Board Cadence · March 2026
Consumer Lines Strategic Scorecard
The real FY25 starting point reconciled against the FY28 target operating model - where we're breaching today, and what needs the MD's decision this month.
FY26 · Close view (Month 12)Generate Board Deck
Real starting point → FY28 target operating model
Illustrative target operating model, reconciled to the verified FY25 starting point. The cockpit below is the destination. The left figure in each pair is the verified public baseline.
Combined Ratio
117.5%
Verified · 9M FY25 actual (vs 109.3% FY24)
98.6%
Illustrative FY28 target operating model
~19 ppt to close - expense ratio is ~2/3 of the gap, not loss ratio
Gross Written Premium
₹18,159 Cr
Verified · FY25 actual (~20% CAGR)
₹18,420 Cr+
Illustrative Consumer-Lines run-rate model
Scale is not the problem - profitability of that scale is
Private GI rank
#3
Verified · behind ICICI Lombard (~9.4%) & Bajaj (7.5%)
#2
Target by FY28
ICICI Lombard is the peer benchmark to overtake
Current scorecard - Consumer Lines
Combined / loss / expense ratios are the verified 9M FY25 actuals (CR 117.5%, loss-making underwriting). Every card carries a provenance badge - Verified (public-sourced) or Synthetic (illustrative cockpit data).
Gross Written Premium
Synthetic
₹18,420 Cr
FY26 run-rate model
▲ +22.4% YoYvs AOP +2.1%
Synthetic FY26 cockpit figure. Verified FY25 actual: ₹18,159 Cr (~20% CAGR).
Combined Ratio
Verified
117.5%
9M FY25 actual · ICRA
▲ +8.2% YoYvs AOP +12.5%
Above 100% - underwriting loss; published FY28 target 105%
Loss Ratio
Verified
78.0%
9M FY25 · net of reinsurance
▲ +6.6% YoYvs AOP +4.0%
Motor-TP reserving (1/n change) driving uptick vs 71.4% FY24
Expense Ratio
Verified
39.5%
Mgmt + commission
▲ +1.6% YoYvs AOP +6.0%
Structurally elevated - ~2/3 of the CR gap; FY28 ambition ~27%
Policies In-Force
Synthetic
2.71 Cr
Active customers
▲ +18.6% YoYvs AOP +3.2%
Digital Share of NB
Verified
16%
Blended digital NB · direct + online
▲ +2.6% YoYvs AOP +0.8%
Verified ~13.4% direct incl. online → ~16% blended. Research target: 35% by FY28 (15% embedded + 20% native/Sugam).
Agent Productivity
Synthetic
₹4.82 L
GWP per active agent
▲ +11.3% YoYvs AOP -0.8%
NPS (Rolling 90d)
Synthetic
62
Claims + onboarding
▲ +4.0% YoYvs AOP +2.0%
Combined Ratio - real baseline → FY28 target glide
Illustrative glide from the verified 117.5% baseline - CR, Loss, Expense (%)
Verified 117.5% start Target 98.6% Expense carries ~2/3 of the closeModelled path
Strategic Themes
FY26 pillars · status
Profitable Growth
3 initiatives
CR < 98% while growing 18%+
Owner: Business Heads
New-Age Products
3 initiatives
20% NB GWP from <3 yr old products
Owner: Product & Strategy
Digital-First Distribution
3 initiatives
50% digital NB, 2x POSP productivity
Owner: Digital + Distribution
Regulatory-Ready
1 initiatives
Zero findings, Bima Sugam D1
Owner: Compliance + Strategy
Quarterly GWP by line
₹ Crores · Consumer Lines · synthetic quarterly phasing
Cockpit FY25 ₹15,050 Cr +₹3,109 Cr large-corp/specialty= Verified ₹18,159 Cr
Needs MD decision
Top 3 open items for this review
StrategicBoard Narrative →
Composite licence - pursue Tata AIA merger path?
Bill pending. First-mover captures banca + distribution synergies. ₹1.2L Cr entity.
UW BreachReview Plan →
Motor Underwriting - Breach Recovery Plan
Motor CR 101.2% - 4th consecutive breach month. Recovery plan ready.
ProductDecision Memo →
Health OPD 2.0 - proceed, pivot, or pause?
IRDAI sublimits draft threatens 300-500 bps margin. ₹14Cr committed of ₹32Cr.
RegulatoryCircular →
Bima Sugam integration - timeline & spend
IRDAI mandate. ₹6.2 Cr ask, squad nomination pending.
Initiatives at risk
Where active intervention is required this month
Motor Loss Ratio Recovery
At RiskP0
Rohan V. · UW + Product · Target 2026-09-30 · Progress 34%
Risk: TP tribunal verdicts trending adverse in North zone
Health OPD 2.0 - Chronic Care
DelayedP1
Meera K. · Product · Target 2026-06-15 · Progress 24%
Risk: Vendor selection slipping 6 weeks
Narrative
What this scorecard says, in 5 lines
- Growth is healthy - ~20% CAGR, ahead of industry - driven by Health and Travel; Motor lagging. Scale isn't the problem.
- Profitability is. The verified 9M FY25 CR is 117.5% (loss-making underwriting); the published FY28 target is 105%. The gap is ~2/3 expense ratio, not loss ratio.
- Motor-TP reserving (1/n change) is the proximate CR driver. Fix is scoped (INI-002) - needs pricing + PIN-code call.
- OPD 2.0 is the swing call this quarter - ₹14 Cr spent, IRDAI sublimit risk material. Pivot to Lite recommended.
- Composite licence is a 36-month window. Tata Sons alignment is the unlock - MD to set up Jun discussion.
Facts computed server-side; the model may not introduce numbers.