot of price correction, and we have a very huge book as it is well known by all of very large portfolio clients. There we have all along attempted at a price correction, and wherever we had challenges and where it was not mutually acceptable, we have let go such accounts. We have also recruited a large number of doctors. We are working very closely on monitoring of the claims and other processes that are there. At the same time, another challenge or a problem that we encounter all along is the high medical inflation. Initially it was felt that after COVID, the medical inflation would come down, but it has not sadly come down. To add to it, we also have lot of modern treatments coming up, which are actually quite costly. The estimations what are done usually on count of these sometimes do go a bit stormy because of various things in a short duration. But we are hopeful that even in the corporate health segment as the year progresses, we will make a better improvement in the loss ratio. Thank you. Sure, Got it. Thank you so much. Thank you very much. Participants who wish to ask questions may please press star and one at this time. To ask a question, please press star and one now. The next question is from the line of Aditi Joshi, JP Morgan again. Please go ahead, ma'am. Yeah. Thank you so much for taking questions again. Just a couple of follow-ups, actually. When we say that in the retail segment, you have mentioned that you are going aggressive, and you are trying to grow aggressively. What does aggressively mean here? Are you aggressive on pricing, meaning cutting the prices, or aggressive on gaining the market share and combining with hike in the pricing? Yeah, that was my question. Thank you, Aditi. Actually, it is a very good question. I really liked getting this opportunity to clarify that actually, when we talk of aggressiveness, it is not the price alone. Price definitely has to be one of the important features because we are working in a competitive market where we cannot price the product in isolation. But when we talk of aggression here, we were trying to make out a significant strategy where we are identifying the different sections of the population and coming out with different products that would attract different sections of the population. We are coming out with features that would be more appreciated by the customers where the customers can easily onboard and buy the policies. All these features, the ease of buying insurance and increasing the market penetration. That is what we were trying to mean when we say the aggressiveness. Thank you. Okay. I think in the past couple of quarters, we have seen some pricing hike in both retail and the corporate segment. Is this trend continuing in both the segments? Is it what is going on? Yeah. Actually, if you see in our flagship products particularly, we had come out with the price revision after 6 years. Because we could not come out with the price revision due to the pandemic being in force. After the pandemic, we came up with the price revision. Thereafter, we also made some changes in the pricing strategy because there was a lot of feedback around it that when the pricing is as per the age bands, then people who are having double impact as much as the price has gone up, even the age has gone up. Both counts they have to pay a higher premium. To take care of that, as in our previous meetings we had informed and which we have implemented also that we came out with age-wise pricing and also to take care of the zonal differences certain sections, certain areas of the country face a higher medical inflation and the traction is more towards the usage in terms of the footfall in the hospitals and all. Taking care of that, the pricing was modified. That was the price raise which we had in those products. Now after the master circular which has come in, there are some 5, 6 changes which are introduced and mandated by the regulator for which we have to be compliant by 30th of September 2024. To take care of that, in some of our products which we had not touched the pricing for maybe over 5 years or so, and which products are actually not very I would put it this way, that they form part of almost some 15% of our premium coverage kind of. In those policies, we have come out with increase recently, which has been received well, I think, and which will be effective only in the later part of the year. Thank you. Okay, sure. When we talk about flagship products, is it on the retail side? Yeah. So actually, in retail, we have to come out with a price revision because it is on a book basis. It has to be applicable to all simultaneously. There are certain norms to be followed that we have to give the notice to the customers before we make any price revisions. Whereas on the other hand, for group policies, it is always on each renewal, we keep doing the price correction, and for whatever features are getting added, they are factored in and accordingly the pricing is done. So there we don't come out with a pricing strategy or a particular percentage or some price because each policy has its own experience and it is experience-based pricing. Okay, sure. Got it. Just one last question. Can you share the reason for a weaker investment income on year-on-year basis in this quarter, in last quarter? Yes, ma'am. Can you again ask the question? Yeah. Can you share, in the first quarter, the investment income was slightly on the weaker side. So what are the reasons for that, please? Actually, in the first quarter, our profit on sale, we have not sold much equity due to that dividend we received in the first quarter or after first quarter also. We sold less equity in the first quarter, and now due to that, we received less profit on sale of equity realized. Okay, got it. Thank you so much. Thank you. Thank you very much. The next question is from the line of Jayesh from Harshad H Gandhi Securities. Please go ahead, sir. Actually, I have joined a little late. I do not know whether you have answered this question or not. What are we doing to bring down our combined ratio? That is my first question. The second question, in, say, last 3 years, on an overall basis, how much increase in prices have we done across all our products, whether it be health or whether it be Fire LOB? What are we anticipating in 2 quarters, the price increase? So as far as the combined ratio goes, it's a multi-pronged approach that we are trying out. One is that we are changing our strategy towards our business. We are going more retail now because across the industry, even if you examine the performance of products across various insurers, retail business have done better across all lines of business most of the time. Therefore, we are also going retail and we are putting a distribution strategy in place to match with our aspirations on this front. We are activating most of our bancassurance channels, getting into more tie-ups, having more engagement with our intermediaries, with our agents in order to ensure that the products that we have customized for our retail segment are sold and they reach the masses. Moreover, we have put internal targets of getting some chunk of premium from hitherto uninsured areas. So getting some new business which has never been insured before, which is one of the targets of our company this year. This will go a long way in ensuring that the combined ratio comes down significantly. We are reviewing our pricing on corporate businesses wherever they have bled or in tune with the current market trends in that line of business. We are improving that price in those accounts. All of this collectively will surely bring down the combined ratio, we believe. We are improvising heavily on our systems and processes. We are investing a lot into skill set development of our employees in order to be able to address issues quickly, bring around faster turnaround times in terms of claim service, see that less number of claims are delayed, and we give better value for the customer. All of this because the risk selection itself, I think there has been a huge difference in the way the risk selection strategy has been, because we have inducted a lot of risk engineers, automobile engineers. We have inducted doctors into our workforce, and they are working tirelessly and gaining experience each day as we go. We are also training them into the peculiarities of each of these lines of business. They're able to give better service and do a better job of the risk assessment at the time of selection itself. This also, we believe, will bring a lot of traction to the results at the end of the year. In the medium term, we expect to bring down the combined ratio significantly. That's great to hear. And madam, what about the price rises that we have taken in, say, last 3 years on an overall in all the businesses? Yeah. On this, I would like our Appointed Actuary, Mr. Sharad, to explain. Yeah. Am I audible? Yes. Price rises, we cannot give a figure across the board how much price increase was taken because it depends on a lot of factors including what segment of the market we are talking about. Coming to specifics in retail health, there has been a price increase of close to 25-odd%, which we rolled out last year. This year also because of some zoning related changes, there has been price increase in some zones which has been rolled out. Again, for the regulatory purpose, there is a 10% hike which is rolled out across various different retail health products. On group health, pricing is done on a case to case basis depending on how the behavior of the group was and as Mrs. Sushma mentioned earlier, the pricing has been made much more prudent and wherever the price we want is not available, we are happy to walk away. Coming to motor, because there has been no price increase on the motor TP front, we have rolled out some price increases on the motor OD front in order to cushion the impact. That has been done and that has been done across segments. Particularly on the commercial vehicle side, the price increase has been on the higher side on the own damage front. Coming to property, because of de-tariffing, there has been some pricing pressure. But here the focus is more on risk selection so that for the price which is available in the market, we are choosing the right risk. So like that for every product line, the strategy has been different depending on the market conditions. So across the board whether price has increased, decreased, I do not think we can really be able to pinpoint a figure to it. I get it, sir. Thank you and good luck for future. Thank you very much. Ladies and gentlemen, that was the last question. I now hand the conference over to Mrs. Girija Subramanian, CMD, New India Assurance Limited for closing comments. Yeah, I would like to take this opportunity to thank all our investors, our business partners, our employees, and everybody connected to New India one way or the other. Mainly our customers who are constantly reposing trust in this institution which proves our existence for 106 years and we will be there strong leading from the front across many more years to come. And we would put every effort that is there, the entire management team and the workforce to ensure that we deliver on the promises that we have given to our customers at all times. Thank you so much for this opportunity. Thank you very much. On behalf of Concept Investor Relations, that concludes this conference. Thank you for joining us and you may now disconnect your lines.