STARHEALTH

Date: November 9, 2022 Place: Chennai Ref: SHAI/B & S/SE/138/2022-23 To, To, The Manager The Manager Listing Department Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, 5th Floor, Plot C/1, Dalal Street G Block, Bandra-Kurla Complex Mumbai – 400001 Mumbai – 400051. Scrip Code: 543412 Scrip Code: STARHEALTH Dear Sir/ Madam, Sub: Earnings Call Presentation – September 30, 2022 Further to our letter SHAI/B & S/SE/136/2022-23 dated November 7, 2022 regarding intimation of Q2 & H1-FY2023 Earnings Call, please find enclosed the Earnings Call Presentation on performance of the Company, to be made to the Investors and Analysts on Thursday, November 10, 2022 for the quarter ended on September 30, 2022. 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 Agenda 1 Our Strategy 2 Performance Update 2 Agenda 1 Our Strategy 2 Performance Update 3 Key pillars of our Strategy 33% Retail Health 46% Retail Health 1 Leadership in Retail Health Insurance Market Accretion Market Share Share 21% CAGR in no. of 2 Well Spread Distribution Network agents since FY20 to 815 Branches 0.59 million INR 6.1bn GWP 3 Investment in Technology 63% premium value acquired from issued digitally online channels 4 Diversified and Specialized Product Suite Specialized Products contribute 16.5% of Star Health’s total retail health GWP 66% claims 14k Network 5 Focus on Risk Management processed through Hospitals ANH Best-in-class Solvency Ratio at 6 Superior Operating Performance Opex/GWP Ratio of 1.95x (claims based) 16.5% 4 Agenda 1 Our Strategy 2 Performance Update 5 Key Performance Indicators (1/2) Particulars Fiscal Year Ended March 31, Six Months Ended September 30, (INR millions, unless otherwise stated) 2021 2022 2021 2022 GWP 93,885.4 1,14,634.7 50,697.8 56,565.6 Period-on-period growth of GWP 36.8% 22.1% 28.2% 11.6% Retail Health Renewal Premium Ratio 97.9% 94.0% 91.0% 94.4% Number of agents (in '000s) 462.4 549.5 514.6 586.0 Number of hospitals in network (in actual number) 10,871 12,820 11,778 14,000 Investment Income 4,236.8 7,928.2 4,303.3 4,109.7 Investment Yield 7.1% 8.2% 9.8% 7.1% Profit/(Loss) after tax (10,857.1) (10,406.7) (3,802.7) 3,063.5 Net worth 34,843.4 45,133.8 31,986.6 48,761.2 Return on equity* -40.4% -26.0% -14.6% 7.6% Return on Equity = Profit After Tax/Average Net Worth *Return on equity is not annualised. Note: Numbers are basis 1/365 URR method. 6 Key Performance Indicators (2/2) Claims, Expense and Combined Ratio Profit After Tax (PAT) (INR billion) PAT Adjusted PAT 122.1% 117.9% 119.2% 5.9 5.8 3.9 33.1% 21.3% 97.9% 3.1 36.8% 0.7% 65.8% 66.6% 61.3% 51.4% -3.8 -3.8 27.7% 30.8% 31.0% 30.7% -10.4 FY21 FY22 H1FY22 H1FY23 -10.9 FY21 FY22 H1FY22 H1FY23 Adjustment impact Expense Ratio Adjusted Claims Ratio Note: Adjustments for FY21 excludes impact of exit from VQST reinsurance, clean cut URR, change in URR accounting to 1/365 basis, exceptional COVID -19 claims impact, One time expenses (Sweat Equity, Intangibles –IT Software, Provision for Doubtful Debts (RSBY) and Goodwill Gesture Scheme); Adjustments for FY22 excludes COVID-19 claims impact, Non business ESOP cost. Adjustments for H1FY22 and H1FY23 includes COVID impact but excludes Non business ESOP cost Note: FY2021 and FY2022 numbers are basis 1/365 URR method 7 Leadership in Attractive Retail Segment 1 Retail Health Market Share Gross Written Premium (INR billion) 263 307 139 159 +22% 115 94 31% 33% 31% 33% +12% 101 57 51 FY21 FY22 H1FY22 H1FY23 82 Retail Health Industry Size in INR billion 43 52 Retail Health Accretion Market Share 41% 42% 42% 46% 1 10 2 12 1 7 1 4 FY21 FY22 H1FY22 H1FY23 Retail Group PA Travel FY21 FY22 H1FY22 H1FY23 8 Agenda 1 Our Strategy 2 Performance Update 9 Largest and Well Spread Distribution Network 2 Total Agency Force Sponsored Health Agency Force In 000’s In 000’s 21.4% 35.6% 462 550 586 79 85 361 59 40 FY20 FY21 FY22 H1FY23 FY20 FY21 FY22 H1FY23 Channel wise mix and growth, H1FY23 H1FY23 82% 11% 4% 2% 1% Channel Mix 44% 19% 28% -57% -77% Corporate Individual Digital Agents - Other Direct Brokers Agents Banks, Others Note: Brokers excludes online brokers such as Policybazaar 10 Extensive Footprint and Alternate Distribution Channels 2 Extensive Branch Network Partner Integration 737 807 779 815 FY21 FY22 H1FY22 H1FY23 Well distributed footprint across enables Pan-India growth Focus on SME Group Health Sales INR billion -8% 60% 2.4 2.2 SME contribution H1FY22 H1FY23 11 Continued focus on Digital Growth 3 Digital Acquisition Digital Issuance GWP acquired through online channels, INR ‘billion % of premium collection 28% 7.2 56% 60% 63% 6.1 5.4 4.8 Growth FY21 FY22 H1FY22 H1FY23 FY21 FY22 H1FY23 1.7mn Hyper-personalization Digitizing Customer Customer App Acquisition STAR POWER -personalized single downloads More than 80% of agents have channel customer self-service downloaded the STAR ATOM app application 12 Note: Digital includes web-sales, tele-sales, web aggregators and online brokers Diversified and Specialized Product Suite 4 Specialized Products Star Senior Citizens Red Carpet Star Cancer Care Policy Health Insurance Policy Star Cardiac Care Policy Young Star Policy ♀ Star Diabetes Safe Policy Women Care Policy Retail Premium Mix for Specialized Products (%) New Product launches H1-2023 31% Star Extra Protect Star Health Assure 16.5% 15.1% Accretion 13.5% 11.2% growth FY21 FY22 H1FY22 H1FY23 Note: Specialized products include disease and age specific products like Cancer care, Cardiac Care, Diabetes Safe, Senior Citizen Red Carpet, Women’s Care and Young Star 13 Strong Domain Expertise Driving Superior Claims Ratio 5 Net Incurred Claims Ratio(1) Increasing Sum Assured Fraud Analytics Growth of Average Sum Assured on Retail Health policies Disciplinary action against erring hospitals 94.4% 87.1% 23% 33.1% 21.3% 67.3% 0.7% 1,185 14% 14% 10% FY22 61.3% 65.8% 66.6% 630 FY21 FY22 H1FY23 FY22 H1FY23 Adjustment impact Adjusted Claims Ratio New Overall H1FY23 Note: Adjustments for FY21 excludes impact of exit from VQST reinsurance, clean cut URR, change in URR accounting to 1/365 basis, exceptional COVID -19 claims impact; Adjustment for FY22 and H1FY23 excludes COVID-19 claims impact Note: (1) Net incurred claims ratio is defined as net incurred claims divided by net earned premium. 14 Note: FY2021 and FY2022 numbers are basis 1/365 URR method Extensive Claims Processing and Network Negotiation 5 ANH(2) Share… Proportion of total cashless claims 8.2mn Claims Settled Since Inception(1) 64% 63% 66% 55% FY21 FY22 H1FY22 H1FY23 88% Cashless 14k  Largest Hospital network authorization< 2 hr  Valuable service provider (VSP) Network introduced to improve TAT’s, Best Hospitals pricing, transparency etc. Note: (1) Data as of Sep 30, 2022 (2) ANH refers to Agreed Network Hospitals with better negotiated package based pricing. 15 Financial Performance 6 Combined Ratio Opex/GWP Ratio 122.1% 117.9% 119.2% 97.9% 33.1% 21.3% 36.8% 0.7% 65.8% 66.6% 61.3% 51.4% 14.9% 16.0% 16.9% 16.5% 27.7% 30.8% 31.0% 30.7% FY21 FY22 H1FY22 H1FY23 FY21 FY22 H1FY22 H1FY23 Adjustment Impact Expense Ratio Adjusted Claims Ratio Profit Before Tax (PBT) Profit After Tax (PAT) PAT Adjusted PAT PBT Adjusted PBT (INR billion)5.9 5.8 (INR billion) 7.9 7.6 3.9 5.2 3.1 4.1 -5.1 -5.1 -3.8 -3.8 -14.5 -14.0 -10.9 -10.4 FY21 FY22 H1FY22 H1FY23 FY21 FY22 H1FY22 H1FY23 Note: Adjustments for FY21 excludes impact of exit from VQST reinsurance, clean cut URR, change in URR accounting to 1/365 basis, exceptional COVID -19 claims impact, One time expenses (Sweat Equity, Intangibles –IT Software, Provision for Doubtful Debts (RSBY) and Goodwill Gesture Scheme); Adjustments for FY22 excludes COVID-19 claims impact, Non business ESOP cost. Adjustments for H1FY22 and H1FY23 includes COVID 16 impact but excludes Non business ESOP cost. Note: FY2021 and FY2022 numbers are basis 1/365 URR method Robust Investment Performance 6 Total Investments Assets Investment Income INR billion Investment Leverage INR billion 2.5x +87% 2.4x 2.3x 120 2.5 1.9x 100 2.0 80 -5% 1.5 60 114 117 7.9 1.0 40 86 68 4.2 4.3 4.1 0.5 20 0 0.0 FY21 FY22 H1FY22 H1FY23 FY21 FY22 H1FY22 H1FY23 Steady Returns... …with fixed income portfolio Long-Term Funds Short-Term Funds Government Bank FDs, Overnight 77% Securities, State Mutual Funds, CPs, 9.8 Development Loans, CDs, T-Bills, CMBs, 7.1 8.2 7.1 Corporate Bonds, Short Maturity Bonds AAA, Govt. Fixed Deposits, and Tri-Party REPOs Portfolio & FD REITs, InvITs and (TREPs) ETFs FY21 FY22 H1FY22 H1FY23 Note: Quarterly returns are annualised 17 Glossary Particulars FY FinancialYear GWP Gross Written Premium CAGR Cumulative Annual Growth Rate Y-o-Y Year-on-Year VQST VoluntaryQuota Share Treaty URR Unexpired Risk Reserve ANH Agreed Network Hospitals PA PersonalAccident SME Small and MediumEnterprises TAT Turn Around Time 19