The single financial pane of truth — P&L, quality of earnings, VNB & embedded value, cost ratio, FP&A and segment economics.
VNB margin is holding, but ≈ ₹364 Cr of VNB still sits between today's 27.5% margin and the 29% target — the one-off GST-ITC drag plus the ULIP-heavy mix. Shift the book toward protection, annuity and non-par to lift VNB margin and re-rate the stock.
7 of 8 headline metrics improving vs prior · still off target: Gross Written Premium (GWP) ₹1,01,290 Cr vs ₹1,10,000 Cr, Value of New Business (VNB) ₹6,670 Cr vs ₹7,600 Cr, VNB Margin 27.5% vs 29.0%
≈ ₹364 Cr of VNB stands between 27.5% margin and the 29% target — the swing that re-rates the listed equity.
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.
How ₹1,01,290 Cr of GWP flows through benefits, cost and investment to ₹6,670 Cr of VNB.
| Gross Written Premium | ₹1,01,290 Cr | 100.0% |
| Benefits, claims & reserves | (₹81,336 Cr) | (80.3%) |
| Net premium retained | ₹19,954 Cr | 19.7% |
| Opex & commission | (₹10,737 Cr) | (10.6%) |
| Value of New Business (VNB) | ₹6,670 Cr | 6.6% |
Normalization walk — ex one-off GST-ITC reversal & labour-code.
APE growth & mix shift vs. protection & annuity scale-up vs. non-par surrender-norm repricing vs. one-off GST-ITC / margin drag.
Forecast discipline, total cost ratio and distribution productivity.
VNB-margin uplift and persistency capture by product family as each scaled.
| Product family | Launched | GWP | Renewal premium | VNB margin % | Persistency capture | Status |
|---|---|---|---|---|---|---|
| Group & Credit-Life | 2008 | ₹9,000 Cr | ₹4,200 Cr | 35→45 | 82% | Integrated |
| Smart Bonus (Par) | 2010 | ₹16,290 Cr | ₹10,000 Cr | 15→20 | 80% | Integrated |
| Retire Smart (Annuity) | 2015 | ₹12,000 Cr | ₹4,000 Cr | 14→22 | 68% | In progress |
| Smart Wealth Plus (ULIP) | 2016 | ₹34,000 Cr | ₹20,000 Cr | 10→14 | 78% | Integrated |
| Smart Platina (Non-Par) | 2018 | ₹18,000 Cr | ₹11,000 Cr | 16→24 | 72% | In progress |
| eShield Next (Protection) | 2019 | ₹5,500 Cr | ₹3,500 Cr | 40→55 | 66% | In progress |
| Smart Elite (ULIP) | 2020 | ₹12,000 Cr | ₹6,000 Cr | 9→15 | 74% | In progress |
One click into the owning view — each reads the same live governed dataset.