Welcome to the conference call of the New India Assurance Company Limited, arranged by Concept Investor Relations to discuss its Q4 FY 2026 results. We have with us today Mrs. Girija Subramanian, Chairman cum Managing Director, Mr. S. Sivasankar, Executive Director, General Managers and Chief Financial Officers, among other esteemed management members. At this moment, all participant lines are in the 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 the floor over to Mrs. Girija Subramanian, Chairman cum Managing Director. Thank you, and over to you, ma'am. Good afternoon, everyone. I'm Girija Subramanian, Chairman cum Managing Director of the New India Assurance Company Limited. I warmly welcome all of you to this earnings conference call to discuss our financial and operational performance for the fourth quarter and financial year ended March 31st, 2026. Joining me on this call are Mr. S. Sivasankar, Executive Director, our General Managers, Chief Financial Officer, and other senior officials of the company. Before I begin, I would like to express my sincere appreciation to our shareholders, investors, policyholders, analysts, and all stakeholders for their continued engagement and support throughout FY 2026. Their continued confidence reinforces our commitment towards responsible growth, operational resilience, and service excellence. We continue to maintain strong financial credentials reflected in its CRISIL AA A stable rating, which represents the highest level of credit quality. During the year, AM Best also revised the company's outlook to positive by reaffirming our financial strength rating of B++ good, recognizing the continued strengthening of our Enterprise Risk Management framework, internal systems, and governance processes. New India Assurance continues to be identified by IRDAI as a Domestic Systemically Important Insurer consecutively for the fifth year, reflecting the company's scale, market significance, and systemic importance within the Indian insurance sector. As we navigate through FY 2025, 2026, the Indian economy continues to be a beacon of resilience, projected to maintain a robust growth of approximately 7.5%, driven by strong domestic consumption and a revitalized MSME sector. For the insurance landscape, this year marks a historic inflection point driven by the Sabka Bima Sabki Raksha Amendment Act, 2025, which has ushered in 100% FDI and significant regulatory relaxations, propelling us towards the vision of Insurance for All by 2047. The general insurance industry operated within a highly competitive landscape throughout the period, characterized by specific pricing pressures and a rise in claims across various segments. According to data from the General Insurance Council, the sector maintained steady growth momentum to the end of FY 2026 and the start of FY 2027, even as pricing discipline remained a challenge. Consequently, the industry's gross direct premium income reached roughly INR 3.36 lakh crore for FY 2026, marking a year-over-year increase of 9.3%. As a market leader, New India Assurance has harnessed this momentum achieving a stellar 10.9% year-on-year gross domestic premium growth in the fiscal and achieving GDP or a gross domestic premium of INR 42,822 crore. The Indian business grew faster than the industry, the company's market share increased from 12.56%- 12.74% during the year compared to the same period last year. The profit after tax improved by 40% for the year and 61% for the fourth quarter of FY 2026. Our focus remains steadfast on bridging the protection gap through innovative tech-enabled products like parametric covers and tailored MSME solutions, ensuring that as India marches towards becoming a $5 trillion economy, New India stands as its most trusted financial partner. The global insurance landscape in 2026 continues to be shaped by a complex web of geopolitical shifts. Ongoing regional conflicts in the Middle East and Eastern Europe have moved beyond localized disruptions, triggering secondary impacts that the entire industry must navigate through. For insurers, this volatility manifests in two primary ways increased claim costs driven by supply chain-led inflation and a constricted global reinsurance market. As logistics routes are rerouted and energy prices fluctuate, the cost of reinstatement for industrial assets has risen, necessitating a more disciplined approach to underwriting and risk management. Furthermore, these tensions have heightened the demand for specialized protection. We are seeing a fundamental shift where war and political violence covers are no longer viewed as optional extras, but as core components of a resilient risk management strategy. As India's premier multinational insurer, New India Assurance is leveraging its robust balance sheet and international presence to provide stability to our corporate partners amidst this global uncertainty. In direct response to these evolving risks, New India Assurance has launched the War Cover for the fire segment. Historically, standard fire policies in India excluded losses from war and hostilities. By introducing this dedicated add-on, which integrates with our Bharat Laghu Udyam Suraksha and Business All Risk Flexi suites, we are filling a vital protection gap for large-scale industrial units and infrastructure projects. Complementing on our War Cover, in a landmark move towards the national self-reliance and securing India's strategic interests, I'm pleased to highlight the operationalization of the Bharat Maritime Pool formed by the Indian non-life insurers, backed by the Government of India's sovereign guarantee. In an era where global maritime routes are increasingly susceptible to geopolitical shifts and international reinsurance volatility, this pool serves as a critical shield for our national fleet. As a lead insurer, New India Assurance is at the forefront of this initiative, providing much-needed indigenous capacity for protection and indemnity and hull risk. By localizing this capacity, we are reducing our dependency on overseas markets and ensuring that Indian shipowners have access to stable, uninterrupted cover even during global crises. This initiative is not merely a business expansion, it's our long-standing commitment to the Atmanirbhar Bharat vision, ensuring that the lifelines of our nation's trade remain protected by a robust India-led insurance framework. Turning to our financial performance for the full financial year FY 2026 and the quarter ended Q4 FY 2026. For the full year, the gross written premium was INR 47,174 crore against the gross written premium for FY 2025, which was at INR 43,618 crore. Net premium earned was INR 38,462 crore as against FY 2025, where it was INR 35,368 crore. Net profit after tax was INR 1,384 crore against the net profit after tax for the year FY 2025, which was at INR 988 crore. For the quarter ended Q4 FY 2026, the gross written premium stood at INR 11,619 crore as compared to INR 11,433 crore for the Q4 FY 2025. Net premiums earned stood at INR 9,969 crore as compared to INR 9,306 crore for FY 2025. We reported a net profit after tax of INR 558 crore for the quarter Q4 FY 2026 as compared to INR 347 crore for Q4 FY 2025 last year. From an operating metrics perspective, for the full financial year FY 2026, the net incurred claim ratio stood at 98.65% of the net earned premium. The commission ratio and expense ratio were at 9.75% and 14.15% of the net written premium, respectively. The combined ratio was reported at 122.57%. The company was able to absorb the full impact of wage revision and revision in family pension amounting to INR 3,525 crore during the year. The entire impact of revision in the family pension from 15%- 30%, as notified by the government, amounting to INR 597 was absorbed during the fourth quarter. The adverse impact was partially offset by better investment returns during the year. The combined ratio for the year, adjusted for the wage revision related impact, was 116.67% compared to 115.34% in the previous year. The incurred claim ratio was impacted due to the higher loss ratio in the motor third party segment, where the long-awaited premium revision has not yet happened while court awards have been rising year-on-year. The unfortunate loss of Air India in the aviation segment also contributed to higher incurred claim ratio in the current year compared to the previous year. The Health segment witnessed an improvement in incurred loss ratio from 101.3% in FY 2025 to 99.09% in FY 2026 through increased monitoring of the ICR audit of claims and TPA monitoring. The solvency ratio stood at 1.84x, remaining comfortably above the regulatory requirement of 1.5x. Our stable performance is driven by a balanced product portfolio and a multi-channel distribution strategy, which effectively manages risk concentration and acquisition expenses. Our business mix remains highly diversified. Health and personal accident represents the largest share at 47.57%, followed by fire at 14.62%, and a combined motor portfolio of 25.81%, comprising 14.12% third party and 11.69% own damage. Marine insurance accounts for 2.38%, while the remaining balance is distributed across other niche segments. The Retail Health Insurance segment continued to witness healthy demand momentum during the year, driven by increasing awareness, medical inflation, and rising insurance penetration. The Health Retail segment has grown at 7.7%, indicating a strong push of the company's vision towards retail segments. The motor segment, which is critical for the industry, exhibited a clear two-phase performance. Vehicle sales were muted in H1 FY 2026, with private cars and two-wheelers growing by only 4.6% and 3.2% respectively. Post-GST rationalization, the H2 FY 2026 saw the sharp acceleration. Private cars grew at around 17.8%, two-wheelers surged 21.5%, and Q4 alone recorded 16.3% and 24.7% growth. This strong momentum in new vehicles registrations significantly boosted motor OD new business in the second half. New India's performance in motor this year reflects a deliberate and strategic recalibration of its motor portfolio. While the industry continues to see high volume, New India has recorded marginal growth by design. We are currently undergoing a rigorous churning of our motor book and consciously shedding high loss ratio accounts and segments that do not meet our underwriting benchmarks. This quality over quantity approach is essential to counter the persistent pressure of stagnant third-party rates and rising claim costs. Our focus has shifted to a selective underwriting in own damage space, targeting retail customers and a low risk fleet segment where we can leverage our brand strength. By optimizing our portfolio mix and emphasizing digital first renewals, we are building a more resilient motor engine that contributes to our long-term goal of improving the combined ratio, ensuring that New India remains a symbol of stability and fiscal discipline in a volatile market. Reflecting on our strategic roadmap, I'm proud to report that our focus on the MSME sector has yielded exceptional results. Having declared the previous year as the year of the MSME, we successfully deepened our penetration into this vital engine of the Indian economy, achieving a remarkable 25% growth in the MSME premium. This growth was driven by our commitment to simplifying insurance for small businesses through products like Bharat Laghu Udyam Suraksha, which provided the comprehensive protection small enterprises need to scale confidently. Building on this success, we have entered the current year with a clear mandate to Go Retail. It is important to note that this is an expansion of our horizon while we continue to maintain our aggressive focus and leadership in the corporate space. Our Go Retail campaign is designed to bring that same intensity to the individual customer segment by leveraging the digital infrastructure distribution networks strengthened during our MSME campaigns. At present, the broker channel forms 43.43% of our portfolio, agency forms 27%, and we aim to grow in the agency and other alternate business channels focused on retail. Our distribution mix is judiciously aligned towards agency, POSP, Bancassurance, and direct digital channels while protecting quality corporate business. This dual track strategy protecting both the businesses and the individual will diversify our risk profile and drive high margin granular growth that delivers sustainable value for our shareholders long term. IT infrastructure revamp has already been initiated and is nearing completion. Digital marketing and sales implemented for few health products at the pilot stage, and the same will be extended to other products and lines of businesses too. The company has already automated the survey appointment and digital survey report. All the retail products of the company are available online. Mobile super app for customers, intermediaries and surveyors have been implemented. The company additionally uses AI/ML tools in our daily transactional work. FY 2026 was an important year for the company from both an operational and strategic standpoint. During the year, we continued to strengthen underwriting discipline, recalibrate our portfolio mix, and enhance digital integration across underwriting claim servicing and customer engagement processes to improve operational efficiency and service delivery. Despite elevated claims experience in certain segments and a competitive pricing environment, we remain focused on preserving profitability, solvency strength and customer service standards while continuing to focus on sustainable long-term growth. Supporting these initiatives is the consistent guidance and close monitoring by the Department of Financial Services. This collaborative oversight has been instrumental in sharpening our focus on operational efficiency and institutional discipline. By aligning with rigorous performance benchmarks, we have streamlined internal processes and optimized resource allocation. This focus on efficiency is a dual commitment, providing faster claim settlements for our policyholders and a more transparent, professionally managed organization for our investors. The company continues to maintain a strong balance sheet and a healthy solvency position, providing the financial flexibility required to support future growth while effectively navigating underwriting volatility and evolving regulatory requirements by way of extensive corporate governance. With these opening remarks concluded, I would now like to hand over the floor to our General Manager for Finance, Mrs. Mary Abraham, who will provide a detailed overview of our financial and operating performance for the fourth quarter and the full financial year FY 2026. Thank you. Thank you, ma'am. Good afternoon to everyone. The financial performance that is being presented is that of our global performance. By global, we mean our Indian operations and the foreign branches and agencies. The gross written premium for the year showed an increase, a growth of 8.15%. Please note that our Gross Domestic Premium, however, grew at 10.9%, which is much higher than the industry growth rate of 9.3%. The gross written premium, globally for the quarter grew at 1.63%. This muted growth was because of the high competitive rates that were there in the market, especially for property insurance, from the second half onwards. The net written premium for the financial year 2025- 2026 stood at INR 39,331 crore as against INR 36,335 crore in the financial year 2024, 2025. The net earned premium stood at INR 38,462,000 crore for the financial year 2026, as compared to INR 35,368 crore for the financial year 2024- 2025. The incurred claims ratio for the year ended, March 31st, 2026 stood at 98.65%, as against 96.61% of the previous year. This was because of the aviation claim. We had the unfortunate Air India crash claim which was there, and also a few NatCat flood claims which were there, which were not fully recovered under reinsurance. We also saw a lot of marine claims, and this was the reason for the increase in our ICR during the year. For the quarter two, we saw an increase in the ICR from 94.43%- 95.85%. Commission as a percentage of the net written premium reduced from 9.95% in the financial year 2024-2025 to 9.75% in the financial year 2025-2026. For quarter four, there was a substantial reduction from 11.17%- 9.53%. The operating expense as a percentage of the net written premium increased from 10.21% in the financial year 2024-2025 to 14.15% in the financial year 2025-2026. The main reason for this being the wage revision expenses. The government had notified a wage revision, and the arrears and the other related expenses had to be made and provided for, and this was the reason. Similarly, in quarter four, there was a substantial increase in the operating expense as a percentage of the net written premium from 5.85%- 12.95% because the family pension scheme and certain other wage related expenses and provisions were also made in quarter four. The combined ratio for the year ended 2025-2026 stood at 122.57% as compared to 116.78% of the previous year. The main reason for this worsening of the combined ratio being the wage revision and the other related expenses that were paid during this year. For the quarter two, the combined ratio worsened from 111.46%- 118.34%. The underwriting results. Without the impact of the wage revision, our combined ratio would have been 116.67% as compared to 116.34% last year. Last year, too, there was a small provision made, which we have excluded for this comparison purpose. The underwriting results, yes, there was a loss of INR 8,882 crore as compared to INR 6,124 crore last year, because of the increase in the incurred claims as well as the provision for the wage revision expenses. Investment income stood at INR 11,112 crore as compared to INR 8,034 crore last year. There was also part of the investment which was monetized for the purpose of supporting our wage arrears. The profit before tax increased from INR 1,034 crore in 2024-2025 to INR 1,262 crore in the year 2025-2026. For the quarter there was a reduction from INR 526 crore- INR 437 crore. The main reason being that we had absorbed a major portion of the family pension arrears in quarter four. The profit after tax is INR 1,384 crore for the year ending March 31st, 2026, which is a 40% increase over the profit after tax of the previous year at INR 988 crore. For the quarter, for quarter four, our profit after tax stands at INR 558 crore, which is an increase of 61% on the profit after tax of the previous year of INR 347 crore. The underwriting results were mainly impacted by the provision that was made towards wage arrears and the retirement benefits of the active employees, which were taken to the revenue account. The other income and expenses were impacted by the wage arrears and the retirement benefits of the retired employees. The amount that was taken to the revenue account towards this was INR 436 crore for quarter four and INR 2,314 crore for the entire year, 2025- 2026. The portion of the wage arrears that was taken to other income and expenses was INR 569 crore in quarter four and INR 1,211 crore for the whole year. But for this, as mentioned earlier, without the wage revision, our combined ratio would have been 116.67%. Just to call out some of the important ratios. Combined ratio is 122.55% as compared to 116.78% of last year. Our solvency ratio is 1.84x as compared to 1.91x in year 2024- 2025. The main reason for this fall being the wage revision expenses that we had to bear this year. Assets under management for the financial year 2025- 2026 stands at INR 96,652 crore as compared to INR 98,045 crore in the financial year 2024- 2025. This is because of some of the investments that were monetized and also because of the volatility in the market. Technical reserves increased from INR 53,177 crore in the year 2024- 2025 to INR 57,620 crore in the year 2025- 2026. Net worth increased from INR 21,884 crore in 2024- 2025 to INR 23,619 crore in 2025- 2026. Fair value change reduced from INR 21,406 crore- INR 13,878 crore. The reason for that being the market volatility and the fall in the investment value. We also had some monetization of the investments being made. Return on equity increased from 4.59% in 2024-2025 to 6.08% in 2025-2026. We next look at the segment-wise performance of the company in terms of the gross written premium. This is once again on the global figure. In the fire line of business, there was a 10.76% increase in the fire premium for the entire year, whereas quarter four saw a reduction of 4.33%. There was a degrowth. The reason for this being that the market was highly competitive, the rates literally crashing in the property market. In the marine LOB, we registered an increase in premium of 11.43% for the entire year. For the quarter, we had a substantial increase of 20.26%. Motor OD saw a muted growth of 2% for the entire year, whereas for the quarter there was a significant increase of 11.48%. One of the reasons for the growth being low in motor OD was the conscious decision of the company to realign some of the focus on some of the profitable lines of segment and to weed out the low segments which are not very profitable. Motor TP saw a very negligible growth of 0.13% for the entire year. The reason being that the much-awaited TP premium increase has still not happened, which we are waiting for. The quarter saw a growth of 2.89%. Health and PA put together saw a substantial increase of 12.62% for the whole year, with a 2.58% growth in quarter four as compared to quarter four of the previous year. In crop line of business, there was a reduction because we did not accept the inward reinsurance on crop. In the other lines of business put together, there was an increase of 12.48% for the entire year, with a growth of 2.03% for quarter four as compared to quarter four of 2024- 2025. Overall, our GWP grew by 8.15% for the entire year, with a 1.63% growth for quarter four. The low growth, as I mentioned earlier, is because of the competitive rates that prevailed in the property market. Incurred claims ratio, LOB-wise. In the fire LOB, the incurred claims ratio for the year 2025- 2026 stood at 76.54% as compared to 71.20% in the previous year. The reason for this worsening of the ICR was mainly because of quite a number of small nat cat perils claims which were not fully absorbed by our reinsurance. Another reason for the increase was the growth in the fire was not as much as anticipated because of the fall in the prices. Marine claims, the ICR worsened from 53.74% last year to 86.74% in 2025-2026. The reason for this being, the number of claims that we had, a large number of cargo claims, as well as, a General Average claim in one particular, from one particular client, as well as, a fire to one of the ships where the entire cargo was damaged, and this was insured with us. These were some of the reasons why the Marine claims have worsened. Motor OD claims worsened from 104.22% last year to 108.85% in 2025-2026. Hereto, though, conscious efforts are being made to correct the composition of our segment. It would take about a year or so to see the impact of the strategic decisions that we have taken in this segment, in this line of business. Motor TP also saw a worsening of the ICR from 108.17%- 113.86%. The main reason being that the premiums in TP has not gone up. Awards have been increasing, awards given by the courts and giving awards as per the latest circumstances, even for the old claims that have been registered. These are some of the reasons. Health and PA has improved from 100.98% in the FY 2024-2025 to 99.05%, which is a significant reduction due to the very good monitoring of the claims and the TPA, and the increase in TPA audits from 30%- 50%, which was implemented during this year. Crop ICR worsened from 81.02% in 2024-2025 to 96.15% in 2025-2026, mainly because we had not accepted the premium, the reinsurance premium. However, the old claims continued to hit us. In the other lines of business, there was an increase in the ICR from 58.77%- 63.40% in 2025-2026. Overall, the ICR has increased from 96.61% in 2024-2025 to 98.65% in the year 2025-2026. For quarter four, there was an increase from 94.43%- 95.85%. The performance of New India, Indian business with respect to the industry. The general insurance industry grew by 9.3% in the financial year 2025-2026, whereas our domestic gross direct premium grew by 10.9%, outpacing the industry growth. Our market share increased from 12.56%- 12.74%. Segment wise market share. In fire, our market share stands at 17.56%. In marine, we have a market share of 17.77%. In motor, our market share is 9.91%. In Health and PA, it is 14.93%. In the other lines put together, it is 15.13%. With an overall market share of 12.74%. The gross domestic premium of New India is INR 42,822 crore. This is just the Indian business, the gross domestic premium, as compared to the market total industry premium of INR 336,123 crore. Distribution mix of the company of the Indian business. Broker accounts for 35.79%. Direct business accounts for 30.13%. Agency accounts for 25.91%. Dealer accounts for 7.56%, and Bancassurance 0.61%. Thank you. Shall we start with the question- and- answer session? Yes, yes. Yes. 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 the touchtone telephone. 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. The first question is from the line of Shobhit Sharma from HDFC Securities Limited. Please go ahead. Yeah. Hi, ma'am. Thanks for the opportunity. Ma'am, I have questions on your motor line of business. Sure. We have been course correcting the motor portfolio over the last two, three quarters we have seen. How long do you think it will take for us to course correct the overall portfolio? When can we expect the loss ratios to come down? Are there any plans to increase or reprice our OD premiums? What's your sense on the overall competitive intensity in the industry as of now, post the GST tailwinds which has come across the industry? If you can highlight the mix of private car, commercial vehicle and two-wheeler for FY 2026 and FY 2025. This is my first question. No, no, share it. Is it? Yeah. You asked me about the course correction. The course correction, like we have just started this course correction motor from the second quarter of this year. We have seen a very positive change in the portfolio composition for the current year, and we believe it will take another year before we are able to get to the right mix that we feel will work out for New India. Now, and I think the overall ratios will also show a reducing trend in the current fiscal. Now, post the GST, we have seen that the growth in the sales of motor vehicles has gone up, you know, and it has reached normal levels which has been the case in the previous year. Going forward, we believe that we'll be able to leverage on this growth and see that we grow in the segments that we want to grow in. Now, with the private car percentage. Private car. What is the portfolio mix? It consists of 4,890. No, no. We want the percentage. Percentage. Yes. We have a private car, this thing, portfolio 47.56%, commercial vehicle 45.60%, and two-wheeler 6.79% for the current year. At the begins, uh- There is a reduction in commercial vehicle compared to last year by 1.5%. Private car segment, we have grown by 4%. Unfortunately, in the first two quarters for auto tie-up Maruti, we couldn't grow it, but subsequently we have grown. This is for 2024. 2024. 6.80%, 45.80%. The 2025- 2026 same. 2025-20 26. Didn't know this, no? 47.31% for private car, no? No, no. This is for 2024- 2025. 2024-20 26 is this. It's the same. 2025- 2026, 16% the same. No, no. 6.79%. Yeah. [inaudible]. Yeah. Yes, we will be trying to get this mix in a, you know, more towards our preferred lines in the current year. Does this answer your question any other clarification? What kind of optimal mix we are looking at? Are we looking to increase the two-wheeler mix to double digits or we are looking to increase the share of private car by reducing the CV? What kind of optimal mix are we targeting this quarter? The commercial vehicles, wherein the CC is greater than 7,500, we would not like to be much present in that segment. We would like to be in the lower than 7,500 CC segment, and also be, have a greater representation in the private car to improve the two-wheeler to double-digit selectively. Geographically also across the country we have got different strategies for different, you know, vehicle combinations which we will be deploying this year. We already started that process, I think across the country it will not be the same. It'll be different strategies for different geographies. On an overall basis, we would like the private car and the two-wheeler to dominate. Okay, ma'am. Are we looking to increase premiums on the OD side given we are experiencing higher loss ratios on that side? That's what. It will also be linked with, you know, our strategies for this portfolio calibration. Basically we'll be seeing that we, you know, go ahead with increasing our OD premium on the selected segments. Okay, ma'am. How is the competitive intensity now? Is the payouts on the motor side on the higher side or it has rationalized a bit? It continues to be extremely competitive. Okay. Yeah. What about the discount? It has gone up or it has broadly remained stable? No, it has gone up. It has been increasingly going up over every quarter in the last year. Okay. Okay. Ma'am, second question is on the commission ratio. We have seen your commission ratio has improved significantly this year. What has resulted or what has contributed to this decline? Is this the higher RI commissions or we have reduced the commission payouts which we used to do on our policy? No commissions overall across many many lines of business we have reduced commissions. Whether it is health also we have reduced commissions. We have reduced it in we have got increased RI commission also. The net commission has definitely, you know, been in our favor. Okay. Ma'am, can you comment upon the April renewals on the commercial lines? How is the pricing environment there? We have heard that on the pricing side the discounts have increased and how are we looking forward for the rest of the year? Any comments on that piece? Actually I think commercial lines it will continue to be competitive, and I think we'll have to see how we meet up with the competition the rest of year, where our selected segments are. We'll have to play around with the commissions. We'll have to play around the payouts and give more payouts in areas where we want, you know, to get the better benefit of the portfolio. We'll be dynamically changing the pricing and the strategy accordingly. Ma'am, last question. How should we think about the overall growth for FY 2027? Should we see a muted single-digit kind of a growth or should we expect a higher growth for New India, specifically the motor segment, if you can comment upon? Last question is how much was the capital gain which we recognized during the financial year? We, the growth will definitely be there and it will because I think in the next year the growth will continue to be very bullish. It will be a double-digit for the industry. It'll be for New India also. On motor, I think it'll be a single-digit growth. It not be very aggressive on motor. We'll have a single-digit growth and we'll see that we focus more on the profitability. Capital gain. The capital gains is around INR 5,600.1 crore. This is for the year, ma'am. Yeah. Whole year. For the year. Ma'am, motor is roughly around 20%-30% of your overall portfolio, if I look at it. It's around 25%. Yeah, 25%. You mentioned it, so overall growth would be in higher double digits or in double digits for you and on the motor segment. It would be single digits for motor, double digits for the entire book. Okay. Which segments are we looking at for the higher growth? Will it be driven by the Health segment? Yes, it will be driven extensively by all retail segments. It can be Health, it will be, the fire, engineering, all the retail lines in whether it's liability, miscellaneous credit surety bonds, all of this. It will primarily be, you know, pushed up by the Health Retail segment. That will be the focus area. Okay, ma'am. Thank you. Yeah. Thank you. That's it from my side. Thank you. The next question is from the line of Vansh Jain, an individual investor. Please go ahead. Hello. Good afternoon, Ma'am. Thank you for the opportunity. My question is Health and PA now contributes nearly half of the company premium mix. Going forward, what growth and profitability we can expect in this segment? Yeah, Health and PA totally contributes around 47.5% of the whole book. Going forward also because this is a segment in which awareness is very high among customers, there is a pull towards buying insurance and therefore we see that the growth will continue to be high and this is also propelled by the 18% GST tax waiver. We see a lot more interest in, you know, individual purchases, individual health policy purchases, which will also be a preferred segment for us. Like what profitability we can expect in this segment, Health and PA? We have reduced the ICR this year by 2% and also brought down the commission ratio. Therefore, there has been a big increase in the profitability for this segment from where, from the way the company has operated this year, and we'll continue to do the same in the future. In this year, which business segment contributed most to the premium growth, like Health, fire? It was the Health segment which contributed the most. 66% of our overall growth this year was from Health, followed by 25% from fire, and the rest from liability, surety bond, etc. Okay. Excluding crop insurance, the miscellaneous segments reportedly like grew by approx 26%. Which sub-segments are driving this growth? 26% has been- Excluding crop insurance, the miscellaneous segment- Yeah, yeah. ...grew by approx 26%. Yeah. It's driven by Engineering- Okay. ...Liability, Surety Bonds, all these segments. Okay. Thank you. That's it from my side. Thank you. Thank you. The next question is from the line of Nishi Vyas, an individual investor. Please go ahead. Hello. Thank you for the opportunity. Just wanted to understand, you know, the company has continued to outpace the industry growth during the financial year 2026. Just wanted to understand how sustainable is this, you know, market share gain. Apart from that, are we expecting it to increase going further? It is very much sustainable, this has not been a random aggressive growth without strategy. This has been a strategic growth in areas, you know, that we want to grow in. Because most of the growth has come in from the retail segments where we put our entire focus on. This is in line with the, you know, with the penetration agenda, with the Insurance for All agenda for the country, wherein almost 98.9% of the entire, you know, insurable interest lie uninsured. Therefore, the thrust for New India has always been to, you know, insure new assets which have not been insured before or which have been under-insured before. Therefore, a lot of this growth is yet to come. Industry has just opened up, and growth will be in double digits in the next few years. All right. As you mentioned that there's a lot of penetration and there's a lot of scope for growth going forward. Just wanted to understand the kind of opportunities we might have, you know, with the increase of government focus on MSME and financial inclusion. What kind of growth are we expecting from Tier II and Tier III expansion? The Tier II, Tier III hinterlands, these are the places where, wherein the government also wants that financial inclusion should be there and the insurers should focus more. I mean, already there are regulations which ask us to, you know, put in our attention on rural and other areas. I think going forward, there will be, all insurers are working, to, you know, get into Tier II, Tier III towns. That is where, I think the bulk of the population that really requires this inclusion is there. This is what will make the entire ecosystem more sustainable, because when we get more new to insurance, assets into the financial inclusion ring, then you will find that, you know, the capacity available will be used judiciously, and the pricing will also become more affordable, you know, making the sustainability aspect that you asked before also, you know, possible for us. All right. Ma'am, apart from this also, you know, with the kind of growth that we are expecting going forward, how are we going to maintain the underwriting discipline as well at the same time? Yes. Underwriting discipline is something that we already have guidelines, and most of our classes are, the guidelines are released by its HO. The head office controls it, and it is sort of passed down to our offices down the line. If there are changes, they are monitored. There's strict periodical monitoring of the guidelines. If there is anything that's out of line or any such case comes up, it is handled very strictly. Therefore, underwriting discipline has always been maintained from the beginning. I think going forward also, it'll be absolutely no issue to maintain the same. In fact, there is increased monitoring and increased corporate governance, as I already said, towards qualitative impact that we have on the company's balance sheet, on our investors, and also on the customers when it comes to promise on what we deliver, you know, by way of terms and conditions in the policy. The promise to deliver is at the forefront of everything that we do. Therefore, the price that we charge, the prudence, the underwriting discipline is of prime importance. We understand that, and we implement that also. All right. All right. Okay. Okay. That's it from my side. Thank you. Thank you. The next question is from the line of Rahul, an individual investor. Please go ahead. Yeah. Good afternoon, ma'am. Thank you for this opportunity. My question is that when we say that New India Assurance is the largest general insurance in India, let me go back in the past. In 2008 and 2009, our market share was close to 19%. In 2010 and 2011, it was reduced to 16%. 2017, 2018, we were below 15%. Currently from 12.56%- 12.74%. From 19%-20% market share, now we are at 12.74%. Any comment on that? If we are going with this trend, I can see it will go below 10% also. It's not a growth. I can see it's a degrowth in last 15 years. Yeah. When you talk about growth. It has reduced drastically. Yeah. When you talk about growth, it's also in context with the environment. In the ecosystem. Now, when you look at 2008-2009, the number of insurers that were there, private cum public, was almost in single digits. When you go towards this 2010-2011 and 2017-2018, it slowly built up. Today you have close to 29 insurers. Many of them are the, you know, the, what do you say, state-of-the-art insurers who have no legacy or even experience to carry the business. They just do it on the backbone of digital, you know, technology. With all this, with the digital technology coming and the insurance, you know, the because the premium kitty having grown, I think from what was it in 2008-2009? Eight, nine we were at 19%, 19%-20%. Yeah, we were at 19%, but the premium kitty itself was very small. INR 1 lakh. From there to today, we are at INR 3.36 lakh crore. I mean, we have grown multi-fold and at 12.574% of what it is today, INR 3.36 lakh crore, that is INR 42,822 crore is what we write on domestic. In 2008-2009, we were talking of something like less than INR 10,000 for that number. We have grown five times in this space, and that speaks for itself. When you speak of growth, you have to see the relative growth of the number of competitors, the kind of regulations that have come in, the, you know, the kind of technology that has creeping the opulence of technology as you go day by day and the kind of challenges that we've had to, you know, encounter and this thing and go, I mean, and leapfrog to see that we are where we are. I think we are doing very well for that. I mean, I don't think even any of the private sectors can talk about anything like this on a market share basis in a 10, 12 year horizon, the way we have done. In 2008, 2009 it was INR 6,400. Our, our- Our. In 2008-2009 we were at INR 6,400 total business. Right. Today we are at INR 42,822 crore. It is totally unthinkable. Seven times we have grown. Thank you. Ladies and gentlemen, as there are no further questions from the participants, I now hand the conference over to management for closing comments. Thank you. Thank you, everyone. Before we conclude, I would like to extend my sincere gratitude to all our stakeholders for joining us today and for your continued confidence in New India Assurance. Your support plays an important role in strengthening our resolve to uphold the highest standards of service, governance, and operational excellence. I would also like to acknowledge the unwavering commitment of our employees across India and our overseas offices, our agents, our brokers, and all our stakeholders. Their dedication and professionalism continue to be the backbone of this institution, enabling us to serve millions of customers with consistency and care. Most importantly, we remain deeply grateful to our policyholders who have placed their trust in New India Assurance for over 107 years, and we have also delivered on their trust by being consistently voted as the best PSU for customer grievance redressal for the last six months. The confidence of our customers inspires us to continually improve, innovate, and deliver on our promises with sincerity and accountability. As we move forward, the management team and I reaffirm our commitment to sustainable growth, prudent risk management, and consistently enhancing our service standards. We will continue to work towards strengthening our operational capabilities, enhancing our digital initiatives, and contributing meaningfully to the development of the insurance sector in the broader economy. Thank you once again for your time and participation. We look forward to your continued engagement to the furtherance and well-being of your company. Thank you. Thank you. Ladies and gentlemen, on behalf of New India Assurance Company Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.