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251 186 0 251 199 51 251 193 26 252 213 102 252 217 117 252 213 102 PRIVATE AND CONFIDENTIAL 1 Question the status quo Be Transparent Value Statements 1 Making insurance simple Results for the Quarter ended September 30, 2026
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251 186 0 251 199 51 251 193 26 252 213 102 252 217 117 252 213 102 PRIVATE AND CONFIDENTIAL 2 Disclaimer: This investor presentation may contain certain words or phrases in writing or otherwise which are not statements of historical facts and may be described as “forward-looking statements”. These forward-looking statements generally can be identified by words or phrases such as “aim”, “anticipate”, “are likely”, “believe”, “continue”, “can”, “shall”, “could”, “expect”, “estimate”, “intend”, “may”, “likely” “objective”, “plan”, “project”, “propose”, “seek to”, “will”, “will continue”, “will achieve”, “will likely”, “will pursue” or other words or phrases of similar import. Similarly, statements that describe our Company’s strategies, objectives, plans or goals, financial and operating projections are also forward-looking statements. All forward-looking statements are subject to risks, uncertainties, expectations and assumptions about us that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement. Actual results may differ materially from those suggested by the forward-looking statements due to risks or uncertainties associated with our expectations with respect to, but not limited to, regulatory changes pertaining to the industry in which our Company operates and our ability to respond to them, our ability to successfully implement our strategy, our growth and expansion, technological changes, our exposure to market risks, general economic and political conditions in India and globally which have an impact on our business activities, investments, or the industry in which we operate, the monetary and fiscal policies of India, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices, the performance of the financial markets in India and globally, changes in domestic laws, regulations, taxes, changes in competition in the industry in which we operate and incidents of any natural calamities and/or acts of violence. Forward-looking statements reflect the current views of our Company as of the period of these results and are not a guarantee of future performance. These statements are based on our management’s beliefs, assumptions, current plans, estimates and expectations, which in turn are based on currently available information. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate, and the forward-looking statements based on these assumptions could be incorrect. We undertake no obligation to update forward-looking statements to reflect events or circumstances after the date there. Basis of preparation: The financial results presented herein have been prepared in accordance with the Indian Accounting Standards (Ind AS), with a transition date of April 1, 2025. Comparative figures are presented on the same Ind AS basis. The financial results prepared under Ind AS are unaudited.
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251 186 0 251 199 51 251 193 26 252 213 102 252 217 117 252 213 102 PRIVATE AND CONFIDENTIAL 3 Business Strengths High - quality customer experience Predictive underwriting models Focus on empowering distribution partners Advanced technology platform A nimble organization with a skilled and experienced management team
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251 186 0 251 199 51 251 193 26 252 213 102 252 217 117 252 213 102 PRIVATE AND CONFIDENTIAL 4 The Numbers: Notes: 1. Data for the period ended September 30, 2026 2. Market share is based on our Gross Written Premium period ended September 30, 2026 3. Data as of period ended September 30, 2026 4. Beneficiaries covered under policies issued since inception of operations in 2017 till September 30, 2026 5. AUM includes all investments at book value plus cash and bank balance ₹ 5,302 cr. Gross Written Premium (1) 3.0 / 5.6 Market share for Total / Motor insurance Market Share (%) (1,2) 90 Active products launched since 2017 Diverse product portfolio (3) 9.4 cr. Customers (4) 0.88 cr policies sold (1) 84,128 Partner network (3) 48.0 Lacs Claims settled since inception (3) ₹ 24,371 cr. Assets under Management (3,5) 0.34 Manual Policy Issuances (%) (1) 94.5/84.5 Motor Claims / Non-Claims Customer satisfaction score (%) (1)
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251 186 0 251 199 51 251 193 26 252 213 102 252 217 117 252 213 102 PRIVATE AND CONFIDENTIAL 5 3 Key Performance Indicators ₹ cr Particulars Q2 2026 H1 2026 FY 2026 Q2 2027 H1 2027 Insurance Revenue 2,675 5,152 10,988 2,720 5,386 Profit Before Tax (Ex MTM) 370 690 1,227 278 597 Profit After Tax (Ex MTM) 277 516 919 208 447 ⮚ Profit Before Tax (Ex MTM & Flood Loss) 380 700 1,257 341 660 ⮚ Profit After Tax (Ex MTM & Flood Loss) 285 524 941 255 494 Return on Average Equity** ^^ 6.5 12.4 21.3 4.4 9.6 Net worth (Equity - IndAS )* 7,620 7,620 7,610 8,137 8,137 Net Retention Ratio (%) 79.1 71.9 73.7 84.3 80.4 Claims Ratio (%) # 48.2 53.2 58.6 62.4 60.9 Combined Insurance Service Ratio (%) ^ 94.9 95.3 97.3 99.8 98.4 ⮚ Combined Insurance Service Ratio (%) ^ [Ex Flood Loss] 94.5 95.1 97.0 97.4 97.2 Solvency Ratio 2.26 2.26 2.42 2.40 2.40 Insurance Revenue: Gross Earned Premium *Net worth (Ind AS): Paid up share Capital+ Reserves & Surplus + ESOP Reserves **Return on Average Equity: Calculated as Profit After Tax (excl. MTM) divided by (Opening Net- worth [IGAAP] + Closing Net-worth [IGAAP])/2 IGAAP net worth is used because solvency continues to be computed on IGAAP, and the additional Ind AS net worth is currently not available for distribution or for writing business. ^Combined Insurance Service Ratio: [(Insurance Service Expenses + Net Expense/(Income) from Reinsurance Contracts + Other Expenses/(Income)) / Insurance Revenue] #Claims ratio Claims ratio has been calculated in accordance with the methodology prescribed under the IRDA Circular No. IRDAI/F&I/CIR/MISC/92/7/2026 dated 8 July 2026. [Claims Cost / Insurance Revenue]. This is a gross ratio and does not include the impact of reinsurance. Long term advance premium: As on September 30, 2026 stands at INR 3,556 crore ^^Not annualised
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251 186 0 251 199 51 251 193 26 252 213 102 252 217 117 252 213 102 PRIVATE AND CONFIDENTIAL 6 3 Ind AS Financial Statements ₹ cr Particulars Q2 2026 (Unaudited) H1 2026 (Unaudited) FY 2026 (Unaudited) Q2 2027 (Unaudited) H1 2027 (Unaudited) Insurance Revenue (A) 2,675 5,152 10,988 2,720 5,386 Insurance Service Expense (B) (2,131) (4,320) (9,749) (2,608) (5,070) - Claims (B1) (1,289) (2,740) (6,436) (1,698) (3,279) - Acquisition cost (B2) (658) (1,235) (2,597) (720) (1,424) - Expenses related to Insurance business (B3) (184) (345) (716) (190) (367) Net (expense)/income from Reinsurance Contracts (C) (382) (546) (804) (70) (159) Insurance service result (D = A+B+C) 162 286 435 43 157 Investment Income (incl MTM) (E) 306 798 1,388 368 975 Insurance Finance Income/(Expense) (F) (152) (292) (602) (171) (339) Other Income/ Expense (G) (25) (46) (139) (36) (70) Other Finance Cost (H) (13) (27) (54) (13) (27) Profit before tax (PBT = D+E+F+G+H) 276 719 1,028 190 696 Tax expense (70) (181) (259) (48) (175) Profit after tax (PAT) 207 538 769 142 521 Ratios: Claims ratio [I = (B1/A)] 48.2% 53.2% 58.6% 62.4% 60.9% Expense Ratio [J = (B2+B3)/A] 31.5% 30.7% 30.2% 33.5% 33.3% Combined Operating Ratio (I + J) 79.7% 83.9% 88.7% 95.9% 94.1% Combined Insurance Service Ratio [(B+C+G)/A] 94.9% 95.3% 97.3% 99.8% 98.4% The above ratios have been derived based on the definitions prescribed by IRDAI Circular No. IRDAI/F&I/CIR/MISC/92/7/2026 dated 8 July 2026.
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251 186 0 251 199 51 251 193 26 252 213 102 252 217 117 252 213 102 PRIVATE AND CONFIDENTIAL 7 GDPI Growth GDPI Mix (%) GDPI Growth (%) Industry Growth (%) GDPI Mix (%) GDPI Growth (%) Industry Growth (%) GDPI Mix (%) GDPI Growth (%) Industry Growth (%) Segments FY 2026 FY 2026 FY 2026 H1 2026 H1 2027 H1 2027 H1 2027 Q2 2026 Q2 2027 Q2 2027 Q2 2027 Motor – OD 26.1 15.3 9.0 23.8 23.0 -5.1 16.1 26.2 24.6 -7.0 15.9 Motor – TP 42.5 15.4 9.3 39.8 40.5 -0.1 11.1 42.8 42.3 -2.4 10.1 Motor Total 68.7 15.3 9.2 63.6 63.5 -2.0 13.1 69.0 66.9 -4.1 12.4 Health, Travel & PA 17.9 8.7 16.7 18.7 22.7 19.5 20.7 17.8 21.6 19.6 18.9 Fire 6.6 34.2 13.4 9.8 5.7 -42.8 -26.6 6.1 4.6 -25.8 -24.4 Others 6.8 33.8 -9.2 7.9 8.0 0.0 -5.6 7.1 6.9 -3.6 -11.3 Total – Growth - 16.2 9.3 - - -1.8 8.9 - - -1.2 7.0 4,887 9,846 4,798 H1 2026 FY 2026 H1 2027 2,379 2,351 Q2 2026 Q2 2027
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251 186 0 251 199 51 251 193 26 252 213 102 252 217 117 252 213 102 PRIVATE AND CONFIDENTIAL 8 GWP Growth GWP Mix (%) GWP Growth (%) Industry GDPI Growth (%) GWP Mix (%) GWP Growth (%) Industry GDPI Growth (%) GWP Mix (%) GWP Growth (%) Industry GDPI Growth (%) Segments FY 2026 FY 2026 FY 2026 H1 2026 H1 2027 H1 2027 H1 2027 Q2 2026 Q2 2027 Q2 2027 Q2 2027 Motor – OD 22.8 15.3 9.0 20.6 20.8 -5.1 16.1 23.3 22.5 -7.0 15.9 Motor – TP 37.1 15.4 9.3 34.5 36.7 -0.1 11.1 38.2 38.7 -2.4 10.1 Motor Total 59.9 15.3 9.2 55.0 57.5 -2.0 13.1 61.6 61.2 -4.1 12.4 Health, Travel & PA 18.3 -9.3 16.7 20.4 22.6 3.6 20.7 19.5 21.7 7.4 18.9 Fire 9.7 32.9 13.4 14.1 9.7 -35.2 -26.6 7.8 5.7 -29.9 -24.4 Others 12.1 4.0 -9.2 10.4 10.2 -8.0 -5.6 11.2 11.4 -1.6 -11.3 Total – Growth - 9.8 9.3 - - -6.1 8.9 - - -3.6# 7.0 5,649 11,294 5,302 H1 2026 FY 2026 H1 2027 2,667 2,571 Q2 2026 Q2 2027 #Excluding Health reinsurance inward our Gross Written Premium is flat. We chose not to renew this business as the pricing was unattractive.
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251 186 0 251 199 51 251 193 26 252 213 102 252 217 117 252 213 102 PRIVATE AND CONFIDENTIAL 9 ₹ cr Combined Insurance Service Ratio (%) Profit before tax (Ex MTM & Flood loss) 94.5 95.1 97.0 97.4 97.2CISR w/o Flood 277 516 919 208 447 10 10 30 63 63 93 174 309 70 150 380 700 1,257 341 660 Q2 2026 H1 2026 FY 2026 Q2 2027 H1 2027 Profit after tax Flood Losses Tax Profit before tax (ex MTM & Flood losses) 48.2 53.2 58.6 62.4 60.9 46.7 42.2 38.7 37.4 37.5 94.9 95.3 97.3 99.8 98.4 Q2 2026 H1 2026 FY 2026 Q2 2027 H1 2027 Claims Ratio Expense, Reinsurance & Other Expense Ratio
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251 186 0 251 199 51 251 193 26 252 213 102 252 217 117 252 213 102 PRIVATE AND CONFIDENTIAL 10 374 734 1,512 418 83225 35 75 37 43 398 769 1,588 456 875 Q2 2026 H1 2026 FY 2026 Q2 2027 H1 2027 Investment Income Capital Gains Yield % Assets under management ₹ cr Investment Performance ⮚ As on September 30, 2026 : - Unrealized gain on equity portfolio at ₹ 148 Crore (Including AIF & AT1 bonds ₹ 46 cr) - Unrealized loss on other than equity portfolio at ₹ 164 Crore. - Investment leverage : Assets Under Management on book value / IGAAP Net Worth Overall – 3.7* Debt – 3.8*Overall – 3.7* Debt – 3.7* Overall – 7.4 Debt – 7.6 * Not Annualized 19,455 19,455 22,883 2 6 2 1,563 3,422 1,486 H1 2026 FY 2026 H1 2027 ESOPs Business Surplus ₹ crInvestment Leverage 5.0 5.2 21,019 22,883 24,371 Overall – 1.9* Debt – 1.9* Overall – 1.9* Debt – 2.0* 4.9
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251 186 0 251 199 51 251 193 26 252 213 102 252 217 117 252 213 102 PRIVATE AND CONFIDENTIAL 11 Investment Asset Allocation (%) Rating Wise Exposure Sector Wise Exposure H1 2026 FY 2026 H1 2027 Others 6.0 6.8 8.1 Money Market 0.5 0.3 0.4 Banking and Finance 25.4 25.5 24.7 Housing and Infrastructure 35.4 33.5 32.0 Sovereign 32.6 33.9 34.7 H1 2026 FY 2026 H1 2027 Equity 6.8 7.6 8.6 REITs & InvITs 0.5 0.7 1.0 Reverse Repo 0.5 0.6 0.4 AT1 Bonds 10.6 10.5 9.8 AA- & equivalent 0.5 0.5 0.4 AA+ 6.6 7.3 5.3 AAA & equivalent 40.0 37.1 38.1 Sovereign 34.5 35.7 36.3
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251 186 0 251 199 51 251 193 26 252 213 102 252 217 117 252 213 102 PRIVATE AND CONFIDENTIAL 12 Claims Ratios (%) [Ind AS – Gross, Discounted] Particulars Q2 FY26 H1 FY26 FY 2026 Q2 FY27 H1 FY27 Motor Total 51.1 55.1 56.1 58.4 56.7 Motor OD 71.1 70.3 71.9 80.3 77.3 Motor TP 39.5 46.2 46.7 45.2 44.3 Health, Travel & PA 81.7 76.2 76.5 77.0 76.3 Fire - 37.2 6.5 40.0 46.6 52.8 Marine 85.2 76.9 57.0 91.7 75.8 Engineering 46.4 50.4 17.5 54.8 51.4 Other 38.6 27.6 61.7 74.6 66.4 Total 48.2 53.2 58.6 62.4 60.9
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251 186 0 251 199 51 251 193 26 252 213 102 252 217 117 252 213 102 PRIVATE AND CONFIDENTIAL 13 Thank You
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251 186 0 251 199 51 251 193 26 252 213 102 252 217 117 252 213 102 PRIVATE AND CONFIDENTIAL 14 Additional I nformation
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251 186 0 251 199 51 251 193 26 252 213 102 252 217 117 252 213 102 PRIVATE AND CONFIDENTIAL 15 IGAAP Net Basis : As at 31 st March 2026 YE 31 - Mar - 2018 YE 31 - Mar - 2019 YE 31 - Mar - 2020 YE 31 - Mar - 2021 YE 31 - Mar - 2022 YE 31 - Mar - 2023 YE 31 - Mar - 2024 YE 31 - Mar - 2025 YE 31 - Mar - 2026 End of First Year (Original Estimate) 6.9 392.4 944.4 1,463.5 2,586.7 3,932.5 5,678.7 6,454.7 6,911.1 One year later 8.0 377.7 920.7 1,411.1 2,381.1 3,647.3 5,509.2 6,232.3 - Two year later 8.0 374.9 905.1 1,299.1 2,210.6 3,489.9 5,381.9 - - Three year later 7.9 379.9 808.5 1,150.8 2,073.2 3,306.7 - - - Four year later 8.0 334.4 735.8 1,069.5 1,933.8 - - - - Five year later 6.6 322.7 696.1 1,012.2 - - - - - Six year later 6.5 312.1 652.8 - - - - - - Seven year later 6.5 307.1 - - - - - - - Eight years later 6.5 - - - - - - - - Favourable / (unfavourable) development Amount 0.5 85.3 291.6 451.3 652.9 625.9 296.8 222.4 NA Favourable / (unfavourable) development % {Compared with original estimate} 7% 22% 31% 31% 25% 16% 5% 3% NA Incurred Losses and Allocated Expenses (Ultimate Movement) ₹ cr Reserving Triangle Disclosure: Whole Account Ind AS reserving triangles (gross, as at 30 September 2026) will be published with our quarterly disclosures.
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251 186 0 251 199 51 251 193 26 252 213 102 252 217 117 252 213 102 PRIVATE AND CONFIDENTIAL 16 Reserving Triangle Disclosure: Motor TP Incurred Losses and Allocated Expenses (Ultimate Movement) ₹ cr IGAAP Net Basis : As at 31 st March 2026 YE 31 - Mar - 2018 YE 31 - Mar - 2019 YE 31 - Mar - 2020 YE 31 - Mar - 2021 YE 31 - Mar - 2022 YE 31 - Mar - 2023 YE 31 - Mar - 2024 YE 31 - Mar - 2025 YE 31 - Mar - 2026 End of First Year (Original Estimate) 5.1 204.4 630.3 1,024.3 1,701.6 2,204.1 2,588.7 2,678.6 2,939.4 One year later 7.2 204.4 636.1 1,026.8 1,615.5 2,044.7 2,572.7 2,678.6 - Two year later 7.2 204.5 619.4 919.4 1,441.4 1,902.1 2,466.3 - - Three year later 7.2 204.6 527.6 771.3 1,304.3 1,719.2 - - - Four year later 7.2 160.0 454.7 690.1 1,163.2 - - - - Five year later 5.8 148.4 415.1 632.0 - - - - - Six year later 5.7 137.8 371.6 - - - - - - Seven year later 5.7 132.4 - - - - - - - Eight years later 5.7 - - - - - - - - Favourable / (unfavourable) development Amount -0.6 72.0 258.7 392.3 538.4 484.8 122.4 - NA Favourable / (unfavourable) development % {Compared with original estimate} -12% 35% 41% 38% 32% 22% 5% 0% NA ₹ cr *Note: For accident year FY2018, Net Earned Premium (NEP) was only ₹7.5 cr Motor TP line of business had two large losses which led to reserve run off due to small base of NEP.
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251 186 0 251 199 51 251 193 26 252 213 102 252 217 117 252 213 102 PRIVATE AND CONFIDENTIAL 17 Incurred Losses and Allocated Expenses (Ultimate Movement) Reserving Triangle Disclosure: Whole Account excluding Motor TP IGAAP Net Basis : As at 31 st March 2026 YE 31 - Mar - 2018 YE 31 - Mar - 2019 YE 31 - Mar - 2020 YE 31 - Mar - 2021 YE 31 - Mar - 2022 YE 31 - Mar - 2023 YE 31 - Mar - 2024 YE 31 - Mar - 2025 YE 31 - Mar - 2026 End of First Year (Original Estimate) 1.8 188.0 314.1 439.2 885.1 1,728.5 3,090.1 3,776.1 3,971.7 One year later 0.8 173.3 284.6 384.4 765.6 1,602.6 2,936.6 3,553.7 - Two year later 0.8 170.4 285.7 379.7 769.1 1,587.8 2,915.6 - - Three year later 0.8 175.3 280.9 379.5 768.9 1,587.4 - - - Four year later 0.8 174.4 281.0 379.5 770.6 - - - - Five year later 0.8 174.3 281.0 380.2 - - - - - Six year later 0.8 174.3 281.2 - - - - - - Seven year later 0.8 174.6 - - - - - - - Eight years later 0.8 - - - - - - - - Favourable / (unfavourable) development Amount 1.1 13.3 32.9 59.0 114.5 141.0 174.4 222.4 NA Favourable / (unfavourable) development % {Compared with original estimate} 57% 7% 10% 13% 13% 8% 6% 6% NA ₹ cr
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251 186 0 251 199 51 251 193 26 252 213 102 252 217 117 252 213 102 PRIVATE AND CONFIDENTIAL 18 Abbreviations Full Form FY Financial Year Q Quarter OD Own Damage TP Third Party RI Re - insurance P&L Profit and Loss Account C r C rore PA Personal Accident MTM Mark to Market Glossary Abbreviations Full Form GWP Gross Written Premium DAC Deferred Acquisition Cost OCI Other Comprehensive Income GDPI Gross Direct Premium Income CY Current Year PY Previous Year w/o Without NAT CAT Natural Catastrophes Particulars Definition Insurance Revenue Earned Premium [Gross] Insurance Service Expenses Claims + Commission + Expenses [Gross] Net Expense from Reinsurance Contracts RI Premium – RI Claims – RI Commission Insurance Finance Expense Unwinding of discount on Insurance Reserves & Commission Combined Insurance Service Ratio [(Insurance Service Expenses + Net Expense/(Income) from Reinsurance Contracts + Other Expenses/(Income)) / Insurance Revenue] Claims Ratio (IRDAI) Claims [Gross] / Insurance Revenue C ombined Operating Ratio (IRDAI) Insurance Service Expenses / Insurance Revenue