Module 2 · Portfolio Strategy

Portfolio Matrix - Lines × Channels

A synthetic line×channel decomposition of the verified loss-making book: where GWP is coming from, the few cells still printing an underwriting profit, and where the leak is worst. Cell-level figures are illustrative; the blend is calibrated to the verified aggregate.

Synthetic matrix · calibratedGreen: CR ≤ 100%Red: > 110%

How this matrix is built: line anchors + explicit per-channel acquisition-cost loadings (Broking +3.2 ppt CR, Agency +1.8, OEM +1.2, Banca +0.6, Direct −2.0, Digital −3.5) - deterministic channel economics, no noise functions - then one uniform calibration offset so the GWP-weighted blend reconciles to the verified aggregate. Achieved blend: 117.5% vs verified 117.5% (9M FY25, ICRA) - checked by the consistency self-test on the dashboard.

GWP × Combined Ratio heatmap

Total GWP ₹18,421 Cr across 6 lines × 6 channels. Bubble size = GWP. Color = CR band.

Line \ Channel	Agency	Bancassurance	Broking	Digital	Direct	OEM	Line Total
Motor	₹2,825 Cr CR 124.3% +15.2% YoY	₹1,516 Cr CR 123.1% +16.2% YoY	₹1,240 Cr CR 125.7% +14.2% YoY	₹758 Cr CR 119.0% +28.2% YoY	₹345 Cr CR 120.5% +20.2% YoY	₹207 Cr CR 123.7% +18.2% YoY	₹6,891 Cr CR 123.5%
Health	₹2,632 Cr CR 118.7% +27.4% YoY	₹1,412 Cr CR 117.5% +28.4% YoY	₹1,156 Cr CR 120.1% +26.4% YoY	₹706 Cr CR 113.4% +40.4% YoY	₹321 Cr CR 114.9% +32.4% YoY	₹193 Cr CR 118.1% +30.4% YoY	₹6,420 Cr CR 117.9%
Travel	₹198 Cr CR 94.0% +33.1% YoY	₹106 Cr CR 92.8% +34.1% YoY	₹87 Cr CR 95.4% +32.1% YoY	₹53 Cr CR 88.7% +46.1% YoY	₹24 Cr CR 90.2% +38.1% YoY	₹14 Cr CR 93.4% +36.1% YoY	₹482 Cr CR 93.2%
Home	₹108 Cr CR 98.3% +20.6% YoY	₹58 Cr CR 97.1% +21.6% YoY	₹48 Cr CR 99.7% +19.6% YoY	₹29 Cr CR 93.0% +33.6% YoY	₹13 Cr CR 94.5% +25.6% YoY	₹8 Cr CR 97.7% +23.6% YoY	₹264 Cr CR 97.5%
Commercial	₹1,525 Cr CR 112.5% +17.4% YoY	₹818 Cr CR 111.3% +18.4% YoY	₹670 Cr CR 113.9% +16.4% YoY	₹409 Cr CR 107.2% +30.4% YoY	₹186 Cr CR 108.7% +22.4% YoY	₹112 Cr CR 111.9% +20.4% YoY	₹3,720 Cr CR 111.7%
Rural	₹264 Cr CR 110.1% +25.8% YoY	₹142 Cr CR 108.9% +26.8% YoY	₹116 Cr CR 111.5% +24.8% YoY	₹71 Cr CR 104.8% +38.8% YoY	₹32 Cr CR 106.3% +30.8% YoY	₹19 Cr CR 109.5% +28.8% YoY	₹644 Cr CR 109.3%
Channel Total	₹7,552 Cr CR 118.3%	₹4,052 Cr CR 117.1%	₹3,317 Cr CR 119.7%	₹2,026 Cr CR 113.0%	₹921 Cr CR 114.5%	₹553 Cr CR 117.7%	₹18,421 Cr

Profit Pocket

Travel × Digital

CR 88.7% · +46.1% YoY

One of the few cells still underwriting-profitable, small base. Embed at MMT/Ixigo (INI-005) to 2x GWP without channel cost.

Recommended: Approve aggregator rev-share bump to 9% to win Yatra.

Worst Leak

Motor × Agency

CR 124.3% · ₹2,825 Cr

Our largest single cell, deep in loss. Agency-sourced TP reserving (1/n change) skewing adverse in North. INI-002 fix in flight.

Recommended: Restrict TP underwriting in Delhi-NCR PIN codes until Q3.

Leak

Motor × Broking

CR 125.7% · ₹1,240 Cr

Fleet/aggregator broker-sourced motor is structurally unprofitable - broker mix loads expense on top of TP loss. Portfolio-quality discipline needed.

Recommended: Cut 3 broker codes with CR > 125%, re-price fleet by 6%.

Line-level strategic read

What the matrix tells us about where to lean, hold, and exit

Motor

Fix

Largest line, deepest loss (blended CR 123.5%). Motor-TP reserving is the drag. Disciplined pricing + selective de-risk. No growth at the cost of CR.

Health

Re-price + grow

28% growth but still loss-making (blended CR 117.9%). Back OPD 2.0 Lite, widen banca attach to dilute expense - this is the scale pool that must be made profitable.

Travel

Double down

Best CR of any line (93.2%) - one of the few profitable books. Digital-first. Every ₹ of investment here returns disproportionately.

Home

Cross-sell

Small standalone, near-breakeven (blended CR 97.5%). Value is attachment to Motor/Health bundles. Grow 2-3% mix, not a standalone bet.

Commercial

Segment-select

SME near-breakeven, corporate-fleet loss-making (blended CR 111.7%). Re-engineer channel mix - shift from Broking to Direct SME.

Rural

Digitize

Blended CR 109.3% - POSP + embedded insurance is the only way to unit-economic this. INI-007 is the lever.