'We might not necessarily see a consolidation in the industry'

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: would need to see the quality of the portfolio before buying out a company. And if the quality of the portfolio is not very good, then there is no reason to buy out.

Despite two strong partners, HDFC Standard Life was not among the top three companies. Would you like to comment?

I think the media is using the wrong parameters for judgment. New business is not the only parameter that should be used. What you need to look at is the quality of work that you are building up.

You need to look up whether you are selling long-term policies. You have to look at what the lapsation ratios are. Not just how much of business you get in. We are not in the business of ramping up the topline only. Our business is to create long-term value for policyholders and shareholders. That's what we have concentrated on. We are extremely satisfied with the base that we have created for the long-term success of this company.

What are your expectations from the regulator?

I would expect the insurance regulator to evolve other measures of evaluation of performance of insurance companies. The only thing that they put out in place is the new business premium income. I think they need to do more. I think they need to come out with a set of disclosure standards and regulations so that the insurance industry has more disclosures on the financial standing of the insurance companies than it is there today. I think we need a uniform set of definitions and guidelines as a part of the disclosure requirements so that when a number is put out, it means the same for all insurance companies.