Cash 360

The treasury cockpit — 13-week premium-vs-claims cash, premium & investment cash generation, premium collection, investment AUM and solvency headroom.

Generali Central Insurance Company Limited · FY25 (Mar'25, audited)

Mid-tier private multiline general insurer — Top-10 private (rank ~10)

2,644 employees · 167 branches · 21,000+ agents

▲ Executive read· the answer, then the moves

The investment float is the earnings engine: ₹7,938 Cr of AUM throws off ₹598 Cr of investment income — enough to cover the ~₹471 Cr underwriting loss and keep PAT positive. Solvency sits at 1.96x (₹1,896 Cr available vs ₹967 Cr required), a comfortable 0.46x above the 1.50x floor. The cash job is collecting the ₹62.0 Cr of aged broker / group / government premium.

5 of 5 headline metrics improving vs prior · still off target: Investment AUM ₹7,938 Cr vs ₹8,600 Cr, Investment Income ₹598 Cr vs ₹650 Cr, Claims-to-Cash Cycle (days) 34d vs 28d

Do now — ranked by urgency

1
Combined ratio 112% = an underwriting lossAct now
Why it matters
Drive the turnaround to <110%: health pricing, motor-OD discipline, EOM cap & fraud control.
What's driving it
Combined Ratio
Signal: Alert
FYI
FY25 combined ratio worsened to 112% (from 106%) as net incurred claims jumped +23%; the ~₹471 Cr underwriting loss is only covered by investment income.
Act →
2
Collect the ₹62.0 Cr of aged premium receivableWatch
Why it matters
Retail motor & health premium is collected upfront, but ₹62.0 Cr of broker / group / government premium sits beyond 60 days — pure cash to pull in.
What's driving it
Aged >60d = ₹62.0 Cr of ₹360 Cr premium receivable
Slower lines to a 10d collection target release ≈ ₹177.7 Cr
FYI
Claims settlement TAT 6d (target 5d); claims-to-cash cycle 34d
Owner: Finance · Premium Collections
Work the aged book →▤ open the aged premium receivable
3
Motor — Private Car & Two-Wheeler retention still below parWatch
Why it matters
Book not yet retaining above par — renewals & cross-sell must lift it.
What's driving it
retention 85% (<100)
Signal: Retention
FYI
Retention 80→82→85; yr-1 lapse 18%. Sticky retail motor; TP obligation anchors the book.
Owner: Chief Distribution Officer
Act →▤ open low-retention lines
4
Commercial (Fire / Marine / Engineering) retention still below parWatch
Why it matters
Book not yet retaining above par — renewals & cross-sell must lift it.
What's driving it
retention 72% (<100)
Signal: Retention
FYI
Retention 70→68→72; yr-1 lapse 28%. Broker-driven; soft pricing pressures retention.
Owner: Chief Distribution Officer
Act →▤ open low-retention lines

💰 CFO: combined ratio → investment income → PATStep 2 of 4 · premium collection, float & investment income◀ Finance 360 Products & Lines 360 ▶All journeys

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▤Evidence· open the overdue-premium list 🧩Customer Master· term conflicts driving receivables 👥Channels & Customers 360· premium & receivables by account 🚪Turnaround & Growth· solvency & capital path

Investment AUM

₹7,938 Cr

≈ 18 weeks of claims outflow

Investment income

₹598 Cr

covers the ~₹471 Cr underwriting loss

Claims-to-cash cycle

34d

FNOL → settle; claims TAT 6d

Solvency ratio

1.96x

vs 1.50x floor · +0.46x buffer

Exhibit 1

13-week premium-vs-claims cash forecast

Net weekly cash (premium inflow − claims & opex, bars) and ending cash (line) vs. ₹250 Cr minimum. Forecast trough: ₹303 Cr.

Above minimum

₹400 Cr

Opening cash

₹5,788 Cr

13-wk premium in

₹5,737 Cr

13-wk claims & opex out

₹451 Cr

Closing cash

Exhibit 2

Premium & investment cash generation

Net earned premium less claims & expenses runs an underwriting loss; ₹598 Cr of investment income lifts it back to ₹94 Cr PAT.

Exhibit 3

Premium collected

Monthly, ₹ Cr.

Claims & premium cash

Servicing days

Claims settlement TAT6d

Premium float period48d

Claims-to-cash cycle34d

Where premium collects slower

Premium-collection headroom

₹177.7 Cr

Pulling slower group / commercial / crop lines to a 10-day collection target releases ~₹177.7 Cr one-time.

Weather/Crop, PA & Rural (Alpa Bima)42d

₹61.4 Cr

Commercial Fire, Marine & Engineering34d

₹59.2 Cr

Group Health & Corporate30d

₹54.7 Cr

Motor — Commercial Vehicle12d

₹2.4 Cr

Collections

Premium receivable aging

Total premium receivable ₹360 Cr

Current days₹180 Cr

1-30 days₹70 Cr

31-60 days₹48 Cr

61-90 days₹38 Cr

90+ days₹24 Cr

Overdue (>60d) = ₹62.0 Cr.

Exhibit 4

Collection priority

Highest collection days first.

Channel	GWP	Coll. days	Collection risk
Insurance Brokers	₹1,750 Cr	45d	Medium
Motor Dealers / MISP	₹750 Cr	30d	Medium
POSP & Others	₹408 Cr	25d	Medium
Individual Agency (21,000+ agents)	₹1,550 Cr	20d	Low
Bancassurance — Central Bank of India	₹390 Cr	15d	Low
Direct · Digital · Web Aggregators	₹700 Cr	3d	Low

Exhibit 5

Reinsurance & network partners

Cession & network payment terms.

Partner	Ceded / spend	Pay days	Service %	Risk
Network hospitals — cashless (10,000+)	₹1,239 Cr	6d	96%	High
GIC Re (obligatory + treaty reinsurance)	₹1,180 Cr	60d	98%	Low
Garage network — motor (6,500+)	₹900 Cr	12d	92%	Medium
International treaty panel (Munich Re / Swiss Re / others)	₹500 Cr	60d	97%	Low
Core systems & digital (TCS BaNCS, LEO, IRIS)	₹180 Cr	45d	95%	Medium
TPAs & claims administration (I-Assist OCR)	₹140 Cr	30d	94%	Medium