Star Health And Allied Insurance Company Limited has informed the Exchange about Investor Presentation
Date: October 28, 2025 Place: Chennai Ref: SHAI/B & S/SE/113/2025-26
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- Q2 & H1 - FY2026
Further to our letter SHAI/B & S/SE/104/2025-26 dated October 10, 2025 regarding intimation of Q2 & H1 - FY2026 Earnings Call, please find enclosed the presentation on performance of the Company to be made to the Investors and Analysts on Wednesday, October 29, 2025 at 8.30 A.M. IST for the quarter and half year ended September 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 H1 FY26
Executive Summary : H1 FY26
Levers of Growth
Financial Performance
Customer Centricity
Agency
Banca
Corporate
Digital
Fresh Growth
Fresh GWP Contribution
20%
66%
Fresh Growth
-14%
Fresh GWP Contribution
13%
Fresh Growth
-86%
Fresh GWP Contribution
Fresh Growth
Fresh GWP Contribution
2%
47%
19%
GWP (Cr) (without 1/n)
PAT (Cr) (IND AS)
Expense Ratio (IND AS)
H1FY26
H1FY25
H1FY26
H1FY25
H1FY26
H1FY25
8809
7847
518
428
29.7%
31.1%
Lives covered (Cr) (Overall)
Renewal Ratio
NPS
Combined Ratio (IND AS)
H1FY26
100.3%
H1FY25
102.1%
Grievances/ 10k Policies
H1FY26
H1FY25
H1FY26
H1FY25
H1FY26
H1FY25
H1FY26
H1FY25
1.3
1.2
98%
94%
61
59
22
18
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
24%
95%
Retail Fresh Growth
GWP Contribution from Retail Policies
Digital First
75%
Digital Premium Collection
12.2
Mn+
App Downloads
Best-in- Class Claims Management
~1% GWP
Cost Efficient Processing
94%
Cashless < 3 Hours
2
4
6
Unparallel Distribution Network
805k
Agents
915
Branches
77
Banca Partners
Strong Operational Efficiency
2.15x
Solvency Ratio
14.7%
Opex/GWP (IGAAP - Without 1/n)
Customer Centricity
61
61
Overall NPS
Claims NPS
GWP Numbers mentioned are on without 1/n basis | GWP Contribution numbers exclude RI Inward
Key Performance Indicators
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
2024202520252026Loss Ratio66.5%70.7%70.9%70.6%Expense Ratio30.7%30.4%31.1%29.7%Combined Ratio97.3%101.1%102.1%100.3%Underwriting profit/loss353-165-149-27Investment Income1,1711260744752Investment Yield (Annualized)8.3%7.7%9.3%8.3%Profit/(Loss) after tax 1,103787428518Return on equity (Non-Annualized)15.2%9.5%5.3%5.8%GWP15,2541678178478029Expense Ratio 30.2%30.8%30.9%32.4%Combined Ratio96.7%101.1%101.1%103.0%GWP15,2541755378478809Retail Health Renewal Premium Ratio98.4%97%94%98%Expense Ratio (IGAAP)30.2%29.9%30.9%30.7%Combined Ratio (IGAAP)96.7%100.2%101.1%101.2%IGAAP(with 1/n)Particulars Fiscal Year Ended March 31Six Months Ended Sep 30(INR Crore, unless otherwise stated)IGAAP(without 1/n)IND AS(IFRS) Key Performance Indicators – IND AS (IFRS)
Claims, Expense and Combined Ratios
Profit After Tax (PAT) – IND AS
(INR Crore)
97.3%
101.1%
102.1%
100.3%
Expense Ratio
30.7%
30.4%
31.1%
29.7%
Claims Ratio
66.5%
70.7%
70.9%
70.6%
1,103
787
428
518
FY 2024
FY 2025
H1FY25
H1FY26
FY 2024
FY 2025
H1FY25
H1FY26
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 H1FY26 Claims ratio
Leadership in Retail Segment
Retail Health Market Share
33%
33%
32%
32%
Gross Written Premium - Retail
(INR Crore)
+15%
16,255
14,131
+17%
7,120
8,332
FY24
FY25
H1FY25
H1FY26
FY24
FY25
H1FY25
H1FY26
Market Share as per data published by GI Council | GWP numbers mentioned are without 1/n
Growing Coverage and Diverse Reach
Contribution to GWP
Digital
Corporate
Banca
8.7%
1.5%
7.1%
Channel Mix
Increasing Sum Insured
Avg. Sum Insured in INR (Lacs)
+3%
16
17
H1FY25
H1FY26
+6%
11
12
82.7%
Agency
Overall
Fresh
GWP numbers mentioned are without 1/n
Ever- growing, Efficient Agency Network
Agency Force
In 000’s
775
805
Total Agency Force
Sponsored Agency Force
701
111
124
129
Overall GWP Productivity / Agent
In Lacs INR
+8%
3.2
3.5
+15%
2.0
2.2
FY24
FY25
H1FY26
FY24
FY25
H1FY25
H1FY26
16%
Overall GWP Growth
GWP numbers mentioned are without 1/n
1%
Agency Activation Fresh Growth
1%
Fresh NOP Growth
Banca & Alternate Partnerships
No. of Banca Partnerships
Fresh GWP from Banca & Alternate Channels
In Crore INR
+13%
600
533
-14%
309
265
71
77
58
FY24
FY25
H1FY26
FY24
FY25
H1FY25
H1FY26
2%
Overall GWP Growth
47%
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
2,033
1,827
1,449
In Cr INR
+71%
687
401
+47%
390
265
FY24
FY25
H1FY26
FY24
FY25
H1FY25
H1FY26
37%
Organic Traffic Growth
15%
Fresh NOP Growth Retail Health
98%
Fresh NOPs New to Insurance
GWP numbers mentioned are without 1/n
Digital-First
75%
Digital premium collection
11%
Claims auto- adjudicated*
91%
Policies Sourced Digitally
68%
Policies Renewed w/o Human Intervention
12.2
Mn+
Customer App downloads
1.2 Mn+
Monthly Active User (Sep-25)
4.6
App Store Rating
4.4
Play Store Rating
129
k Face Scans (in Q2-FY26)
*Auto-adjudication – under digital transformation
Best in Class Claims Processing Capabilities
Claims Paid
(Amount in Crore)
10,353
8,914
Cashless %
(Count)
ANH Share…
Proportion of Total Cashless Claims (Count)
5,885
4,870
79%
83%
77%
88%
74%
78%
77%
78%
FY24
FY25
H1FY25 H1FY26
FY24
FY25
H1FY25 H1FY26
FY24
FY25
H1FY25 H1FY26
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)
+88%
(in ‘000s)
+71%
254
200
135
117
H1FY25
H1FY26
H1FY25
H1FY26
121%
Growth
Telemedicine Usage from H1FY25 to H1FY26
250
+ Cities Home Health Care
+
7%
Increased NOP Retention in First Renewal Customers who opted for PHC services
-26%
Lesser readmissions After Post-Discharge Care
Improving Customer Experience
Net Promoter Score
Grievances/10k policies
Sep-24
Sep-25
59
61
61
52
34
23
Overall NPS
Claims NPS
SAHI
STAR
*Benchmarked based on public disclosures for Q1FY26
Retail & Group Claims Ratio
Retail ICR%
65.8%
68.8%
69.8%
69.9%
Group ICR%
89.8%
85.9%
82.1%
77.3%
FY24
FY25
H1FY25 (IFRS)
H1FY26 (IFRS)
FY24
FY25
H1FY25 (IFRS)
H1FY26 (IFRS)
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
ParticularsFY24FY25H1 FY25H1 FY26Profit as per IGAAP845 646 430 317 Lease and Security Deposit(4) (3) (2) (2) Claims Risk Adjustment(8) (57) (45) (7) Employee Benefits(17) (14) (9) (3) Deferred Acquisition Cost (Net)293 286 (37) 123 Unrealised Gain/(Loss) on Inv & Prov - ECL87 (19) 94 160 Provision for Tax(93) (52) (2) (70) IFRS Impact258 141 (2) 200 Profit as per IFRS1,103 787 428 518 Agenda
Our Strategy
Financial Performance
Financial Performance
(As per IGAAP with 1/n)
Claims, Expense and Combined Ratios
Opex / GWP Ratio
96.7%
101.1%
101.1%
103.0%
101.2%
Expense Ratio
30.2%
30.8%
30.9%
32.4%
30.7%
Claims Ratio
66.5%
70.3%
70.2%
70.5%
70.5%
15.7%
15.1%
15.6%
16.1%
FY24
FY25
H1FY25
H1FY26
Profit Before Tax INR Cr
H1FY26 (without 1/n)
FY24
FY25
H1FY25
H1FY26
Profit After Tax INR Cr
1,129
861
845
646
575
430
430
317
FY24
FY25
H1FY25
H1FY26
FY24
FY25
H1FY25
H1FY26
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
2.5x
17,898
INR Cr
2.4x
16,431
2.5x
18,672
Investment Leverage 2.4x
25,000
15,491
20,000
15,000
10,000
5,000
0
FY24
FY25
H1FY25
H1FY26
Investment Yield (Annualized)
7.7%
7.8%
8.1%
6.5%
FY24
FY25
H1FY25
H1FY26
Investment Income
INR Cr
2.5
2.0
1.5
1.0
0.5
0.0
1,083
1,279
*
650
592
FY24
FY25
H1FY25
H1FY26
* Realized Gains – 109 Cr
*
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)
79.5% G.Sec SDL, AAA, 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
•
•
Climate Risk Assessment – Conducted climate risk assessment to understand the underlying risks & build on its operational efficiency
TCFD Diagnostic – baselining of organizations resilience aligning to climate related disclosure under TCFD Recommendations
• •
•
29 % Diversity ( women workforce ) 100% total employees Trained on Skill upgradation Awareness on WASH, Road and fire safety to 3 Govt & Corporation Schools
• Notebook distribution (6000 Nos) - 5
Govt & Corporation Schools
• • • •
ISO 27001:2013 ISO 9001: 2015 ISO 22301 22% Women on Board
ESG Activities and Score as on Sept 25
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