Star Health And Allied Insurance Company Limited has informed the Exchange about Investor Presentation
Date: July 29, 2025 Place: Chennai Ref: SHAI/B & S/SE/58/2025-26
To, The Manager, Listing Department, BSE Limited, Phiroze Jeejeebhoy Tower, Dalal Street, Mumbai – 400051, Mumbai – 400001, Maharashtra, India. Maharashtra, India. Scrip Code: 543412
To, The Manager, Listing Department, National Stock Exchange of India Limited, Exchange Plaza, 5th Floor, Plot C/1, G Block, Bandra-Kurla Complex,
Symbol: STARHEALTH
Dear Sir/ Madam,
Sub: Earnings Call Presentation- Q1 - FY2026
Further to our letter SHAI/B & S/SE/52/2025-26 dated July 11, 2025 regarding intimation of Q1 - FY2026 Earnings Call, please find enclosed the presentation on performance of the Company to be made to the Investors and Analysts on Wednesday, July 30, 2025 at 8.30 A.M. IST for the quarter ended June 30, 2025.
In compliance with Regulation 46 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the above information is also being hosted on the Company's website at www.starhealth.in.
This is for your kind information.
For Star Health and Allied Insurance Company Limited,
Jayashree Sethuraman Company Secretary & Compliance Officer
Encl.: As above
INVESTOR PRESENTATION Q1 FY26
Executive Summary : Q1 FY26
Levers of Growth
Financial Performance
Customer Centricity
Agency
Banca
Corporate
Digital
Fresh Growth
Fresh GWP Contribution
Fresh Growth
Fresh GWP Contribution
Fresh Growth
Fresh GWP Contribution
Fresh Growth
Fresh GWP Contribution
16%
64%
-4% *
14%
-85%
2%
73%
20%
*Banca Fresh Growth excluding GMC(EE & RUG) +16%
GWP (Cr) (without 1/n)
PAT (Cr) (IND AS)
Expense Ratio (IND AS)
Combined Ratio (IND AS)
Q1FY26
Q1FY25
Q1FY26
Q1FY25
Q1FY26
Q1FY25
Q1FY26
Q1FY25
3936
3476
438
304
30.1%
31.1%
99.6%
99.2%
Lives covered (Lac)
Renewal Ratio
NPS
Grievances/ 10k Policies
Q1FY26
Q1FY25
Q1FY26
Q1FY25
Q1FY26
Q1FY25
Q1FY26
Q1FY25
60
52
98%
93%
53
51
23
19
IND AS numbers are reviewed by Joint Statutory Auditors | GWP numbers mentioned are without 1/n | GWP Contribution numbers exclude RI Inward
Agenda
Our Strategy
Financial Performance
Key Pillars of Our Strategy
1
3
5
Retail Indemnity Expert
25%
Retail Fresh Growth
94%
GWP Contribution from Retail Policies
Digital First
70%
Digital Premium Collection
11Mn+
App Downloads
Best-in- Class Claims Management
~1% GWP
Cost Efficient Processing
93%
Cashless < 3 Hours
2
4
6
Unparallel Distribution Network
789k 914
Agents
Branches
75
Banca Partners
Strong Operational Efficiency
2.22x
Solvency Ratio
15.7%
Opex/GWP
Customer Centricity
53
Overall NPS
57
Claims NPS
GWP Numbers mentioned are on without 1/n basis | GWP Contribution numbers exclude RI Inward
Key Performance Indicators
Particulars
Fiscal Year Ended March 31
Three Months Ended June 30
(INR Crore, unless otherwise stated)
GWP
Retail Health Renewal Premium Ratio
Expense Ratio (IGAAP)
Combined Ratio (IGAAP)
Without 1/n
GWP
IGAAP
Expense Ratio
Combined Ratio
Loss Ratio
Expense Ratio
Combined Ratio
IND AS (IFRS)
Underwriting profit/loss
Investment Income
Profit/(Loss) after tax
Return on equity (Non-Annualized)
2024
15,254
98.4%
30.2%
96.7%
15,254
30.2%
96.7%
66.5%
30.7%
97.3%
353
1,171
1,103
15.2%
2025
17553
97%
29.9%
100.2%
16781
30.8%
101.1%
70.7%
30.4%
101.1%
-165
1260
787
9.5%
2025
3476
92.8%
31.6%
99.2%
3476
31.6%
99.2%
68.1%
31.1%
99.2%
29
388
304
3.8%
2026
3936
97.7%
31.2%
100.8%
3605
32.6%
102.2%
69.5%
30.1%
99.6%
16
586
438
4.9%
Figures for the previous year / quarters and year to date have been re-grouped / re-arranged to conform to current year / current quarter and year to date presentation and regulatory requirements. ROE- PAT/ Average Net worth | Numbers are basis 1/365 URR method. | IND AS Financials numbers are reviewed by Joint Statutory Auditors
Key Performance Indicators – IND AS (IFRS)
Claims, Expense and Combined Ratios
Profit After Tax (PAT) – IND AS
(INR Crore)
97.3%
Expense Ratio
30.7%
101.1%
30.4%
99.2%
99.6%
31.1%
30.1%
Claims Ratio
66.5%
70.7%
68.1%
69.5%
1,103
787
FY24
FY25
Q1FY25
Q1FY26
FY24
FY25
Q1FY25
Q1FY26
438
304
IND AS Financials numbers are reviewed by Joint Statutory Auditors Note: All numbers are basis 1/365 URR method | 0.6% of PHC, telemedicine, OPD and wellness initiative included in Q1FY26 Claims ratio
Leadership in Retail Segment
Retail Health Market Share
Gross Written Premium - Retail
33%
33%
31%
31%
(INR Crore)
+18%
3,707
3,139
FY24
FY25
Q1FY25
Q1FY26
Q1FY25
Q1FY26
Market Share as per data published by GI Council | GWP numbers mentioned are without 1/n
Growing Coverage and Diverse Reach
Contribution to GWP
Increasing Sum Insured
Avg. Sum Insured in INR (Lacs)
Digital
Corporate
Banca
2%
9%
7%
Channel Mix
82%
Agency
GWP numbers mentioned are without 1/n
+11%
16
14
Q1FY25
Q1FY26
+10%
12
11
Overall
Fresh
Ever- growing, Efficient Agency Network
Agency Force
In 000’s
775
789
Total Agency Force
Sponsored Agency Force
701
GWP Productivity / Agent
In Lacs INR
+8%
3.2
3.5
+13%
111
124
126
1.2
1.3
FY24
FY25
Q1FY26
FY24
FY25
Q1FY25
Q1FY26
16% Overall GWP
Growth
GWP numbers mentioned are without 1/n
9% Agency Activation Fresh
Growth
7% Fresh NOP
Growth
Banca & Alternate Partnerships
No. of Banca Partnerships
Fresh GWP from Banca & Alternate Channels
In Crore INR
+13%
71
75
533
600
58
-4%
132
128
FY24
FY25
Q1FY26
FY24
FY25
Q1FY25
Q1FY26
11% Overall GWP
Growth
87%
RM Productivity Growth
92% Banca - Preferred Business
Contribution to Fresh GWP
GWP numbers mentioned are without 1/n
Accelerating Digital Channel
No. of Tele callers
Retail Fresh GWP from D2C & Digital Partnerships
In Cr INR
+71%
2,033
1,449
1,518
687
+73%
401
103
179
FY24
FY25
Q1FY26
FY24
FY25
Q1FY25
Q1FY26
48%
Organic Traffic Growth
16%
Fresh NOP Growth
98%
Fresh NOPs New to Insurance
GWP numbers mentioned are without 1/n
Digital-First
70% Digital premium collection
9% Claims auto- adjudicated*
91% Policies Sourced Digitally
68% Policies Renewed w/o Human Intervention
11Mn+ Customer App downloads
1.1Mn+ Monthly Active User (Jun-25)
4.6 App Store Rating 4.4 Play Store Rating
689k+ Face Scans
*Auto-adjudication – under digital transformation
Best in Class Claims Processing Capabilities
Claims Paid
(Amount in Crore)
Cashless %
(Count)
ANH Share…
Proportion of Total Cashless Claims (Count)
10,353
8,914
79%
83%
77%
81%
74%
78%
76%
79%
58k Cr
2,346
2,914
FY24
FY25
Q1FY25
Q1FY26
FY24
FY25
Q1FY25
Q1FY26
FY24
FY25
Q1FY25
Q1FY26
Note: ANH refers to Agreed Network Hospitals with better negotiated package-based pricing. | Claims paid includes PHC & Wellness initiatives | % Cashless Claims is a proportion of Claims & wellness services
Customer Centric Wellness Initiatives
Preventive Health Checkups
Post Discharge Care
(in ‘000s)
+30%
(in ‘000s)
+42%
94 58k Cr
122
Consultation with specialist doctors through The STAR Health App
58k Cr
68
96
Q1FY25
Q1FY26
Q1FY25
Q1FY26
70% Growth Telemedicine Usage from Q1FY25 to Q1FY26
200+ Cities Home Health Care
+3% Increased NOP Retention
Customers who opted for PHC services
-17%
Lesser readmissions After Post-Discharge Care
Improving Customer Experience
Net Promoter Score
Grievances/10k policies
Q1FY25
Q1FY26
53
51
57
46
FY25
25
18
Overall NPS
Claims NPS
SAHI * Industry
STAR
Based on ~1.6L responses from ~ 20lac triggers for NPS Survey – Q1 FY26
*Benchmarked based on public disclosures
Retail & Group Claims Ratio
Retail ICR%
65.8%
68.8%
66.9%
68.5%
Group ICR%
89.8%
85.1%
77.3%
78.0%
FY24
FY25
Q1FY25
Q1FY26
FY24
FY25
Q1FY25
Q1FY26
Net incurred Loss ratio is defined as net incurred claims divided by net earned premium. All numbers are basis 1/365 URR method.
IND AS(IFRS) to IGAAP Reconciliation
IND AS numbers are reviewed by Joint Statutory Auditors
ParticularsFY24FY25Q1 FY25Q1 FY26Profit as per IGAAP845 646 319 263 Lease and Security Deposit-4 -3 -2 -1 Claims Risk Adjustment-8 -57 -17 3 Share based Payments-17 -14 -6 -4 Deferred Acquisition Cost (Net)293 286 -86 -54 Unrealised Gain / (Loss) on Investments & Provision - Expected Credit Loss (ECL)87 -19 92 292 Provision for Tax-93 -52 3 -60 IFRS Impact258 141 -15 176 Profit as per IFRS1,103 787 304 438 Agenda
Our Strategy
Financial Performance
Financial Performance
(As per IGAAP with 1/n)
Claims, Expense and Combined Ratios
Opex / GWP Ratio
96.7%
Expense Ratio
30.2%
101.1%
30.8%
99.2%
31.6%
102.2%
100.8%
32.6%
31.2%
Claims Ratio
66.5%
70.3%
67.6%
69.5%
69.5%
15.7%
15.1%
16.5%
17.2%
FY24
FY25
Q1FY25
Q1FY26
Q1FY26 (without 1/n)
FY24
FY25
Q1FY25
Q1FY26
Profit Before Tax INR Cr
Profit After Tax INR Cr
1,129
861
845
646
426
352
319
263
FY24
FY25
Q1FY25
Q1FY26
FY24
FY25
Q1FY25
Q1FY26
Figures for the previous year / quarters and year to date have been re-grouped / re-arranged to conform to current year / current quarter and year to date presentation and regulatory requirements.
Robust Investment Performance
(As per IGAAP with 1/n)
Total Investments Assets
INR Cr
Investment Leverage
Investment Income
INR Cr
2.4x
2.5x
2.3x
2.5x
15,491
17,898
15,802
18,245
2.5
2.4
2.3
2.2
2.1
2.0
1.9
1.8
1.7
1.6
1.5
1.4
1.3
1.2
1.1
1.0
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0.0
20,000
19,000
18,000
17,000
16,000
15,000
14,000
13,000
12,000
11,000
10,000
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
1,083
1,279
295
295
FY24
FY25
Q1FY25
Q1FY26
FY24
FY25
Q1FY25
Q1FY26
Investment Yield (Annualized)
7.7%
7.8%
7.5%
6.5%
FY24
FY25
Q1FY25
Q1FY26
76% G.Sec SDL, AAA, TREPs
Long-Term Funds
Short-Term Funds
Government Securities, State Development Loans, Corporate Bonds, Fixed Deposits, REITs, InvITs and ETFs
Bank FDs, Overnight Mutual Funds, CPs, CDs, T-Bills, CMBs, Short Maturity Bonds and Tri-Party REPOs (TREPs)
Figures for the previous year / quarters and year to date have been re-grouped / re-arranged to conform to current year / current quarter and year to date presentation and regulatory requirements.
ESG
48
S&P Global CSA Score FY24
STAR Health Insurance becomes India's most sustainable Insurance company 2024 in the S&P Global Corporate Sustainability Assessment (CSA).
Environment
Social
Governance
• •
•
29 % Diversity ( women workforce ) 100% total employees Trained on Skill upgradation 100% of persons in covered by the awareness programs
• •
•
Achieved ISO 9001:2015 certification Climate Risk Framework integrated in ESMS Manual Climate risk assessment done for 2 physical asset.
•
•
•
CO2 Mitigation : Through our innovative real- time energy monitoring dashboard, mitigated 1069 kg of CO₂ emissions. Total energy consumption from renewable sources -3960.53 GJ Total Scope 1 and Scope 2 emissions :8159.3
• Metric tons ofCO2 equivalent •
Total Scope 3 emissions 2209.13 Metric tons of CO2 equivalent Total E-Waste generated and sent to recyclers 16.34 in metric tons
Score as on June 25, update for FY25
Disclaimer
The information contained in this presentation is provided by Star Health and Allied Insurance Company Limited (“SHAI or the Company”). The content of this presentation is for internal purposes only. Neither this presentation nor any part thereof shall be (i) used or relied upon by any other party or for any other purpose; (ii) copied, photocopied, duplicated or otherwise reproduced in any form or by any means; or (iii) re-circulated, redistributed, passed on, published in any media, website or otherwise disseminated, to any other person, in any form or manner, in part or as a whole, without the prior written consent of the Company.. This presentation does not allege to be a complete description of the market conditions or developments and is subject to change, without disclosure. Neither the Company nor any of its directors, officers, employees nor any other person assume any responsibility or liability for, the accuracy or completeness of, or any errors or omissions in, any information or opinions contained herein, and none of them accept any liability (in negligence, or otherwise) whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith. Any unauthorised use, disclosure or public dissemination of information contained herein is prohibited.
The statements contained in the presentation relates only as at the date of which they are made and it, should be understood that subsequent developments may affect the information contained herein.
By preparing this presentation, neither the Company nor its management undertakes any obligation to provide the recipient with access to any additional information or to update this presentation or to correct any inaccuracies in any such information which may become apparent. This document is for informational purposes and private circulation only and does not constitute or form part of a prospectus, a statement in lieu of a prospectus, an offering circular, offering memorandum, an advertisement, and should not be construed as an offer to sell or issue or the solicitation of an offer or an offer document to buy or acquire or sell securities of the Company or any of its subsidiaries or affiliates under the Companies Act, 2013, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, each as amended, or any applicable laws in India or as an inducement to enter into investment activity. No part of this document should be considered as a recommendation that any investor should subscribe to or purchase securities of the Company or any of its subsidiaries or affiliates and should not form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. This document is not financial, legal, tax, investment or other product advice
This presentation contains statements of future expectations and other forward-looking statements to enable investors to comprehend and take informed investment decisions. These statements include descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to the consolidated results of operations and financial condition, and future events and plans of the Company.. These statements can be recognised by the use of words such as ‘anticipates’, ‘estimates’, ‘expects’, ‘projects’, ‘intends’, ‘plans’, ‘believes’ and words of similar substance in connection with any discussion of future performance. Such forward looking statements are not guarantees of future performance and involve risks and uncertainties and actual results, performances or events may differ from those in the forward-looking statements as a result of various factors, uncertainties and assumptions including but not limited to price fluctuations, actual demand, exchange rate fluctuations, competition, environmental risks, any change in legal, financial and regulatory frameworks, political risks and factors beyond the Company’s control
You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of the management of the Company on future events. No assurance can be given that future events will occur, or that assumptions are correct. The Company does not assume any responsibility to amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events, or otherwise
Glossary
Particulars
FY
GWP
GEP
CAGR
Y-o-Y
URR
ANH
PA
SME
CoR
TAT
Financial Year
Gross Written Premium
Gross Earned Premium
Cumulative Annual Growth Rate
Year-on-Year
Unexpired Risk Reserve
Agreed Network Hospitals
Personal Accident
Small and Medium Enterprises
Combined Ratio
Turn Around Time
T H A N K Y O U