Regional concentration in 5 states: The insurer may have a pan-India presence and is the country’s largest insurer, but its business is concentrated in a few regions, as it states in its draft red herring prospectus (DRHP). Nearly half of its individual new business premium (NBP) comes from Tamil Nadu, Maharashtra, Gujarat, West Bengal and Uttar Pradesh. For financial years from 2019 to the six months ended September 30, 2021, these five states contributed 49.77%, 48.99%, 49.21% and 47.54% of the company’s total individual NBP, respectively.