Star Health And Allied Insurance Company Limited has informed the Exchange about Investor Presentation
Date: April 29, 2026 Place: Chennai Ref: SHAI/B & S/SE/15/2026-27
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- Q4 & FY 2026
Further to our letter SHAI/B & S/SE/14/2026-27 dated April 28, 2026 regarding intimation of Investor Presentation – FY26, please find enclosed the revised presentation on performance of the Company for the quarter and financial year ended March 31, 2026.
The above information is also being hosted on the Company's website at www.starhealth.in.
Kindly take the same on record.
For Star Health and Allied Insurance Company Limited,
Jayashree Sethuraman Company Secretary & Compliance Officer
Encl.: As above
INVESTOR PRESENTATION FY26
Executive Summary : FY26
Financial measures in ₹ Crores, unless explicitly mentioned
Business & Growth levers
Financial Performance
Customer Centricity
GWP (‘n’ basis)
Retail fresh
GWP (‘n’ basis)
FY26
FY25
FY26
FY25
Proprietary Channels
Fresh Contribution%
Fresh Growth
Partner- ship Channels
Fresh Contribution%
Fresh Growth
20,369
17,488
16% YoY
4,567
3,335
37% YoY
91%
38%
9%
25%
Combined Ratio (IND AS)
UW Profit (IND AS)
PAT (IND AS)
FY26
FY25
FY26
FY25
FY26
FY25
Normalised PAT (IND AS)
FY26
FY25
Lives covered (Cr) (Overall)
March 31, 2026
March 31, 2025
Persistency (Renewal Ratio) Annual
Company NPS
Grievance Ratio
FY26
FY25
FY26
FY25
FY26
FY25
2.8
2.6
99%
97%
62
54
27
23
98.8%
101.1%
-236 bps
206
(165)
911
787
16% YoY
1,222
840
45% YoY
IND AS financial numbers are audited by Joint Statutory Auditors | GWP numbers mentioned are on ‘n’ basis | GWP Contribution numbers exclude RI Inward of 65 Cr for FY25 and 15 Cr for FY26 | Proprietary Channels include Agency and Digital D2C; other channels classified as ‘Partnership’ channels I Fresh Growth and Fresh contribution% are on Retail Business | Renewal ratio is based on GWP I Grievance Ratio defined as incidences of grievances per 10,000 policies
Agenda
Key Performance Indicators
Business landscape
Customer Service & Technology
Financials
Key Performance Indicators
Loss Ratio
Expense Ratio
Combined Ratio
Underwriting profit/loss
Investment Income
-of which: Interest income, dividend & realised gains
-of which: Marked-to-Market gains/(losses)
FY24
FY25
FY26
Q4 FY25
Q4 FY26
66.5%
30.7%
97.3%
353
1,171
1,084
87
70.7%
30.4%
101.1%
-165
1,260
1,275
-15
68.7%
30.1%
98.8%
206
1,091
1,217
-127
69.2%
29.2%
98.4%
62
310
276
33
65.2%
30.5%
95.7%
186
-230
328
-558
Investment Yield (Annualised)
8.3%
7.6%
5.8%
7.2%
-4.6%
Profit After Tax
Return on Equity
Normalised Profit After Tax
Normalised Return on Equity
1,103
15.2%
1,034
14.8%
787
9.5%
840
10.1%
911
10.0%
1,222
13.1%
271
-55
IND AS Financial numbers are audited by Joint Statutory Auditors | Normalised Profit After Tax corresponds to PAT at normalised portfolio yield of 8%
Retail & Group Claims Ratio- IndAS basis
Retail ICR%
Group ICR%
65.8%
69.2%
68.2%
67.8%
64.8%
90.8%
87.3%
77.8%
79.1%
73.5%
FY24
FY25
FY26
Q4FY25 Q4FY26
FY24
FY25
FY26
Q4FY25 Q4FY26
Net incurred Loss ratio is defined as net incurred claims divided by net earned premium. All numbers are basis 1/365 URR method on IndAS basis
Key Pillars of our Strategy
1
3
5
Retail Indemnity Expert
37% Retail Fresh Growth
96% GWP Contribution from Retail Policies
Digital First
96% Digital Premium Collection on Fresh business
14
Mn+ Mn+ App Downloads
Best-in- Class Claims Management
~1% GWP
Cost Efficient Processing
92% Cashless < 3 Hours
2
4
6
Unparalleled Proprietary Footprint
8.3
Lac
Agents
924
Branches
91%
Contribution From Proprietary Channels
Robust Operating Performance
30.5% Expenses of Management Ratio
2.05x Solvency Ratio
Customer Centricity
62 Overall Company NPS
99% Persistency Ratio
GWP Numbers mentioned are on ‘n’ basis | Proprietary Channels refer to Agency and Digital D2C | Contribution of Proprietary Channels on Retail fresh business. I Persistency ratio on GWP basis | Expenses of Management Ratio ex GST ITC impact
Agenda
Key Performance Indicators
Business landscape
Customer Service & Technology
Financials
Largest, Ever-growing Proprietary Agency Network
Agency Force
In Lacs
Sponsored Agency Force
7.0
5.9
7.8
6.6
8.3
7.0
Agent Productivity
In ₹ Lacs
+18%
+8%
3.2
3.5
4.1
1.1
FY24
1.2
FY25
1.3
FY26
FY24
FY25
FY26
19%
Retail GWP Growth
8%
Fresh NOP Growth
93% New to Insurance
Fresh NOPs
GWP numbers mentioned are on ‘n’ basis | Agent productivity denotes GWP productivity per active agent | Fresh NOP growth signifies Retail Health
Accelerating Digital Channel
Digital Business Mix
Retail Fresh GWP from Digital Channels
22%
Digital Partners
Fresh business FY26
78%
Digital D2C
401
+ 71%
In ₹ Cr
+35%
687
928
FY24
FY25
FY26
52%
Organic Traffic Growth
11%
D2C Fresh Health NOP Growth
98%
New to Insurance Fresh NOPs
GWP numbers mentioned are on ‘n’ basis | Fresh NOP growth signifies Retail Health
Banca & Retail Brokers
No. of Banca Partnerships
71
81
58
Fresh GWP
In ₹ Crore
+13%
-8%
533
600
553
FY24
FY25
FY26
FY24
FY25
FY26
26%
Banca RM Productivity Growth
95%
Banca - Preferred Business Contribution to Fresh GWP
GWP numbers mentioned are on ‘n’ basis | Banca RM productivity growth measured on fresh business from preferred products
Agenda
Key Performance Indicators
Business landscape
Customer Service & Technology
Financials
Digital-First
Digital Onboarding
Fresh Digital Premium Collection
Customer Engagement
App downloads
96%
+5% YoY
14 Mn+
51% YoY
Fresh policies sourced digitally
95%
+6% YoY
Monthly Active Users (MAU)
1.5 Mn+
50% YoY
Ratings
4.6/5
4.3/5
Claims
Claims managed by New Platform
75%
Represents incremental growth
Represents YoY growth
Claims intimation through Mobile App
87k
2x+ YoY
Best in Class Claims Processing Capabilities
Claims Paid (₹ Crs)
11,903
10,353
8,914
FY24
1.9
FY25
2.8
FY26
3.0
Paid claims count in Mn
Cashless %
(Count)
ANH Share…
Proportion of Total Cashless Claims (Count)
79%
83%
84%
74%
78%
78%
FY24
FY25
FY26
FY24
FY25
FY26
Retail Claims Settlement Ratio
92%
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
(in ‘000s)
+42%
Tele Medicine
(in ‘000s)
+88%
Home Health Care
(in ‘000s)
5x
92
548
385
117
62
17
FY25
FY26
FY25
FY26
FY25
FY26
7.3% +
Increased NOP Retention in First Renewal Customers who opted for PHC services
+
300
Cities
Home Health Care 2x YoY expansion in coverage
Improving Customer Experience
Company Net Promoter Score
62
March 2026
+8 YoY
Grievances/10k policies
32
27
Denotes incremental improvement over March 2025
*Based on public disclosures for 9MFY26 (i.e. at December 31, 2025) **For full year FY25-26
SAHIs*
STAR**
Agenda
Key Performance Indicators
Business landscape
Customer Service & Technology
Financials
IndAS Financials
Figures in ₹ Crores
IND AS numbers are audited by Joint Statutory Auditors
FY25FY26YoYQ4 FY25Q4 FY26YoYInsurance Revenue (i)15,94317,99913%4,1004,67114%Insurance Service Expenses14,87116,51411%3,7314,13611%Claims (ii)11,13412,27410%2,7983,0178%Acquisition Cost (iii)3,7374,24013%9331,11920%Net expenses from reinsurance contracts (iv)159154-3%3430-10%Insurance Service Result9131,33046%33550551%Investment Income1,2601,091-13%310-230-Insurance Finance Income/Expenses4295126%817113%Net Finance Result1,218996-18%301-247-Other income8-0.5-4-2-Other expenses (v)1,0301,0371%26530214%Other finance costs55550%14140%Other Expenses/Revenue (net)1,0771,0921%27431716%Profit / (Loss) before tax1,0541,23417%362-60-Profit/(loss) for the period78791116%271-55-Loss Ratio Gross (vi=ii/i)69.8%68.2%68.2%64.6%Expense Ratio (vii=(iii+iv+v)/i)30.9%30.2%30.1%31.1%Combined Insurance Service Ratio (CISR) (vi+vii)100.7%98.4%98.3%95.7% Investment Performance- Ind AS basis
Total Investments Assets
x
Investment leverage
Fixed Income
Equities & others
1.7x
15,860
14,731
1,129 FY24
₹ Cr
2.0x
18,296
2.1x
21,007
15,050
17,124
3,246
FY25
3,883
FY26
Investment Yield (Annualized)
73% G.Sec SDL, AAA, TREPs
8.3%
7.6%
5.8%
FY24
FY25
FY26
Investment Income
₹ Cr
1,171
1,260
*
1,091
FY24
FY25
FY26
Investment income includes MTM gain of 87 Cr for FY24 and MTM losses of 15 Cr & 127 Cr for FY25 and FY26, respectively
*
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 Investment leverage measured at close of financial year.
ESG
53
S&P Global CSA Score FY25
Environment
Social
Governance
•
• • • •
Carbon-offset certificates received from IT hardware vendors for energy-efficient device purchases Prioritize e-policies & e-claims, as far as possible Use of FSC-certified printing paper Planted 17,000+ saplings Baseline ESG screening and due diligence conducted across 150 hospital value-chain partners
• Monthly awareness sessions on water
conservation, waste management, and energy efficiency 13,904 kg of e-waste sent to authorized recyclers
•
•
•
•
57K+ wellness program enrolments for health condition management 66K+ telemedicine consultations delivered in 9+ languages, available 24/7 90K+home healthcare services provided
•
•
Received ISO certifications: ISO 9001:2015, ISO 27001:2022, and ISO22301:2019 Implemented a DPDPA-aligned privacy policy
ESG Activities as on Mar 26
CSR : Arogya Seva Kendra in 9 States…targeting outreach to over 1 million lives in underserved districts
32 Operational Clinics
45,017 Visits at Arogya Seva Kendra
48,567 Medical Tests done
5,725
Health Education sessions Spreading awareness and preventive care
“More than just numbers –real lives impacted”
Appendix
Key IGAAP measures vs IndAS
Particulars
Fiscal year ended March 31
Quarter Ended March 31
(INR Crore, unless otherwise stated)
Loss Ratio
Expense Ratio
IND AS (IFRS)
2025
70.7%
30.4%
2026
68.7%
30.1%
2025
2026
69.2%
65.2%
29.2%
30.5%
Combined Ratio
101.1%
98.8%
98.4%
95.7%
IGAAP (with 1/n)
Expense Ratio
30.8%
31.9%
29.9%
29.9%
Combined Ratio
101.1%
100.4%
99.2%
94.7%
IGAAP (without 1/n)
Retail Health Renewal Premium Ratio
97%
99%
94%
99%
Expense Ratio (IGAAP)
29.9%
30.3%
28.3%
28.6%
Combined Ratio (IGAAP)
100.2%
98.8%
97.5%
93.4%
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. Numbers are basis 1/365 URR method. | IND AS Financials numbers are audited by Joint Statutory Auditors
IND AS to IGAAP Reconciliation
IND AS numbers are audited by Joint Statutory Auditors
ParticularsFY25FY26Q4 FY25Q4 FY26Profit as per IGAAP646 557 1 111 Lease and Security Deposit-3 -1 0 2 Claims Risk Adjustment-57 -33 3 -15 Employee Benefits-14 18 -2 2 Deferred Acquisition Cost (Net)286 633 334 352 Unrealised Gain/(Loss) on Inv & Prov - ECL-19 -138 27 -551 Provision for Tax-52 -126 -92 44 IFRS Impact141 354 270 -166 Profit as per IFRS787 911 271 -55 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
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
T H A N K Y O U