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Star Health Q1 FY27: PAT up 25% to ₹550 Cr, Underwriting Profit surges to ₹111 Cr
Star Health reported a strong Q1 FY27 with Gross Written Premium (GWP) growing 19% YoY to ₹4,287 crore. A significant highlight is the core underwriting profit, which jumped to ₹111 crore from just ₹16 crore in the same quarter last year, marking four consecutive quarters of improvement. Net profit rose 25% to ₹550 crore, while normalized PAT (at 8% yield) grew 44% to ₹386 crore. The company continues to expand its distribution, adding 20,000 agents to reach a total of 8.5 lakh.
Confidence: HIGH
What changedThe company has successfully transitioned to a higher underwriting profitability trajectory, moving from a near-break-even underwriting result a year ago to a robust ₹111 crore profit this quarter.
Why it mattersAs India's largest standalone health insurer, Star Health's shift toward 'normalized' ROE of 15.6% (up from 12.2%) demonstrates that its strategy of repricing and risk-based underwriting is yielding financial results despite a slight dip in market share.
Q1 FY27 PAT: ₹550 crUnderwriting Profit: ₹111 crGWP Growth (YoY): 19%Fresh Retail GWP Growth: 37%Annualized ROE: 15.6%Retail Market Share: 29%
📅 Short termThe stock may react positively to the sharp improvement in underwriting results and the 44% growth in normalized PAT, indicating better operational efficiency.
📈 Long termThe company's focus on proprietary channels (90%+ of retail business) and digital sourcing (97% of new apps) provides a structural cost advantage and better control over claim outcomes over the long term.
⚠ Risk flags
- Seasonal claims inflation from dengue/malaria in Q2
- Market share compression (down to 29% from 31% YoY)
- Regulatory shifts in Bancassurance impacting growth
Key Highlights
Gross Written Premium (GWP) increased 19% YoY to ₹4,287 crore on a 1/N basis
Underwriting profit improved significantly to ₹111 crore from ₹16 crore in Q1 FY26
Fresh Retail Health GWP grew 37% YoY to ₹730 crore, with 94% being new-to-insurance customers
Combined Insurance Service Ratio (CISR) improved by 170 bps to 97% from 98.7% YoY
Agent network expanded to 8.5 lakh with a 19% YoY improvement in agent productivity
👀 What to Watch
Watch for the sustainability of underwriting margins in Q2, which typically sees higher claims due to seasonal infectious diseases, and monitor if the retail market share (currently 29%) stabilizes after recent pricing corrections.
25% PAT Growth to ₹550 Cr in Q1 FY27; Underwriting Profit Surges to ₹111 Cr
Star Health reported a strong Q1 FY27 with Profit After Tax (PAT) rising 25% YoY to ₹550 Cr, driven by a 19% growth in Gross Written Premium (GWP) to ₹4,287 Cr. The company achieved a significant turnaround in underwriting profitability, with the underwriting result jumping to ₹111 Cr from ₹16 Cr in the previous year. The Combined Insurance Service Ratio (CISR) improved to 97.0% from 98.7%, reflecting better cost management and a lower loss ratio of 67.5%. Retail fresh business grew by 37%, supported by a massive 142% growth in the D2C channel.
Confidence: HIGH
What changedThe company transitioned from marginal underwriting profitability to a more substantial contribution (₹111 Cr) while maintaining high double-digit premium growth and improving its loss ratio.
Why it mattersImproved underwriting margins and lower loss ratios (67.5% vs 68.5%) indicate better risk selection and operational efficiency, which are critical for a standalone health insurer's long-term ROE and valuation.
PAT (Q1 FY27): ₹550 CrGWP Growth (YoY): 19%Underwriting Result: ₹111 CrCombined Insurance Service Ratio: 97.0%D2C Fresh GWP Growth: 142%PAT vs TTM PAT: 98.7%
📅 Short termPositive market reaction is likely as the company beat underwriting expectations and showed strong growth in fresh retail premiums.
📈 Long termStructural improvement in the distribution mix (D2C growth) and agency productivity (8.5 lakh agents) could lead to sustained ROE expansion, which was 22.3% (annualized) this quarter.
⚠ Risk flags
- Dependency on hospital network pricing
- Potential claims inflation if loss ratios revert above 70%
- Regulatory shifts in Banca growth channels
Key Highlights
Gross Written Premium (GWP) grew 19% YoY to ₹4,287 Cr for the quarter ended June 30, 2026
Profit After Tax (PAT) increased by 25% to ₹550 Cr compared to ₹438 Cr in Q1 FY26
Underwriting Result improved significantly to ₹111 Cr from ₹16 Cr in the same period last year
Retail Fresh GWP saw a robust 37% YoY growth, reaching ₹730 Cr
Combined Insurance Service Ratio (CISR) improved to 97.0% from 98.7% YoY, indicating better operational efficiency
👀 What to Watch
Monitor the sustainability of the improved CISR (below 100% indicates underwriting profit) and the growth trajectory of the high-margin D2C channel, which grew 142% YoY.
₹550 Cr PAT in Q1 FY27, up 25% YoY; Underwriting Profit jumps 6x to ₹111 Cr
Star Health reported a robust start to FY27 with PAT rising 25% YoY to ₹550 Cr, which is nearly 99% of its total FY26 PAT in just one quarter. Underwriting profit saw a massive jump to ₹111 Cr from ₹16 Cr in the previous year, driven by disciplined risk selection. Gross Written Premium (GWP) grew 19% YoY to ₹4,287 Cr, with fresh retail health GWP showing a strong 37% growth. The Combined Insurance Service Ratio (CISR) improved to 97.0% from 98.7%, indicating better operational efficiency and claims management.
Confidence: HIGH
What changedStar Health has significantly improved its underwriting profitability and claims settlement efficiency, leading to a quarterly PAT that almost matches its entire previous year's profit.
Why it mattersThe sharp rise in underwriting profit and improvement in CISR suggest the company is successfully repricing its portfolio and managing claims inflation, which are critical for long-term profitability in the health insurance sector.
Q1 FY27 PAT: ₹550 CrQ1 PAT vs FY26 Annual PAT: 98.7%Underwriting Profit: ₹111 CrGWP Growth (YoY): 19%Combined Insurance Service Ratio: 97.0%Fresh Retail GWP Growth: 37%
📅 Short termThe stock is likely to react positively to the significant earnings beat and the sharp improvement in underwriting margins.
📈 Long termThe structural shift towards digital sourcing (97% of fresh policies) and expansion of the agent network to 8.5 lakh+ positions the company well to maintain its 32-33% retail market share.
⚠ Risk flags
- Dependency on hospital network pricing
- Potential claims inflation if loss ratios exceed 70%
Key Highlights
Profit After Tax (PAT) increased 25% YoY to ₹550 Cr in Q1 FY27.
Underwriting Profit grew 6x to ₹111 Cr compared to ₹16 Cr in Q1 FY26.
Fresh Retail Health GWP surged 37% YoY to ₹730 Cr.
Combined Insurance Service Ratio (CISR) improved by 170 bps to 97.0%.
Digital D2C channel sales grew 142% YoY, now contributing 16% of fresh retail sales.
👀 What to Watch
Investors should monitor the sustainability of the improved 97% Combined Insurance Service Ratio (CISR) and the continued growth in the high-margin retail segment. Watch for the execution of the agent expansion plan to 1 million to see if it maintains the current 19% GWP growth momentum.
Rs 438 Cr Q1 PAT: Star Health Adopts Ind AS Accounting Standards
Star Health reported a flat Net Profit of Rs 438.18 Cr for Q1 FY27, matching the restated Ind AS profit from the same quarter last year. Insurance revenue grew 13.4% YoY to Rs 4,917.20 Cr. This quarter marks the mandatory transition to Ind AS 117 (Insurance Contracts) and Ind AS 109 (Financial Instruments), which significantly alters how liabilities and financial assets are valued. The company noted that seasonality, particularly the monsoon, typically leads to higher claims in the upcoming months.
Confidence: HIGH
What changedThe company transitioned its financial reporting from Indian GAAP to Ind AS, specifically adopting Ind AS 117 for insurance contracts and Ind AS 109 for financial instruments.
Why it mattersThe transition to Ind AS 117 is a major structural change in how insurance companies recognize revenue and liabilities, aligning Star Health with global accounting standards and providing a more granular view of insurance service results.
Insurance Revenue (Q1): Rs 4,917.20 CrNet Profit (Q1): Rs 438.18 CrRevenue vs TTM Revenue: 27.6%Investment Income: Rs 643.59 CrYoY Revenue Growth: 13.4%
📅 Short termThe stock may see neutral to slightly cautious sentiment as the market adjusts to the new Ind AS reporting format and the flat YoY profit performance.
📈 Long termThe adoption of Ind AS 117 provides better transparency into the profitability of the insurance book over time, though the company's focus on retail health and agent expansion remains the primary long-term growth driver.
⚠ Risk flags
- Seasonality (higher claims expected in monsoon)
- Claims inflation
- Accounting complexity during Ind AS transition
Key Highlights
Insurance revenue increased 13.4% YoY to Rs 4,917.20 Cr from Rs 4,336.42 Cr
Net Profit remained flat at Rs 438.18 Cr compared to the restated Ind AS figure for Q1 FY26
Investment income rose to Rs 643.59 Cr for the quarter
Incurred claims for the quarter stood at Rs 2,951.43 Cr
Granted 10,90,409 ESOP options and allotted 1,73,407 equity shares during the period
👀 What to Watch
Investors should focus on the 'Combined Ratio' and claims performance in the next quarter (Q2), as the company explicitly flagged higher seasonal claims during the monsoon. Monitor how the transition to Ind AS 117 affects long-term margin reporting.
Star Health Q1 Revenue Up 13.4% YoY to Rs 4,917 Cr; 4,700 NCDs to be Redeemed
Star Health reported Q1 FY27 insurance revenue of Rs 4,917.2 Cr, a 13.4% increase from Rs 4,336.4 Cr in the same quarter last year. Incurred claims for the quarter stood at Rs 2,951.4 Cr, reflecting a claims-to-revenue ratio of approximately 60%. The board also approved the full redemption of 4,700 listed NCDs in two tranches by October 2026 and initiated the reclassification of 97 promoter group entities (including the Estate of Late Rakesh Jhunjhunwala) to the public category.
Confidence: HIGH
What changedThe company released its Q1 FY27 financial results, set a timeline for debt redemption, and began simplifying its promoter shareholding structure.
Why it mattersThe results show steady top-line growth in the retail health segment, while the NCD redemption will reduce future interest obligations and the promoter reclassification cleans up the cap table.
Insurance Revenue (Q1 FY27): Rs 4,917.2 CrInsurance Revenue (Q1 FY26): Rs 4,336.4 CrIncurred Claims: Rs 2,951.4 CrTotal NCDs for Redemption: 4,700 unitsRevenue vs TTM Revenue: ~27.6%
📅 Short termThe stock may see neutral to slightly positive movement as the market digests the 13.4% revenue growth and the impact of debt reduction.
📈 Long termThe company's focus on expanding its agent network to 1 million and maintaining its 32-33% retail health market share remains the primary long-term value driver.
⚠ Risk flags
- Claims inflation
- High P/E ratio of 63.0 relative to historical PAT growth
- Regulatory shifts in banking distribution (Banca growth)
Key Highlights
Insurance revenue grew to Rs 4,917.2 Cr in Q1 FY27 from Rs 4,336.4 Cr in Q1 FY26
Incurred claims for the quarter ended June 30, 2026, were Rs 2,951.4 Cr
Board approved redemption of 4,000 NCDs on September 30, 2026, and 700 NCDs on October 29, 2026
Reclassification of 97 promoter group entities to the public category was approved, subject to member consent
Investment income for the quarter stood at Rs 643.6 Cr (Rs 64,359 lakhs)
👀 What to Watch
Investors should monitor the full financial statement to assess the Combined Ratio and Net Profit Margin, as the current revenue growth of 13.4% is slightly below the company's long-term target of 16%.
Star Health Approves Transmission of 8.28 Cr Shares & Board Reconstitution
Star Health has approved the transmission of 8,28,82,958 equity shares held by the late Mr. Rakesh Jhunjhunwala to his estate following a court probate. In a related move, Mr. Utpal Sheth resigned as the nominee director for the Jhunjhunwala estate and was immediately appointed as an Additional Director representing the promoter, Sitara Partners LLP. Additionally, two independent directors, Mr. Rajeev Agarwal and Ms. Rajni Sibal, are scheduled to retire on July 15, 2026, after completing their five-year terms. These changes formalize the shareholding transition while maintaining leadership continuity on the board.
Key Highlights
Transmission of 8,28,82,958 equity shares from the estate of the late Mr. Rakesh Jhunjhunwala approved.
Mr. Utpal Sheth appointed as Additional Director representing Sitara Partners LLP (Promoter).
Retirement of Independent Directors Mr. Rajeev Agarwal and Ms. Rajni Sibal effective July 15, 2026.
Mr. Utpal Sheth's appointment follows IRDAI approval received on April 06, 2026.
The board meeting concluded within 15 minutes, indicating a focused agenda on procedural transitions.
👀 What to Watch
Investors should view this as a routine formalization of shareholding and board seats following the passing of a major investor. No immediate action is required as the transition ensures continuity of experienced leadership.
Star Health Shareholders Approve Promoter Reclassification and Director Remuneration Revisions
Star Health and Allied Insurance Company Limited has announced the results of its postal ballot, where shareholders approved eight key resolutions. A major highlight is the approval of the reclassification of certain 'promoter/promoter group' entities to the 'public' category with 99.99% support. Shareholders also greenlit remuneration revisions for the MD & CEO, Anand Roy, and other Whole-time Directors for FY 2026-27, alongside the continuation of Sumir Chadha as a Nominee Director.
Key Highlights
Reclassification of promoter/promoter group to public category approved with 99.99% of valid votes.
Remuneration revisions for MD & CEO Anand Roy and two Whole-time Directors for FY 2026-27 passed with 99.35% approval.
Continuation of Mr. Sumir Chadha as Nominee Director of Safecrop Investments India LLP approved with 93.76% votes.
Remuneration for Chairperson Rajeev Kher and Independent Directors approved with over 99.8% majority.
The e-voting process saw participation from over 600 members for various resolutions.
👀 What to Watch
Investors should note the high level of shareholder consensus on management compensation and structural changes; no immediate action is required as these are standard governance procedures.
Star Health Shareholders Approve Promoter Reclassification and Executive Pay Revisions
Star Health and Allied Insurance Company Limited has successfully passed eight resolutions via postal ballot with significant shareholder support. A key resolution for the reclassification of certain promoters to the public category was approved with 99.99% favor. Additionally, shareholders approved revised remuneration for the MD & CEO, Anand Roy, and other Whole-time Directors for FY 2026-27 with over 99.35% approval. The continuation of Mr. Sumir Chadha as a Nominee Director was also confirmed, receiving 93.76% of the total votes polled.
Key Highlights
Promoter reclassification to public category approved with a near-unanimous 99.99% vote.
Remuneration revisions for MD & CEO Anand Roy and other top executives passed with over 99.35% support.
Continuation of Nominee Director Sumir Chadha secured 93.76% total votes, despite 18.49% institutional opposition.
Remuneration for Chairperson Rajeev Kher and other Independent Directors approved with over 99.89% favor.
Overall voting turnout for the postal ballot was high, representing approximately 88.09% of outstanding shares.
👀 What to Watch
Investors should take confidence in the strong shareholder mandate for the current management and the successful reclassification of promoter holdings. The high approval for executive pay suggests alignment between the board and shareholders regarding leadership performance.
Star Health FY26 PAT Rises 16% to ₹911 Cr; GWP Crosses ₹20,000 Cr Milestone
Star Health reported a strong financial performance for FY26, with Gross Written Premium (GWP) growing 16% to ₹20,369 crore. The company achieved a significant turnaround in underwriting, posting a profit of ₹206 crore compared to a loss of ₹165 crore in FY25. Net profit (PAT) increased 16% YoY to ₹911 crore, while normalized PAT (at 8% yield) surged 45% to ₹1,222 crore. The combined ratio improved to 98.8% from 101.1%, reflecting better loss management and operating leverage.
Key Highlights
Gross Written Premium (GWP) grew 16% YoY to ₹20,369 crore, crossing a major milestone.
Combined ratio improved by 230 basis points to 98.8% in FY26 from 101.1% in FY25.
Loss ratio saw a 200 bps improvement to 68.7% for the full year, with Q4 loss ratio at 65.2%.
Maintained dominant retail market share of 31.3% with 90% of retail business from proprietary channels.
Normalized Return on Equity (ROE) expanded significantly to 13.1% in FY26 from 10.1% in FY25.
👀 What to Watch
Investors should take note of the successful turnaround in underwriting profitability and the consistent improvement in loss ratios across quarters. The company's market leadership and shift towards a more profitable retail mix make it a strong play in the expanding health insurance sector.
Star Health FY26 PAT Rises 16% to ₹911 Cr; Combined Ratio Improves to 98.8%
Star Health reported a steady performance for FY26, with Gross Written Premium growing 16% YoY to ₹20,369 crore. The company's profitability improved, with IND AS PAT rising 16% to ₹911 crore and normalized PAT jumping 45% to ₹1,222 crore. Operational efficiency was evident as the combined ratio improved from 101.1% to 98.8%, driven by a lower loss ratio of 68.7%. Despite a Q4 loss due to significant mark-to-market investment hits, the core underwriting business remains robust with a 99% renewal ratio.
Key Highlights
Gross Written Premium (GWP) grew 16% YoY to ₹20,369 crore in FY26.
Combined Ratio improved significantly to 98.8% from 101.1% in the previous year.
Retail health renewal ratio reached a high of 99%, up from 97% in FY25.
Agency network expanded to 8.3 lakh agents, contributing to 37% fresh retail growth.
Solvency ratio remains strong at 2.05x, well above the regulatory requirement.
👀 What to Watch
Investors should focus on the improving combined ratio and strong renewal persistency, which indicate high customer loyalty and better underwriting. The Q4 loss is primarily due to non-cash MTM investment adjustments rather than core business weakness.
Star Health FY26 PAT Rises 16% to ₹911 Cr; Combined Ratio Improves to 98.8%
Star Health reported a 16% YoY growth in Gross Written Premium (GWP) to ₹20,369 crore for FY26, driven by a 37% surge in retail fresh business. The company's Profit After Tax (PAT) under IND AS stood at ₹911 crore, while normalized PAT saw a robust 45% growth to ₹1,222 crore. Operational efficiency improved as the Combined Ratio dropped from 101.1% to 98.8%, and the Loss Ratio decreased to 68.7% from 70.7% YoY. The company maintained a strong solvency ratio of 2.05x and achieved a high renewal persistency of 99%.
Key Highlights
Gross Written Premium (GWP) grew 16% YoY to ₹20,369 crore in FY26
Combined Ratio improved to 98.8% from 101.1% in the previous fiscal year
Retail fresh GWP growth recorded at 37% YoY with a 99% renewal persistency ratio
Underwriting profit turned positive at ₹206 crore compared to a loss of ₹165 crore in FY25
Agency force increased to 8.3 lakh agents, with digital channel GWP growing 35% YoY to ₹928 crore
👀 What to Watch
Investors should monitor the continued improvement in the combined ratio and the company's ability to maintain retail market leadership. The shift to positive underwriting profit is a key milestone for long-term value creation.
Star Health FY26 PAT Rises 16% to INR 911 Cr; Underwriting Turns Profitable
Star Health reported a strong financial performance for FY26, with Profit After Tax (PAT) growing 16% YoY to INR 911 Crores. The company achieved a significant turnaround in underwriting, posting a profit of INR 206 Crores compared to a loss of INR 165 Crores in the previous year. Gross Written Premium grew by 16% to INR 20,369 Crores, driven by a 20% surge in the retail health segment where the company maintains a dominant 31% market share. Key efficiency metrics like the Combined Ratio improved to 98.8%, reflecting better risk selection and operational discipline.
Key Highlights
PAT increased by 16% YoY to INR 911 Crores in FY26 from INR 787 Crores in FY25
Gross Written Premium (GWP) grew 16% to INR 20,369 Crores, with Retail Health growing 20% to INR 19,341 Crores
Combined Ratio improved significantly by 236 bps to 98.8%, moving below the critical 100% threshold
Underwriting performance turned positive with a profit of INR 206 Crores against a loss of INR 165 Crores in FY25
Retail health market share remains strong at 31% with a robust 99% renewal persistency
👀 What to Watch
Investors should note the significant improvement in underwriting profitability and the combined ratio, which indicates a shift toward more sustainable margins. The company's dominant retail market share and high persistency make it a strong long-term play in the health insurance sector.
Star Health FY26 PAT at ₹645.86 Cr; Gross Premium Grows 9.7% to ₹16,741 Cr
Star Health reported a standalone Net Profit of ₹645.86 crore for FY26, a decline from ₹750.98 crore in the previous fiscal year. Despite the annual profit dip, Gross Premium income showed steady growth, rising 9.7% YoY to reach ₹16,741 crore. The company's solvency ratio remains healthy at 2.05, well above the regulatory requirement, though the combined ratio increased slightly to 102.07%, indicating higher claims and operating costs.
Key Highlights
Gross Premium income increased to ₹16,741 crore in FY26 compared to ₹15,251 crore in FY25.
Full-year Net Profit (PAT) stood at ₹645.86 crore, down approximately 14% from ₹750.98 crore YoY.
Solvency ratio remains robust at 2.05x, providing a significant cushion over the 1.50x regulatory mandate.
Combined ratio, a key profitability metric, rose to 102.07% from 100.47% in the previous year.
Earnings Per Share (EPS) for the full year decreased to ₹9.47 from ₹11.01 in FY25.
👀 What to Watch
Investors should monitor the rising combined ratio and its impact on underwriting margins despite steady premium growth. The stock remains a watch as the company balances market share expansion with bottom-line profitability.
Star Health's AA+ Issuer Rating Reaffirmed by Care Ratings with Stable Outlook
Care Ratings Limited has reaffirmed the credit ratings for Star Health and Allied Insurance Company Limited, signaling continued financial stability. The company's issuer rating remains at 'AA+' with a Stable outlook, while its subordinate debt rating is maintained at 'AA' with a Stable outlook. This reaffirmation reflects the rating agency's confidence in the insurer's creditworthiness and ability to service its debt obligations. The disclosure was made in compliance with SEBI Listing Obligations and Disclosure Requirements.
Key Highlights
Care Ratings reaffirmed the Issuer Rating at AA+ with a Stable outlook.
The rating for the company's subordinate debt was reaffirmed at AA with a Stable outlook.
The announcement confirms compliance with SEBI Regulations 30 and 55.
Ratings reaffirmation indicates a consistent credit profile and financial health for the insurer.
👀 What to Watch
Investors should take this as a positive sign of the company's credit strength and financial stability. No immediate portfolio changes are necessary as the ratings remain unchanged from previous levels.
Star Health Appoints Himanshu Walia and Amitabh Jain as Whole-time Directors for 5 Years
Star Health has received IRDAI approval to appoint Mr. Himanshu Walia and Mr. Amitabh Jain as Whole-time Directors and Key Managerial Personnel for a five-year term starting February 11, 2026. Mr. Walia, the current Chief Marketing Officer, has been with the company since 2007 and brings over 22 years of insurance experience. Mr. Jain, the current Chief Operating Officer and a former founding member of ICICI Lombard, has over 25 years of experience in financial services. These appointments strengthen the leadership team by elevating experienced internal executives to the board level.
Key Highlights
Appointment of two Whole-time Directors for a fixed term of 5 years effective February 11, 2026
Mr. Himanshu Walia (CMO) brings 22+ years of experience and has been with Star Health since 2007
Mr. Amitabh Jain (COO) has 25+ years of experience and was a founding member of ICICI Lombard
Appointments have received formal regulatory approval from IRDAI
👀 What to Watch
Investors should view this as a positive move for leadership continuity and operational stability. Monitor the company's execution on digital transformation and market share growth under this strengthened leadership team.
Star Health Q3 FY26 PAT Jumps to ₹449 Cr; Combined Ratio Improves to 98.9%
Star Health reported a robust Q3 FY2026 with Gross Written Premium (GWP) increasing 23% YoY to ₹5,047 crore, supported by a 45% surge in fresh business. Profit After Tax (PAT) under IND AS rose significantly to ₹449 crore from ₹87 crore in the previous year, driven by a 320 bps improvement in the combined ratio to 98.9%. The company maintained its market leadership with a 31.3% retail health market share and improved its 9M PAT by 87% YoY to ₹966 crore. Management highlighted a strategic shift towards high-margin retail business, which now constitutes 95% of the total portfolio.
Key Highlights
Q3 GWP grew 23% YoY to ₹5,047 crore, with fresh business growth at 45% and renewal growth at 17%.
Combined ratio improved by 320 bps YoY to 98.9% in Q3 FY26, leading to an underwriting profit of ₹46 crore.
9M FY26 PAT increased 87% YoY to ₹966 crore, supported by an investment yield of 9.6%.
Retail loss ratio decreased to 68.4% in Q3 FY26, down 103 bps from the previous year.
Digital D2C channel grew 35% YoY in 9M FY26, contributing 20% of all fresh business premiums.
👀 What to Watch
Investors should note the significant operational turnaround as the company achieved underwriting profitability and a sub-100% combined ratio. The strong growth in the high-margin retail and digital segments, coupled with disciplined claims management, makes the stock a strong play on the expanding Indian health insurance sector.
Star Health Q3 FY26 PAT Surges 414% YoY to ₹449 Cr; Combined Ratio Improves to 98.9%
Star Health reported a massive 414% YoY growth in Profit After Tax (PAT) to ₹449 crore for Q3 FY26, driven by strong premium growth and improved operational efficiency. The Gross Written Premium (GWP) grew 23% YoY to ₹5,047 crore, with the retail segment showing a robust 27% growth. A significant improvement was seen in the Combined Ratio, which dropped to 98.9% from 102.1% a year ago, primarily due to a 301 bps reduction in the Loss Ratio. Investment income also played a crucial role, jumping 176% YoY to ₹569 crore.
Key Highlights
Q3 PAT grew 414% YoY to ₹449 Cr, while 9M PAT rose 87% to ₹966 Cr
Gross Written Premium (GWP) increased 23% YoY to ₹5,047 Cr in Q3 FY26
Combined Ratio improved by 317 bps to 98.9%, indicating underwriting profitability
Retail GWP grew 27% YoY to ₹4,838 Cr, maintaining a 31.3% market share in the retail segment
Investment income surged 176% YoY to ₹569 Cr in Q3 FY26
👀 What to Watch
The strong improvement in the combined ratio below 100% and robust retail growth signal a turnaround in underwriting profitability. Investors should monitor the sustainability of the loss ratio moderation and the impact of the transition to Ind AS reporting.
Star Health 9M FY26 PAT Jumps 87% to ₹966 Cr; Combined Ratio Improves to 99.8%
Star Health reported a robust 87% YoY increase in Profit After Tax (PAT) to ₹966 crore for 9M FY26, supported by higher investment income and improved underwriting. Gross Written Premium (GWP) rose 16% to ₹13,856 crore, with the core retail segment growing at 20%. The combined ratio improved to 99.8% from 102.1% YoY, reflecting better expense management and lower loss ratios. However, fresh GWP from the bancassurance channel declined by 8% during the period.
Key Highlights
Net Profit (PAT) surged 87% YoY to ₹966 crore in 9M FY26 compared to ₹516 crore in 9M FY25
Combined Ratio improved to 99.8%, signaling a shift towards underwriting profitability
Retail Health GWP reached ₹13,170 crore, representing a 20% YoY growth and 31% market share
Investment income grew to ₹1,320 crore with an annualized yield of 9.6%
Renewal ratio (persistency) strengthened significantly to 99% compared to 95% in 9M FY25
👀 What to Watch
The stock remains a strong play on the Indian health insurance sector given its market leadership and improving operational metrics. Investors should monitor the sustainability of the combined ratio below 100% and the recovery in the bancassurance channel.
Star Health 9M FY26 PAT Surges 87% to ₹966 Crore; Combined Ratio Improves to 99.8%
Star Health reported a robust performance for 9M FY26, with Profit After Tax (PAT) under IND AS rising 87% YoY to ₹966 crore. A key highlight is the improvement in the combined ratio to 99.8% from 102.1% in 9M FY25, signaling a return to underwriting profitability. Gross Written Premium (GWP) grew 16% YoY to ₹13,856 crore, while the company maintained a dominant 31% market share in the retail health segment. Investment income also provided a significant boost, growing 39% to ₹1,320 crore.
Key Highlights
PAT (IND AS) increased by 87% YoY to ₹966 crore for the nine-month period.
Combined Ratio improved significantly to 99.8% from 102.1% in 9M FY25.
Gross Written Premium (GWP) grew 16% YoY to ₹13,856 crore.
Retail health market share remains industry-leading at 31% with a 99% renewal ratio.
Solvency ratio remains strong at 2.14x, providing a comfortable capital cushion.
👀 What to Watch
The shift to a sub-100% combined ratio is a major positive milestone for underwriting health. Investors should maintain a positive outlook given the strong PAT growth and market leadership, while monitoring competitive pressures on retail market share.
Star Health Q3 FY26: PAT Surges 414% YoY to ₹449 Cr; Combined Ratio Improves to 98.9%
Star Health reported a massive 414% YoY increase in Profit After Tax to ₹449 crore for Q3 FY26, driven by strong premium growth and improved underwriting margins. The Gross Written Premium grew 23% YoY to ₹5,047 crore, with the retail segment leading the charge at 27% growth. Crucially, the combined ratio improved significantly to 98.9% from 102.1% a year ago, indicating the company is now operating profitably on an underwriting basis. Investment income also saw a substantial jump of 176% YoY to ₹569 crore, further boosting the bottom line.
Key Highlights
PAT grew 414% YoY to ₹449 Cr in Q3 FY26, while 9M FY26 PAT rose 87% to ₹966 Cr
Gross Written Premium (GWP) increased 23% YoY to ₹5,047 Cr, driven by 27% growth in Retail GWP
Combined Ratio improved by 317 bps YoY to 98.9%, with the Loss Ratio moderating to 68.8%
Investment income surged 176% YoY to ₹569 Cr, supported by a healthy investment yield of 9.6%
Maintained market leadership in Retail Health with a 31.3% market share for 9M FY26
👀 What to Watch
The significant improvement in the combined ratio below 100% and robust retail growth signal a strong operational turnaround. Investors should monitor if this underwriting discipline and loss ratio moderation are sustained in future quarters.
