Same trends: Good growth in motor/health, competitive intensity in motor and market share loss for PSU pack
General insurance GDPI has grown by a strong 16.5% in FY24-TD led by motor (19% YTD) and health (24% YTD). However, profitability is likely to be key given the backdrop of: 1) increasing combined ratio for all players in FY23, 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 as of Q1FY24.