• Financial performance guidance: First-quarter APE growth reached approximately 15% against a 14% to 15% target, and VNB margin was 26.2% within the guided 26% to 28% range. Management reiterated its full-year guidance of approximately 15% individual rated premium growth and 26% to 28% VNB margin.
• Product mix strategy: The company is actively shifting toward non-ULIP products, bringing ULIP's share of individual rated premium down to 63% despite 7% segment growth. Group business was lumpy in the first quarter, but full-year APE growth is expected to normalize around 15%.
• Distribution channel growth: The bancassurance channel, which delivers over 60% of business, grew 10% in the first quarter with further acceleration expected. The agency channel grew approximately 20% in Q1 following a multi-year strategic focus.
• Industry growth outlook: Sector momentum has strengthened following GST exemptions, with long-term expansion supported by low insurance penetration and the regulatory goal of "insurance for all by 2047."