The treasury cockpit — 13-week premium cash flow, operating-surplus-to-free-surplus conversion, premium receivables, and solvency vs the IRDAI floor.
Solvency is strong at 1.90× — 0.40× above the 1.50 IRDAI floor — on a debt-free balance sheet generating ₹2,350 Cr of free surplus. Premium collection is fast at 14d; pull it to 12d to release ≈ ₹555.0 Cr and self-fund annuity & protection growth from internal surplus.
4 of 5 headline metrics improving vs prior · still off target: Net Cash / Free Surplus ₹2,350 Cr vs ₹3,000 Cr, Premium Collection Days 14d vs 12d, Policy Issuance TAT (days) 12d vs 8d
Every day of collection above 12d ties up premium; closing the gap pulls ≈ ₹555.0 Cr of renewal cash forward.
Surface the normalized walk in investor comms; same GST-ITC drag on VNB margin.
Reported PAT ₹2,470 Cr (+2%); underlying ~₹3,120 Cr (+29%) ex GST-ITC reversal & labour-code.
Leverage EoM headroom & digital STP; protect the cost advantage.
Cost ratio 10.6% (opex 6.1% + commission 4.4%) on GST-ITC & investment — still lowest among large peers.
Early lapse drags renewal premium & embedded value — quality-of-sale and targeted win-back are the levers.
Net weekly cash (bars) and ending cash (line) vs. ₹1,500 Cr minimum. Forecast trough: ₹2,650 Cr.
₹6,670 Cr operating surplus converts to ₹2,350 Cr free surplus (35%).
Monthly, ₹ Cr.
Pulling laggard product families to 11-day issuance TAT accelerates ~₹484.0 Cr of new-business cash.
Total open premium ₹3,885 Cr
Overdue (>60d) = ₹125.0 Cr.
Highest collection days first.
| Channel | GWP | Collection | Lapse risk |
|---|---|---|---|
| CSC & Micro-insurance | ₹2,000 Cr | 16d | Medium |
| Brokers & Corporate Agents | ₹5,000 Cr | 15d | Medium |
| Agency (2.82 lakh agents) | ₹29,000 Cr | 14d | Low |
| Bancassurance partners (9 banks) | ₹9,000 Cr | 13d | Medium |
| SBI Bancassurance (parent 22,000 branches) | ₹52,000 Cr | 12d | Low |
| Direct / Online | ₹4,290 Cr | 8d | Medium |
Settlement-cycle lever.
| Cost partner | Spend | DPO | SLA | Risk |
|---|---|---|---|---|
| Commissions & distribution payouts | ₹4,457 Cr | 30d | 96% | Medium |
| SBI bancassurance partnership fees | ₹2,500 Cr | 30d | 98% | Low |
| Reinsurance (RGA / Munich Re / Swiss Re) | ₹900 Cr | 45d | 97% | Low |
| Technology & digital (Policy Admin / CRM / cloud) | ₹820 Cr | 45d | 93% | Medium |
| Medical, underwriting & verification services | ₹420 Cr | 40d | 92% | Medium |
| Actuarial, audit, legal & consulting | ₹300 Cr | 50d | 95% | Low |
One click into the owning view — each reads the same live governed dataset.
The lead-to-payout cycle — where premium is stuck.
Walk →Open the past-grace premium list to work the renewal call sheet.
Work list →Model collection & persistency levers on free surplus.
Forecast →Embedded value, solvency and the EV / market-cap bridge.
Open →