General insurers in India are facing a growth vs profitability conundrum. This is at crucial cross roads in FY24 against the backdrop of (1) increasing combined ratio for all players in FY23 (refer Table 1) and (2) room for increasing opex ratios basis the EOM guideline where we see 10 out of top 18 multi-line players in the industry operating under the 30% benchmark and 2 out of 4 SAHIs operating below the 35% mark (refer Charts 2).