Ladies and gentlemen, good day and welcome to the Go Digit Q2 FY 2026 earnings conference call hosted by ICICI Securities. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Ansuman Deb from ICICI Securities. Thank you and over to you, sir. Thanks, Agar. Good evening, ladies and gentlemen. It's a privilege to host the senior management team of Go Digit General Insurance. I now hand over the call to Chairman Mr. Kamesh Goyal. Over to you, sir. Thanks, Ansuman, and good evening everyone for joining our conference call for the Q2 results. As always, we'll try and quickly go through the presentation, and then we'll spend time on the Q&A. I'm now on slide one. The premium in H1 has been INR 5,649 crore. Market share overall is 3.4%. Motor is 6.5%. Product portfolio continues to be good. Now we have added a couple of products in this quarter. Policies issued 7.6 crore since inception. Assets under management have now increased to INR 21,345 crore, and customer satisfaction score continues to be good. We'll speak about the figures relating to financial performance in a bit more detail. Moving to the next slide. In quarter two, we have done a premium of INR 2,667 crore, and as you can see with the asterisk at the bottom, this is on a one-by-end basis. If we do it without one-by-end, last year quarter two was without one-by-end, then this number would be INR 2,739 crore compared to INR 2,369 crore of last year. Our premium retention ratio is 79.1%. Loss ratio this quarter is 73%. Combined ratio this quarter is 111.4%. If we compare it to last year and we do it without one-by-end, which is applicable in this quarter, Q2 FY 2025, this was without one-by-end, then the combined ratio has improved to 109.9% compared to 112.2% of same quarter last year. Profit before tax has increased to INR 136 crore compared to INR 89 crore, while profit after tax this year is INR 117 crore. Last year, as you might recall, we did not pay any tax, so PBT and PAT was the same. This INR 117 is at a tax rate of 14%, which we expect to be for the entire year, and next year onwards, we'll move to the full tax rate of 25%. This tax rate is also mentioned in the slide below. The average ROE on the IGAP net worth is 2.8% non-annualized. The net worth has increased to INR 4,290 crore compared to INR 3,805 crore of last year. Solvency ratio is 2.26%, which has increased from 2.18% of same quarter last year. This year, if you look at the below comments, we are making one new disclosure this year. As you know, we always disclose IFRS results audited based on suggestions coming in from some of you. We are also saying that this year, as of 30th September, we had deferred acquisition cost post-tax of INR 1,708 crore. What this basically means is that this profit should, this deferred acquisition cost, which has already been incurred in IGAP and which is there in IFRS, will benefit the profit going forward. We expect INR 710 crore out of INR 1,708 crore would actually unwind in H2 by way of benefiting the IGAP results. Obviously, in IFRS, this would not really make a change. Now, some other points relating to growth, etc., which we can cover in the next slide. When we look at the growth rate this year, our growth rate without one-by-end is 15.6%. The industry grew by 10% on a without one-by-end basis, and our growth rate is 12.6% on a one-by-end basis overall. When we look at Motor OD, TP, and I am now looking at towards the right-hand side, GWP growth for Q2 2026 and comparing it with the industry, which is the last column in the below table, you would actually see that we have grown in every single line of business. OD 12.6% against 5.6% of the industry, TP 8.6% against industry 7.4%, health, travel, and PA 36% against industry's 9%. Fire is, as you know, we have been focusing on commercial lines. This has grown at 60.8% against industry's 27.6%. Others is only an area where we have degrown at - 19% compared to industry's degrowth of - 5%. So gross written premium from that perspective, the growth and market share continues to be good. When we look at overall in terms of the premium, which we have not accounted for in our books due to one-by-end, it is INR 136 crore. However, all acquisition cost has already been provided for. I think you would recall that since last year itself, from October to December 2024 quarter, we have been deferring the premium, but all acquisition costs are provided in every quarter result. There is really nothing which has not been provided for. The impact on this on H1 COR would be about 0.2% in the acquisition cost. When we are looking at in terms of various growth items, private car business, we continue to do well. When we look at our OD versus TP bifurcation for the industry and for us, last year, this number was 37% OD for us and 63% TP. Industry was 41% OD and 59% TP. This year, we have moved to 38% OD and 62% TP, so 1% reduction in TP, 1% increase in OD, while industry continues to be 41% and 59%. Just to remind that the first, second quarter was from a private car perspective, the sales were not that great, and sales only picked up from 22nd September onwards when the GST was reduced and the Navratras period started. I may add here that our market share in Motor OD is now 6.2%, and this is the highest we have had for any quarter since the start of the company, roughly about eight years back. In the case of new cars, from September 22nd to, say, October 24th, our premium in new car sales, we actually have a growth of about 24%. The private car segment and two-wheeler continues to do well. Another data point which I think Motor I would want to share with you is that our mix of private car, two-wheeler, and CV in this quarter is 45% in private car, 30% in two-wheeler, and commercial vehicle is 25%. Two-wheeler business, most of it comes from the new two-wheelers. As everyone knows, in case of new two-wheeler business, while commission for five years is provided upfront, the premium earned is over a period of five years. OD premium you earned, you put in the net premium in the first year itself, you earn it in the first year, but TP premium of the future years goes towards earning in the future. When we look at this mix in our knowledge, out of motor business of this scale or similar to the scale which we have, no insurance company has a mix of 30% in two-wheeler business. On one side, it gives you the AUM from an investment income perspective, but because of the fact that you earn much lower premium in the first year, but you provide for the commission for five years upfront, this obviously has a very major impact on the P&L. When we look at this quarter two, compared to last year, we have done INR 117 crore of more two-wheeler business. Last year, we did INR 334 crore in Q1 two-wheeler, and this year we have done, this is new two-wheeler business only I'm talking about, this year we have done INR 451 crore. This additional INR 117 crore has impacted our P&L to an extent of INR 53 crore of loss. Because the growth is so strong, the proportion of two-wheeler is really strong, this has impacted our quarterly combined ratio by 2%. The impact of two-wheeler business and high growth is something which is really, really substantial. We obviously have a fairly high market share on an all-India basis in case of Two-wheeler. Other business, if there are any questions, I would actually cover in more details. Fire, commercial lines like marine, engineering, and liability, all of them put together, we have grown by about 53%. Fire, I have already explained, we grew by about 60%, more than two times the industry, leading to an overall growth rate of about 12.6% after one-by-end. Now, moving forward in terms of the motor mix as such, as we know that new vehicle sales in H1, at least till 22nd September, were not that great compared to previous year, which also was not that great for new vehicle sales. Our mix, as I said, is 45 for private car, 30 for two-wheeler, and 25 for CV. As per our analysis, every increase of 1% of private car mix from two-wheeler will reduce the company's COR by 0.1. We're just trying to give this color to basically say product mix plays a very, very important role in the Indian P&L. Obviously, things change substantially when you move to IFRS, where two-wheeler business would actually, because the commission which you are paying upfront will get deferred over the policy period. This is something we just wanted to bring this across, because, as I said, we are seeing very high growth in the two-wheeler business, which obviously under Indian accounting puts pressure on the profitability. Now, moving to the next slide in terms of combined ratio, I've already covered that if we compare like to like, our combined ratio last year was 112.2. This year, without one-by-end, it will be 109.9. With one-by-end, it will be 111.4. Good news is from October 25 onwards, everything will be on one-by-end basis, so we don't really have to look at two, three numbers separately. Claims ratio here is 73%, and overall expense ratio has reduced to 38.4%. Profit after tax in the quarter the last year is INR 136 crore, out of which INR 19 crore is for the tax and INR 117 crore is the profit after tax. Going further, I'll cover loss ratios in a bit more detail, as always, in the next slide. I think when we look at investments, the assets under management growth continues to be good. Our leverage has slightly increased from 4.9 to 5.0. I think if you look at also our overall capital gains in Q2, our capital gains on debt have only been INR 1.9 crore, so when INR 1.4 crore, which basically means our yield on the debt fixed income portfolio for the quarter is about 1.1%. The yield continues to be good here on the fixed income. When we look at the sources of disclosure, I think we are making for the first time. It was on the first slide, but I thought I'll cover it here. As of 30th September, we have unrealized gains of INR 677 crore, out of which equity is INR 326 crore, including AIF and 81 bonds. Others, sorry, on the fixed, on the other than equity portfolio is INR 351 crore. Moving to the next slide in terms of asset allocation, you can actually see that our asset allocation has increased to 7.3% in pure equity. 81 bonds is 10.6%, and all others continue to be fixed income, continues to be a very strong portfolio in terms of rating and sovereign bonds. I think the point I just want to highlight, because this is something which we have continuously discussed in various calls, last year, as of September 25, 2024, for last year's period, we actually had an equity of about 2.4%. This increased to 6.4% as of March 31, which has further increased to 7.3% as of September 25. I also mentioned that we have been, in hindsight, lucky that we have been able to increase the equity allocation along with increasing the assets under management, and we still have a decent amount of unrealized equity gains. That really is the news on the asset allocation. In terms of 81 bonds, etc., there is very little movement compared to the previous. Now, moving to the loss ratios, here I think if you look at an OD loss ratio in quarter two, it is 71.3%. If you look at quarter four loss ratio in Motor OD, it was 70.5%. In quarter two of 2025 to 2026, loss ratio is 71.3%, which has an impact of roughly about INR 30 crore due to various floods. On a year-to-date basis, our loss ratio this year continues to be in OD to be 70.3%. Loss ratio of TP is more or less at par with last year. No real change in terms of TP release compared to last year. In both H1 last year and H1 of this year, the increase in TP release would be less than 3% or 4% in TP release. Loss ratios in the results are driven by a normalized sort of a TP release as well as normal investment income without any major contribution of the capital gains. This, as you know, is something we keep looking at. When we look at health business here, the loss ratios increased compared to the previous quarter of Q2 on a yearly basis. If we look at FY 2025, it was 83.8%, and FY 2026 was 83.9%. In this quarter, we wrote some government health business, which last year was in Q3. This business, obviously, the loss ratio is 90%- 95%. If we had not written this business this quarter, then the health loss ratio for quarter two would have been 80.8%. As you know, most of our health business comes from group business, including a large portion coming in from employee. If you look at our overall health loss ratio with this mix, I would say I think we are doing fairly okay here. The fire loss ratio is slightly more than last year, but the fire earned premium in this quarter is about INR 30 crore. This also includes some three large losses which have come. Overall loss ratio, I would say, continues to be good. Engineering also, we had one large flood claim, which loss ratio has increased. In engineering business, the earning of premium is only for the installments you have received. The future premium will continue to come, and that obviously is not included here. That really is on the loss ratio side. Now, moving to IFRS earning, here, as we have discussed a bit in the past, we essentially look at IGAP results, which is given at the top. Then we basically look at deferred acquisition cost, which is number four, which is INR 204 crore. If we combine the two, it comes to INR 500 crore. If we provide for a full tax of 25% on this, then in H1, the profit on this basis would have been INR 400 crore. INR 400 and, sorry, INR 400 only, INR 400 crore, without obviously looking at this discounting impact or investment gains. Investment, obviously, due to a spike in yields, the investment mark-to-market in fixed income number is much lower. This number, as on data, if you look at, would have already gone up. As I said, we always look at IGAP profit plus deferred acquisition provided with full tax, which is coming, as I said, to about INR 400 crore. That is how we look at this. As I also said earlier, our total number on deferred acquisition cost is INR 1,708 crore, as on date. This obviously number will keep changing as we write new business, and out of which INR 710 crore will get earned in H2 in terms of profit. I'm just quickly seeing if there's any point I have missed. Otherwise, I think we are good to go now and happy to take any questions now. Thank you very much. We will now begin with the session. Anyone who wishes to ask a question may press star and then one on their touchstone phone. If you wish to remove 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. Again, to register for a question, please press star and then one. Participants, you may press star and then one to ask a question. Our first question comes from the line of Sanketh Godha from Avendus Spark. Please go ahead. Thank you for the opportunity. My question is on Motor OD, given 70% loss ratio in general is higher compared to what we have historically reported. Now, with the GST thing and new sales improving, IDV is coming down. Naturally, loss ratios will deteriorate. I just wanted to understand this 70% is what you reported, and if you chase new vehicle sales, how much this loss ratio further can increase because of IDV value and premium realization coming down? The second thing related to that, can you tell me whether it will be ROE accurate to you still because of the advanced premium or the float what you will get? That's one first question on OD part. Second question is on TP. How much exposure do you have in the TP, the 25% of the business to CV TP segment where the GST cut has been from 12% to 5%, and you have full input credit benefit? How do you see this to play out incrementally for you? Lastly, on the reinsurance accepted number, which seems to be INR 288 crore, how declined year- on- year? Any major segment like crop or government health or something which led to, or your fire getting recognized more indirect, not in reinsurance accepted, led to that decline? How do we see this number playing out? Thanks, Sanketh. I think on the OD side, the impact is more on the new vehicles because the pricing, at least in Go Digit, we do is more related to the bond cost and not directly related to IDV because we translate this to IDV. Obviously, since the festival season was starting, the pricing changes have not been done by anyone in the industry. I think we will revisit this now in November to see how much the increase in volume has been and can that offset for the loss of the premium due to lower IDV. That is something we'll visit. One thing which I may want to add, Sanketh, is that our mix in private car is changing substantially because we now have a fairly robust renewal book. The renewal contribution will keep on increasing as we go forward. That is why when I mentioned that our OD market share is highest in Q2, is 6.2%. This is really driven more by renewals than anything else. Otherwise, as you know, July, August, until 22nd September, they were not really great months from a new business perspective. I think on TP in the commercial vehicle, because we are getting anyway the full input credit, the OD component in TP, as you know, in CV is very, very low. I think it would be less than 13%. Most of the premium is actually TP. We don't really see any major impact coming in from the drop in the GST. We also need to keep in mind that the TP, the CV business is more renewals and rollover business rather than new vehicles, where again the pricing is done more on a bond cost basis rather than linking directly to the CV to the IDV. In older vehicles, the OD premium would be in single digit depending upon what kind of a vehicle. In reinsurance, I think we have always said that this business is done on a facultative basis, which basically means that we have to see every single risk and then actually see whether the pricing makes sense or not. It is very difficult for us to anticipate what this number will be going forward. All I can assure you is that this business will always be written like the way we write direct business on a case-to-case basis. We don't drive this business from a target perspective. This number has reduced as we grow more on the direct side, especially on the retail commercial, as the distribution has now become fairly good, and we expect it to improve further. I think the component of retail in commercial lines will actually increase, which automatically means that the direct side of the business will keep increasing. Have I answered, Sanketh, all your three questions? Yeah. It's understood. Lastly, if I can squeeze one, the OpEx trajectory seems to be, means absolute cost seems to be coming down year on year for every quarter. At least I see that benefited your numbers even in the current quarter. I just wanted to understand that INR 207 crore of OpEx, what you reported, is this trajectory of decline in the OpEx going to continue? If that is the case, what is the likelihood of the combined we can see for the full year, or do you have any target in your number in your mind to deliver in the current year? Sanketh, as you know, we don't give any forward guidance. What I can definitely say is that, as I would say, as we are growing, we obviously continue to invest heavily on the tech piece. The benefit of that then translates into lower expenses because of higher productivity. I think the same philosophy will continue. We obviously would want to launch more and more product lines or channels wherever we see opportunity. Based on where we are, all I can say is we don't see any increase or any major change in H2 on the management expense side. What will it be next year, etc.? I think you are more intelligent than we are in building this into the model. I'll leave that to you. Okay, Kamlesh. Thanks. Thanks for your answers. That's it for me, sir. Thank you. Our next question comes from the line of [Rishikesh Thakkar] from ValueQuest Investment Advisors. Please go ahead. Yeah. Thanks. This is Anirudh from ValueQuest. A couple of things, team, and congratulations on a good set of numbers. On the growth outlook going ahead, right? With the pickup in new sales that we've seen for the past month or so, and with the reports of health insurance growth also increasing, do you see that going ahead growth for industry materially improving and thereby our growth materially improving in the times to come? Anirudh, I would say that I think the macro indicators are, if we look at definitely on the motor side and hopefully on the SME side, that I think also to credit loans, etc., that the growth in H2 should be better than H1. That is the macro sense we have today. I'm sure you guys also track this much more closely than we do. I also feel we also feel that under the new MORTH Motor Vehicle Act, MORTH has actually suggested that the TP hike, premium rate hike, actually go back to years. If that happens, that obviously also will be good news because, as we know, ID has indicated in the recent some increase in the TP rates, which we haven't really seen. Based on macroeconomy, what is happening on motor TP, etc., I think we definitely expect so to be better in terms of growth for the industry compared to what it has been, say, in H1. Right. What would that mean for competitive intensity going ahead? Intensity seems to have been fairly high even from the PSU front and all over the last few months. If overall industry growth improves, does that mean that there should be some ebbing of intensity and thereby benefiting players like us? Anirudh, the way we see it is that we have been seeing this massive market competition intensity in the last four, five years, four years now already post-COVID. I think if you look at our actual performance, we normally have grown faster than the industry and overall profitability, whether you look at in terms of ROE, you look at in terms of loss ratios. We already covered operational expenses, etc. Commissions are obviously driven more from the market side. We are okay at this stage. We don't really worry too much about what is happening because some things are not in your hands, but how you react to them is in your hands. You don't have to really listen to what I am saying. You just see what our management has really delivered in the last four years, especially without any hike in TP rates, lower new vehicle sales, car sales, especially in the last two years, intense pricing competition in the last year in the first nine months. I think all of that will continue to happen. We have to do what we have to do. If you ask my personal opinion, I would say the ROE of the industry has been deteriorating. In our 15th February investor meet and the deck was also uploaded, we had actually shown that a lot of players in the industry have been depending upon massive TP increase, TP reserve release, and also massive capital gains, which they were realizing, which is helping them on the profit side. If you look at our case, I think last year there was hardly any capital gains. There are obviously not much capital gains. Motor TP release this year is just, as I said, in H1, 2, 3% than last year. We will continue to drive growth wherever we see an opportunity and also look at core profitability, which is not driven by either of the two things. I would say one of the examples I can say is that if you look at our motor overall business in, say, quarter two is 55% of the gross premium. If you go back four years, motor used to be 75%. Out of 75%, commercial vehicle would be two-thirds, which is 50% of the overall premium. Our commercial vehicle is 25% of motor of 55. If you see it from that perspective, from 45% of gross written premium, CV has actually now fallen close to about 17 to 18% in gross written premium. The way we can move from one product line to another, I think, is something which you can actually see. Second point, I would say in fire and commercial lines, marine liability, and fire, as I said, we are growing by more than 50%. That number also is looking good. In health, despite having 75% of the premium coming in from employer employee, if we exclude the government health business in Q2, our loss ratio would have been 80.8%. If you put this mix that I just said in any insurance company, you will actually see their loss ratio will be much more than what it is for us. We will continue to drive ourselves in this direction, not really worry too much, but hope is that based on what I just explained, looking at from where the profits are coming, my sense is that pricing has to improve as we go forward. Got it. Thanks. Last question was on this INR 700 crore of deferred acquisition cost benefit that you mentioned in H2. What would that comparable number be for last year H2? We didn't really declare this last year. I think we only declared this, Anirudh, now. I don't have this number. We will, going forward, declare this, but maybe you may want to connect to our investor team offline to see what this number is. Going forward, we obviously will be declaring this every quarter. As I said, this has come from suggestion from some of you. We felt that this is a very good bridge to IFRS results in terms of what the profitability is. Exactly. Perfect. Sure. Thanks a lot and all the best. Thank you. Thank you. Our next question comes from the line of Divij Punjabi from Banyan Tree Advisors. Please go ahead. Yeah. Hi. Thanks for the opportunity. My first question was on motor OD in the two-wheeler segment. Like you mentioned, we have been doing well over there, and market share has been increasing. It's like 30% of the book. Can you talk about the levers that have led to this, like in terms of the product pricing, distribution, or whatever else it may be? I would say I think one obviously is that on the distribution side, things have been expanding. We are continuously expanding. I think on the OEM side and private car, some of our partners have moved to direct price fetching. Some of them have not. Wherever I think direct price fetching has taken place, we have seen improvement in our market share there. Two-wheeler business, I think because we have been very consistently building this over a longer period, we keep on adding more and more partners. More importantly, as I said earlier, and I just want to repeat it, private car portfolio really is driven through renewals. Last year, if you recall, October and November, the Share was in October, Navratras, Diwali was in November. There were very massive sales in these two months. We have a very strong base coming in from there. Renewals are continuously now increasing in importance for us. That also helps us to improve and increase our market share. Our agency and retail business also in motor is doing quite well. That obviously helps also because it also has a very high renewal ratio. It's really a mix of renewals, some pricing in private car with OEMs which have gone on direct price fetching, and expanding distribution network in OEMs both for two-wheeler and four-wheeler. Sure. I just had two more questions. One was regarding the group health segment. How is the pricing intensity over there right now? Has it improved? The second is, if the impact of the INR 1,700 crore of deferred acquisition can be quantified to the P&L for H2, that would be very helpful. I already said that INR 710 crore out of INR 1,700 crore will unwind in H2. I think on the pricing side, maybe September was slightly better in group health. I would not really say that the pricing has substantially improved, and that obviously also shows in the loss ratios of all the companies. I think on the employer employee, we would still not be growing compared to last year. Last year, we obviously had degrown. I think as an overall premium, this would become hopefully this year 18%- 20% of the gross written premium of the industry. If the loss ratios continue to go up, and you have also seen in the industry a lot of companies which were benefiting with old tariffs with the hospitals, a lot of that also getting revised, our sense is that loss ratios, which people expect, will follow in health. It might not be that if the tariff rates increase are happening because for a lot of companies, tariffs are getting increased after three, four years. We feel that group health should really see some increase in pricing. As and when that happens, then we, of course, would be delighted to increase our market share in that segment. Thank you. That was very helpful. Thank you. Thank you. Our next question comes from the line of Nidhesh from Investec. Please go ahead. Thanks for the opportunity. My question is on Motor OD. In Motor OD, we have seen our loss ratios have increased, which we have explained, the share of renewal. In future, also, as the share of renewal business is expected to further go up, do you expect further increase in loss ratios? I think we have already always said that we basically look at the loss ratio and acquisition cost together. In new, as everyone knows, in new cars, the acquisition cost is fairly high, but loss ratios are much lower. In case of renewals, acquisition cost is lower, but loss ratio would be a bit higher. When we put both of them together, the way we drive ourselves is that on that basis, we are actually doing fine. Now, whether the mix will change or not, I would say that we should, all of us are hoping, and I already said that we expect in H2 new vehicle sales to be better than what it was in H1. If that happens, then obviously the mix could be more towards new vehicles compared to non-new vehicles OD premium. As I already said, the first half, things were not really that good. Secondly, I think OD claims can also be very seasonal. If I just look at, and this is just making a comment for the month of, say, October, if you look at October number of OD claims compared to September, say, four digits, we have actually seen a reduction in number of claims by roughly about 10%, 11%. There will always be a bit of a seasonality, both in terms of claims which are driven more by flood or May, which typically is the holiday period where we see a very high number of claims, and also what the new vehicle sales will be like. One can't, in our view, assessment, one cannot put all of these into some sort of a projection to say what is likely to happen in Q3 and Q4. Personally, if you ask us, we would be happy that if new business share increases because we want the economy to do well. We want to write more new vehicle business. We would not want to be in a situation where new vehicles continue to suffer, and we are happy writing more renewals. Sure. Can you explain what steps you are taking on the claims front in the motor business in terms of garage network, etc., because some of the peers are sharing data that how much of the claims are getting adjusted through their preferred garage network? If you can speak about the steps that you are taking on the claims front. Nidhesh, I would not try and tell you how we cook the meal. Just look at the loss ratio, and you assume we do nothing. Compare our loss ratios in OD with whichever companies who are doing all this sharing and discounting and all that stuff. We have seen this story play on the health side. Maybe motor is the new. My CEO is telling me not to say all this. I would say, Nidhesh, whether we look at fraud as an example, and we covered that in detail in February, I think network, obviously, we have much more heft in network because, as I said earlier, our non-dealer channel business is also increasing. All these things you have to continuously do. Continuously means continuously. I can even tell you we track on a daily basis the number of claims in OD seen by a loss assessor. We have this productivity on a daily basis. All these details which we get into, then it leads to that sort of an outcome, which all of us want, and we obviously want to continuously improve. Our nature is not, our philosophy has not been to unnecessarily speak about some of these things. We try and cover some of these areas in our annual meet, and we'll obviously cover that. All these things happen on a continuous basis, and everything is tracked by the management team. Sure. Sure. Very helpful. That's it from my side. Thank you, Nitesh. Thank you. Our next question comes from the line of Dipanjan Ghosh from Citi. Please go ahead. Hi. Good evening, everyone. A few questions from my side. First, you mentioned that the non-employer employee mix within the group is like 70% currently. If I recall correctly, it used to be more like 80%, 85% a few quarters back. Given that your non-employer employee has increased, just wanted to understand, despite that, the claims ratio on the health part, excluding the government business, is more like stable YOY. In the employer employee business, given your focus on more small businesses and corporates, how has the loss ratio been trending in that part of the segment? Just wanted to get some color on that. At the start of the call, you mentioned your motor business growth since, or rather, post-GST cuts. If you were to compare, let's say, festive to festive on an apples-to-apples basis, can you give some color on how the growth rate would be in that case across the auspicious dates? Lastly, in terms of the motor mix you mentioned, just wanted to clarify, is it for the second quarter or first half? If you can give the corresponding data point for the last year's base. Sorry, what is the last question, Dipanjan? I didn't. Yes. You mentioned the Motor mix between PV, Two-wheeler, and CV. I just wanted to understand if it's for 2Q or 1H and the same for the last year. Sure. Last year, it was 41% in private car, which has increased to 45%. Two-wheeler was 27% last year, which has increased to 30%. In CV, it was 32% last year. In this quarter, I'm only giving Q2 figures, which has reduced to 25% this year. In terms of New Motor business, I would just maybe want to remind everyone that September 2024, we actually had Shrad during this period. Navratras and Dussehra were in October, and if Diwali, I remember offhand, was on November 4. We should not be looking at September to September numbers because last year was a bit different from that perspective. Having said this, when we are looking at the vehicle sales post September 22, new vehicle sales, and a lot of this VAHAN data is also available because we have to look at retail sales and not really look at sales which the manufacturers or it is coming from the OEMs. We are not looking at the dealer billing. We are looking at VAHAN registrations. Two-wheeler has been very strong. Even if we look at October to October comparison this year, number of two-wheeler sales have been very good. Two-wheeler sales even in the H1 were pretty decent. When we look at private cars, in terms of number of units, there is one big difference which we are seeing, and it is expected to continue that last year post Diwali, the sales had dipped a lot. This year, when we talk to dealers and everyone, in a lot of cases, the inventory is also not there for some of the models which are highly sought. The expectation from the dealers and everyone is that the next three or four days also will be very strong, and people expect that the existing deliveries will continue till November 7. We should ideally compare two-wheelers festival period of last year for this year at least till November 7 or 10 rather than just look at this period because of the reasons I have mentioned. Coming to non-employer employee, I would say that it used to be, as you said, it used to be higher. It has reduced. It's a mix of both reasons that non-employer employee is actually growing decently, while the other business is the employer employee is not seeing that sort of a growth. I would not suggest Dipanjan to see it on a quarter-by-quarter basis, but one should see it more on a YTD basis. Also, in non-employer employee, because of one buy-in, we obviously cannot book all the business. That benefit also doesn't really flow in the combined ratio. Got it. Got it. Thank you, sir, and all the best. Thanks, Dipanjan. Thank you. Our next question comes from the line of Vinod Rajamani from Nirmal Bang. Please go ahead. Thank you for the opportunity. I had two questions more at an industry level. If I look at the sales of vehicles, I know it's early days yet, but the proportion of the EV vehicles vis-à-vis the ICE vehicles has been rising. This might be a larger, it may have played out more in terms of Two-wheelers, but even in Four-wheelers, even in passenger vehicles, there is this slight increase in EV vehicles. The issue with EV vehicles, which the loss assessor says, is that there is a greater probability of total loss because it's completely sensor-based and so on vis-à-vis, say, the ICE vehicles. If this trend continues of the proportion of, say, ICE vehicles reducing, do you think the industry is kind of equipped in terms of pricing? There is a greater chance of total loss in terms of, and also the number of moving parts are less, so there would be lesser spare parts and so on. With regard to, say, EV, that is question number one. My question is more at an industry level. Do you think the industry is pricing this well? The second is on this health, with this CGHS kind of ruling happening, the price rationalization as far as CGHS is concerned, do you think the health group, say, employer employee, could benefit in terms of lesser kind of issues as far as hospitals are concerned? These are the two questions I have. Thanks, Vinod. I think you have explained the challenges in electric vehicles well. I think in Two-wheeler, if you look at new Two-wheelers, they have five years of TP and one year of OD. The OD premium itself is much lower in percentage or in proportion. Two-wheeler is something where it is a lot more manageable. When we look at cars, electric cars definitely have a much higher claims ratio. Especially in case of floods, the reparability becomes much lower, especially if the batteries can't be repaired. We have seen in case of Two-wheelers also that not all manufacturers are in a position to repair the battery. Based on what we see in the market, our sense is a lot of players are not pricing electric cars appropriately. Maybe our market share in electric cars, new cars, is substantially lower than in non-electric cars. I'm not saying others are wrong or we are right. All I'm saying is based on our understanding, we are seeing reduced market share in new electric cars compared to what we expected it to be for non-electric cars. On the health side, I think the initiative of the industry to jointly discuss with hospitals rates is a very welcome initiative because this is good both for the hospitals where there will be transparency in terms of pricing. They know what they'll get, they don't have to negotiate with individual companies. For companies also, the disputes will likely come down. However, we should keep this in mind that there are more than 12,000 or 13,000 hospitals. Even if we look at the top 700 or 800 hospitals, which contribute probably to 35% of the claims, especially in the metropolitan areas, this will take some time for the General Insurance Council to reach. Once it reaches, transparency is good for the customers and all players in the industry. One can then also price it properly. We are still some time away from reaching some sort of a scale or tipping point where one can say that this will benefit the industry or not. Yes. Thanks for the detailed response, sir. Just one quick follow-up. How would you, in terms of the loss ratio, say, on an ICE vehicle versus an EV vehicle, if you had to give a rough number, how would they be, what would be the difference is what I'm interested in knowing? Vinod, this will depend upon what% of claims are coming due to floods, essentially. Understood. Okay. Yeah. I would say that giving a number would mean that I would have to assume what percentage of claims will come from the floods. In case of flood-related claims, if I have to put a number, the loss ratio of electric vehicles and cars can be 20%- 25% higher than non-electric cars. Thank you, sir. That's all I want to know. That's something I was interested in. Yeah, when it comes, if you want more details, thinking of starting an insurance company, happy to chat on the side. Yeah. Thanks. Thank you. Thank you. If there are no further questions, I now hand the conference over to the management for closing comments. I think, wanted to thank everyone for joining the call. This was our sixth quarterly call. Since we have two minutes, I'll just want to repeat our philosophy so that we also know it gets reinforced within us as well as it also gets conveyed to all of you. I think we don't give forecasts not because we don't want to, but because our product mix, etc., changes substantially. We gave you a good indication of this in CV vehicles. We also explained how if pricing goes slightly at a threshold level for us, then we start seeing very high growth, which we are seeing in commercial lines. Secondly, we this time have declared deferred acquisition costs transparently because in IFRS, this is included. When we look at IFRS ROE or profit, we look at IGAP profit and add deferred acquisition cost to that and then take 25% profit. You know clearly that this profit of coming of deferred acquisition cost will actually come. It is for real, and it will come in IGAP. The third point, which we always do, and maybe I should repeat it, is to say, though the premium comes by one by N, we provide all acquisition costs in our quarterly results. There is no liability which is not provided for in terms of one by N in our case. Fourth is product mix and motor plays a very important role. We gave you an example of a Two-wheeler business where an increase of roughly about INR 117 crore compared to last year in Q2 led to an additional loss of INR 53 crore because commission has to be provided upfront. Fourth, that we always look at core insurance profitability, which basically means normalized TP reserve released and normalized investment income without substantial capital gains. That is how we continue to drive business. Whether it is direct or inward facultative or whatever, we will always take steps if we find a business or a segment is not giving us the desired profitability. We always take corrective action in those areas. Lastly, we are happy that in Q2, we have the highest ever market share of 6.2%. For a company which was seen only a TP player five years back, I think our TP and OD market share is coming close. Again, I'm not saying this is good or bad. I'm just saying that how fast the mix can change in case of Digit. Thanks, everyone, for joining the call. Have the rest of the good day. Thank you. Thank you. Thanks. On behalf of ICICI Securities, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.