1. Subordinated debt issuance - ₹250 crore NCDs Delivered - At the Q3 FY26 call, board approval was taken to raise subordinate debt of INR 250 crores to further boost solvency, via up to 25,000 NCDs of face value ₹1,00,000 each. The NCDs were listed on NSE with effect from 16th March 2026, with Crisil assigning an AA+/Stable rating in February 2026; the solvency ratio stood at 198% in Q1 FY27.
2. IPO - listing on NSE and BSE Delivered - The board approved an IPO of 237,500,000 equity shares via offer for sale, to be listed on BSE and NSE; the Q2 FY26 call was the first earnings call post-listing. The company listed on NSE and BSE on 17th October 2025 with \~2.3x oversubscription, the shares offered for sale by Canara Bank, HSBC Insurance (Asia-Pacific) Holdings, and Punjab National Bank.
3. Alternate channel contribution - grow from \~10% to 15-20% in 3 years On track - At the Q1 FY27 call, management said the alternate channel, then \~10%, was expected to grow to 15%-20% contribution in the next three years. In Q1 FY27, the individual WPI mix for Others (DST, Defence, Digital, Agency) was 15%, already at the lower bound of the range.
4. Cost ratio improvement - remain in Top 3, improve from \~21% On track - At the Q1 FY27 call, management said cost ratios would improve and not remain at \~21% as topline grows faster than costs, and that the company would remain in the Top 3 on cost ratios. Q1 FY27 total expense ratio was 20.7% vs 19.6% last year, flat YoY excluding GST, against FY26's 18.7%.
5. Operating ROEV - maintain levels showcased earlier On track - At the Q1 FY27 call, management expected to maintain the operating ROEV "that we have showcased earlier" over the year. Q1 FY27 operating ROEV was 19.7% (rolling 12-month) vs 20.7% for FY26, with management citing low Q1 sequential EV growth partly due to economic variance still to be recouped.
6. Gift City/IFSCA license - new revenue stream from HSBC NRI base Delivered - At the Q3 FY26 call, management expected the Gift City/IFSCA license to become a new revenue stream leveraging HSBC's NRI base, with business from HSBC's ultra-HNI private bank sub-channel and additional relationship manager deployment. IFSCA registration was granted on June 3, 2024, and GIFT City business commenced with effect from June 2, 2025, including the Future Dollar Investment product.
7. Protection mix - double-digit contribution over time Delivered - At the Q3 FY26 call, management aimed to touch overall double-digit protection mix including group, and the FY26 Annual Report anticipated protection becoming a double-digit contribution over time. By Q1 FY27, protection share of APE rose to 13% vs 11% in Q1 FY26, growing 42% YoY, and FY26 protection mix on APE basis was 14% with ₹2,049 Mn APE.
8. Traditional mix improvement - ULIP down to \~55%, traditional up to \~45% by FY26-end Delivered - At the Q3 FY26 call, management expected the ULIP mix to come down to \~55% and traditional to move up to \~45% by 31st March, helped by new product launches. FY26 product mix on APE basis came in at ULIP 50.8% and traditional 49.2%; Q1 FY27 mix was ULIP 36% vs traditional 64%.
9. Rider attachment - increase from 65-70% of recent business Delivered - At the Q2 FY26 call, management noted rider attachment at about 65-70% of recent business and said the company is "only looking to increase this further". In Q3 FY26, higher rider attachments in ULIP saw \~90% of policies attaching riders.
10. Outperform industry growth - continue as in past 3, 5, 10 years Delivered - At the Q2 FY26 call, management said they will continue to outperform industry growth in years to come, as in the past 3, 5, 10 years. FY26 individual WPI grew 19% vs industry 10% and private players 12%; Q1 FY27 individual WPI grew 18% vs industry 16%; the 10-yr CAGR stands at 19% vs industry 12%.
11. Commission rationalization - neutralize GST impact on commission side Delivered - At the Q2 FY26 call, management said the commission rationalization impact would be neutralized on the commission side, with agreements in place with most distributors. By Q3 FY26, renewal commission GST cost absorption with distributors was effective; FY26 VNB margin bridge shows GST impact of −1.9%, within the guided 185 bps; commission ratio was 5.4% in Q1 FY27 vs 5.5%.
12. Non-PAR hedging - increase from \~70% toward 85-90% On track - At the Q2 FY26 call, when asked if non-PAR hedging would go from \~70% to 85-90%, Nitin Agarwal said "Yes. That is the intention", with interest-rate sensitivities to see further reduction. In Q3 FY26, the hedge ratio was consciously increased further, interest-rate sensitivity "getting closer to zero", and hedging cost impact was quite immaterial; no specific percentage was later disclosed.
13. Agency channel ramp-up - phased, no VNB compression, \~5% of volume in 3 years On track - At the Q2 FY26 call, management committed to ramping up agency in a phased manner using the current 104 branches, with no significant first-year impact on cost, VNB margin or other financial parameters. By Q1 FY27 guidance, agency was expected at \~5% of volume in three years with \~1-2% margin drag, turning VNB-positive from year four; \~1,000 agents onboarded and ₹15 crore APE collected in Q1 FY27, FY26 VNB margin rose to 22.4% from 19.1%.
14. Maintain VNB margin at FY25 levels despite GST - \~20% FY26, GST impact minimized from FY27 Delivered - At the Q2 FY26 call, management's endeavor was to keep VNB margins similar to FY25 levels despite an annualized GST impact of \~2.25%, with Anuj Mathur saying "Inching towards that" on \~20% for the full year. FY26 VNB margin came in at 22.4% (FY25: 19.1%), up 330 bps YoY despite a 190 bps GST impact; Q1 FY27 VNB margin was 21.1%, up 160 bps YoY.