India · Delayed Price · Currency is INR Star Health and Allied Insurance Company Earnings Call Transcripts
Fiscal Year 2026
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FY 2026 saw strong retail growth, improved underwriting, and digital advances, with normalized PAT up 45% YoY and ROE at 13.1%. Strategic focus remains on profitable growth, digitalization, and risk management amid regulatory and market shifts.
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Strong top-line and profit growth driven by robust retail health leadership, improved combined and loss ratios, and digital transformation. Continued focus on disciplined execution, customer experience, and capital efficiency, with regulatory and inflation risks monitored.
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Gross written premium grew 12% year-over-year, with retail health up 17% and strong persistency. Profit after tax rose 21% to INR 518 crore, and combined ratio improved to 100.3%. GST exemption boosted demand, digital channels expanded, and loss ratios continued to improve.
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Q1 FY26 saw 13% GWP growth and 44% PAT increase, driven by strong retail and digital channels, improved claims ratios, and ongoing cost discipline. Strategic product innovation and risk-based pricing support profitability amid healthcare inflation.
Fiscal Year 2025
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Maintained retail health insurance leadership with 33% market share and 25% fresh GWP growth, but faced elevated claim ratios and lower profits due to higher frequency and severity of claims. Strategic repricing, digital initiatives, and regulatory reforms are expected to support future profitability.
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Strong nine-month FY25 growth in GWP and fresh business, with robust digital and agency expansion, but elevated claim ratios and regulatory changes impacted combined and expense ratios. Price hikes and product innovation are expected to support future improvement.
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Strong growth in GWP and digital channels was offset by higher claims ratios due to medical inflation and seasonal factors. Price hikes are being implemented across much of the portfolio, and medium-term targets for doubling GWP and tripling profit by FY28 are maintained.
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GWP grew 18% YoY to INR 3,478 crores, with PAT up 11% to INR 319 crores and a combined ratio of 99.2%. Agency remains the dominant channel, while digital and banca channels are growing. Price hikes and wellness investments are underway amid rising claims and regulatory changes.