Module 3 · Financial Command Center

Consumer Lines P&L - FY26 Actual vs AOP

Decomposition from FY25 → FY26 PBT, line-by-line walk, and what each variance tells us strategically.

Synthetic P&L₹ Crores · Indian GAAP

FY26 GWP

₹18,420 Cr

+22.4% YoY

vs AOP ₹18,040 Cr (+2.1%)

FY26 PBT

₹1,382 Cr

+27.5% YoY

vs AOP ₹1,340 Cr (+3.1%)

Return on Equity

18.4%

+2.1 ppt

Industry median 14.2%

What drove the ₹298 Cr PBT increase - each bar is FY26A − FY25 on the corresponding P&L line below

Walk reconciles: ₹1,382 Cr = FY26 PBT

Claims eat ~71% of NEP growth Motor +₹780 Cr = worst itemINI-002 targets ~₹80 Cr recovery

Full P&L - line items

FY25 actual, FY26 actual, FY26 AOP, and variance. Claims broken out by product line.

Metric	FY25	FY26 Actual	FY26 AOP	Var %	Read
Gross Written Premium	₹15,050 Cr	₹18,420 Cr	₹18,040 Cr	+2.1%	Beating AOP by ₹380 Cr - Health + Travel ahead
Net Earned Premium	₹12,820 Cr	₹15,680 Cr	₹15,420 Cr	+1.7%
Net Claims Incurred	₹9,130 Cr	₹11,164 Cr	₹10,890 Cr	+2.5%	Watch
Motor Claims	₹3,560 Cr	₹4,340 Cr	₹4,220 Cr	+2.8%	Adverse - TP severity and North fraud driving
Health Claims	₹4,180 Cr	₹5,110 Cr	₹4,980 Cr	+2.6%	Watch
Travel Claims	₹92 Cr	₹118 Cr	₹110 Cr	+7.3%	Small base, watch frequency in EU cohort
Home Claims	₹58 Cr	₹64 Cr	₹62 Cr	+3.2%	Watch
Commercial Claims	₹980 Cr	₹1,170 Cr	₹1,160 Cr	+0.9%	OK
Rural Claims	₹260 Cr	₹362 Cr	₹358 Cr	+1.1%	OK
Commission Paid	₹1,840 Cr	₹2,310 Cr	₹2,250 Cr	+2.7%	Agency + Banca mix shift driving
Mgmt Expenses	₹1,996 Cr	₹2,386 Cr	₹2,420 Cr	-1.4%	Favourable - tech consolidation paying back
Underwriting Profit	-₹146 Cr	-₹180 Cr	-₹140 Cr	-28.6%	Deteriorating - Motor is the culprit
Investment Income	₹1,230 Cr	₹1,562 Cr	₹1,480 Cr	+5.5%	Favourable - yield curve + portfolio size
Profit Before Tax	₹1,084 Cr	₹1,382 Cr	₹1,340 Cr	+3.1%	Beating AOP; not underwriting-led

Lever sensitivity on FY27 PBT - ordered by impact

Motor LR recovery (-180 bps)

+₹245 Cr

Expense leverage at +22% GWP

+₹165 Cr

Digital NB mix 16% → 35% (FY28 research target · 4 bps CR/ppt)

+₹119 Cr

Commission grid optimization (-40 bps)

+₹78 Cr

Cyber-Individual GTM (first year)

+₹22 Cr

OPD 2.0 IRDAI sublimit risk

-₹48 Cr

EoM compliance re-baseline

+₹0 (must-do)

Four takeaways for the MD

111% of PBT gain = investment income

Not underwriting - board should want UW in the black by FY27.

₹180 Cr expense leverage - the repeatable lever

Each ppt of GWP growth → ~₹50 Cr PBT if mgmt expense held flat in real terms.

Motor LR - ~₹120 Cr/yr opportunity cost

Continued 280 bps drag; fix is scoped (INI-002), execution discipline is the call.

FY27 AOP target: ₹1,620-1,720 Cr PBT

UW profit positive, 22% GWP growth held, EoM within envelope.