Our bankers, as I’ve said earlier, are fully geared up, all five bankers are ready to pounce on it, ready to launch their marketing attempts, and so on. So, we — it could happen anytime, Jeff, and it’s impossible for me to give you — tell you something until we hear back, until we hear something from SEBI.
Jeff Van Rhee: Okay. Two other questions then, market share wise, if I break it up between EbixCash and then the North American business, obviously COVID has depressed a lot of the EbixCash businesses, but would you say you’ve gained, held, or lost share since pre-COVID and I’d ask the same question separately about the North American business, gained, lost, or held share?
Robin Raina: Well, with respect to EbixCash, I can absolutely tell you, we have absolutely gained in market share in almost every market segment that we operate in. We — the COVID was — became — with all its negativity, it ultimately became an opportunity for us, because some of the smaller players just died by the wayside. Meaning if you just look at, I could go one by one and walk you through, ForEx, remittance, meaning, travel, you’re going to see that we’ve actually done quite well in terms of our percentage share in the market, whether you take them — whether you count the number of airports we have — we have before when we started with the — COVID started going away. If you look at the number of airports we had, for Forex and what we have now, the number keeps increasing virtually by the day, meaning we almost a few days back, we actually had one of the largest airport approval, one of the airports that we didn’t have just came to us in the last three, four days.
Having said that, I could go on in Forex in terms of our corporate market share or our airport market share or our port market share, and so on. And similar provisions go on whether we talk about educational remittance sales, where our market share has substantially increased. It’s a function of what is the overall market size. If you look at the overall market size and that gets depressed by COVID, now the question is, are we gaining in market share with respect to what is the present market size and the answer is, an absolute resounding yes. You know, I could go in into bus exchange area where we have kept announcing deals and hopefully we will announce more deals in the coming days and so on. So, there is — there is a lot of positive momentum that — and it gets reflected in the growth in revenues that we have shown with respect to EbixCash.
Ash, you want to comment on the US side of the business?
Ash Sawhney: Certainly. So, Jeff, looking at North America, you would have to look at the different sub-segments of the market. So, as an example, our Life and Annuity Exchanges, I would say, over the last 12 months would have certainly increased market share and the way we look at that is based on the number of transactions that are going through our platforms. We have added more carriers and more distributors on the platform in the last 12 months to 18 months than we have done probably in the last five years before that. On the life side specifically, we’ve added — we’ve increased the number of carriers on our platform quite significantly. And ultimately, that’s a key driver in terms of increasing the market shares. In some of the other divisions, like our health division, I would say, it’s probably relatively flat but we are adding a big international broker to the platform, which is a fairly significant deal for us.
So we believe that, that itself will also increase our subscription revenue. In certain other areas such as wellness, other areas such as our P&C business, it’s more or less flat to a slight decline. These businesses now represent a much smaller part of our overall business, Jeff. So our focus really is the core, which I defined as our life, annuities, the health business, these are all businesses that are fairly solid.
