STARHEALTH - Star Health Insu
📢 Recent Corporate Announcements
Star Health and Allied Insurance Company Limited has officially released the audio recording of its earnings conference call for the fourth quarter and full financial year ending March 2026. The call was conducted on April 29, 2026, following the company's annual financial results announcement. This disclosure provides all shareholders and potential investors with access to management's detailed commentary on the company's performance. Such recordings are vital for understanding the underlying drivers of the company's financial health and future guidance.
- Audio recording of the Q4 and FY 2026 earnings call is now available via a public web link.
- The earnings call was held on April 29, 2026, as per the prior intimation dated April 20, 2026.
- The recording allows investors to hear management's direct responses to analyst queries regarding the insurance business.
- This is a routine regulatory filing under SEBI (Listing Obligations and Disclosure Requirements) Regulations.
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.
- 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.
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%.
- 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
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.
- 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
Star Health and Allied Insurance has received formal no-objection letters from both BSE and NSE for the reclassification of two entities. Ebano Private Limited and GS E-Commerce Private Limited have been moved from the 'Promoter/Promoter Group' category to the 'Public' category. This approval follows the company's initial application submitted on January 30, 2026, under SEBI Regulation 31A. Such reclassifications are standard administrative procedures and typically do not impact the company's operational fundamentals.
- BSE and NSE granted no-objection for reclassification via letters dated April 27, 2026.
- Entities reclassified include Ebano Private Limited and GS E-Commerce Private Limited.
- The reclassification process was initiated by the company on January 30, 2026.
- The change is compliant with Regulation 31A of SEBI (Listing Obligations and Disclosure Requirements) 2015.
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.
- 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.
Star Health and Allied Insurance Company Limited has filed its quarterly compliance certificate for the period ending March 31, 2026. The filing confirms that the company and its Registrar, Kfin Technologies, have complied with SEBI Regulation 74(5) regarding the dematerialization of shares. This is a standard administrative requirement for all listed entities in India to ensure the integrity of shareholding records. There are no financial or operational updates contained within this specific disclosure.
- Compliance certificate for the quarter ended March 31, 2026, submitted to BSE and NSE.
- Confirms adherence to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.
- Kfin Technologies Limited acted as the Registrar and Transfer Agent (RTA) for this process.
- The filing ensures that all dematerialization and rematerialization requests were processed and reported correctly.
Star Health and Allied Insurance Company Limited has announced the closure of its trading window starting April 1, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015. The window will remain closed for all designated persons and their immediate relatives until 48 hours after the declaration of the audited financial results for the quarter and financial year ending March 31, 2026. The specific date for the board meeting to approve these results has not yet been announced and will be shared in due course. This is a standard regulatory procedure for listed companies in India.
- Trading window closure begins on Thursday, April 1, 2026.
- Closure applies to all designated persons, insiders, and their immediate relatives.
- Window to reopen 48 hours after the announcement of audited Q4 and FY26 financial results.
- Board meeting date for financial results declaration to be intimated separately.
Star Health and Allied Insurance Company Limited has scheduled a meeting with HDFC Life on March 30, 2026. The meeting is set to take place in Mumbai from 12:30 P.M. to 1:30 P.M. IST. This interaction is part of the company's routine engagement with institutional investors under SEBI disclosure regulations. Such meetings typically involve discussions on business performance and future outlook based on publicly available information.
- Meeting scheduled with institutional investor HDFC Life on March 30, 2026
- Interaction duration is planned for 1 hour between 12:30 P.M. and 1:30 P.M. IST
- Disclosure made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015
- Company has provided a link to the investor presentation for public access
Star Health and Allied Insurance Company Limited has announced a physical meeting with institutional investor HDFC Life. The meeting is scheduled for March 30, 2026, in Mumbai from 12:30 P.M. to 1:30 P.M. IST. This is a routine regulatory disclosure under SEBI (LODR) Regulations, 2015, aimed at maintaining transparency with large institutional stakeholders. The company has also shared a link to the investor presentation that will be used during the session.
- One-on-one physical meeting scheduled with HDFC Life on March 30, 2026.
- The meeting is set for a 1-hour duration between 12:30 P.M. and 1:30 P.M. IST.
- Disclosure made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- Company has provided a specific URL for accessing the meeting presentation for public viewing.
Star Health and Allied Insurance Company Limited has scheduled a series of meetings with four prominent institutional investors on March 27, 2026, in Mumbai. The participating firms include Abakkus Asset Manager LLP, Sageone Investment Managers LLP, Singularity AMC, and Param Capital. These interactions are scheduled throughout the day from 09:30 AM to 05:00 PM IST. The company noted that the disclosure was made at shorter notice due to business exigencies on the part of the investors.
- Meetings scheduled with 4 major institutional investors including Abakkus and Sageone.
- Interaction sessions are spread across 4 time slots on Friday, March 27, 2026.
- The company issued a shorter notice for the meeting citing investor-side exigencies.
- A dedicated presentation link for the meeting has been provided for public access.
Star Health and Allied Insurance Company Limited has scheduled a meeting with C WorldWide Asset Management on Monday, March 23, 2026. The meeting is slated to take place in Chennai between 2:00 PM and 3:00 PM IST. This disclosure is a routine filing under Regulation 30 of the SEBI (LODR) Regulations, 2015. Such meetings are standard practice for listed companies to engage with institutional investors regarding business updates.
- Meeting scheduled with C WorldWide Asset Management on March 23, 2026
- Interaction time set for 2:00 PM to 3:00 PM IST in Chennai
- Disclosure made in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations
- Company has provided a specific link to the investor presentation for stakeholder review
Star Health and Allied Insurance Company Limited has scheduled a meeting with C WorldWide Asset Management on March 23, 2026. The meeting is set to take place in Chennai from 2:00 P.M. to 3:00 P.M. IST. This disclosure is a routine regulatory requirement under SEBI (LODR) Regulations, 2015. The company has proactively shared the link to the investor presentation intended for this meeting.
- Meeting scheduled with C WorldWide Asset Management on March 23, 2026
- Interaction window set for one hour from 2:00 P.M. to 3:00 P.M. IST
- The meeting will be held in Chennai
- Company has provided a public link to the specific investor presentation for transparency
Star Health and Allied Insurance Company Limited has scheduled a series of meetings with five major institutional investors and asset management companies on March 19, 2026, in Mumbai. The participating entities include Fidelity International Limited, Nippon India AMC, Invesco AMC, DSP AMC, and Quantum AMC. These interactions are part of the company's regular engagement with the financial community to discuss business outlook and performance. The company has proactively shared the link to its investor presentation to ensure transparency for all shareholders.
- Meetings scheduled with 5 prominent institutional investors and AMCs on March 19, 2026.
- Participants include Fidelity International, Nippon India AMC, Invesco AMC, DSP AMC, and Quantum AMC.
- The engagement sessions are scheduled to take place between 10:30 A.M. and 6:45 P.M. IST.
- A dedicated investor presentation link has been provided for public access to the discussion materials.
Star Health and Allied Insurance Company Limited has scheduled an institutional investor meeting with Amansa Capital on March 18, 2026. The meeting is slated to take place in Chennai from 3:30 PM to 4:15 PM IST. This is a routine disclosure under SEBI Listing Regulations to maintain transparency with market participants. Investors can access the company's current presentation via the provided cloudfront link to understand the latest business updates.
- Meeting with Amansa Capital scheduled for March 18, 2026, in Chennai.
- Interaction window is 45 minutes, specifically from 3:30 PM to 4:15 PM IST.
- Disclosure made under Regulation 30 of SEBI (LODR) Regulations, 2015.
- Company has provided a direct link to the ECPQ 3 FY 26 presentation for investor reference.
Financial Performance
Revenue Growth by Segment
Retail Health GWP grew 17% YoY to INR 8,332 Cr in H1 FY2026, driven by 24% growth in fresh retail premiums. In FY2025, the Agency channel contributed 82% of GWP with 16% YoY fresh business growth, while Digital grew 71% in fresh business, Banca grew 13%, and MSME grew 21%.
Geographic Revenue Split
The company operates across 25 states and 5 Union Territories, covering 724 out of 19,101 PIN codes. It maintains a branch network 3x larger than its nearest private competitor with 913 branches.
Profitability Margins
Profit After Tax (PAT) for FY2025 was INR 787 Cr, down from INR 1,103 Cr in FY2024. Return on Equity (ROE) stood at 9.5%. The combined ratio under IND AS was 101.1% in FY2025 compared to 97.3% in FY2024.
EBITDA Margin
Underwriting profitability was impacted by a claims ratio of 70.7% in FY2025 (up from 70.3% in FY2024). Expense of Management (EOM) was 30.7% in FY2024, providing operational flexibility below the 35% regulatory cap.
Capital Expenditure
Not explicitly disclosed in INR Cr, but the company added 74,000 new agents in FY2025 and expanded its home healthcare services to 156 cities.
Credit Rating & Borrowing
Maintains comfortable solvency at 2.21x as of March 2025, well above the 1.5x regulatory requirement. Solvency is supported by INR 470 Cr of subordinate debt.
Operational Drivers
Raw Materials
Claims Outgo (70.7% of GWP), Commission/Brokerage, and Operating Expenses (30.4% Expense Ratio).
Import Sources
Not applicable for insurance services; sourcing refers to domestic healthcare provider networks.
Key Suppliers
Network of 14,203 hospitals as of March 31, 2023, with 67% of claims paid via Agreed Network Hospitals (ANH).
Capacity Expansion
Current agent count is 7.75 lakhs, with a planned expansion to 1 million agents over the next three years to deepen penetration in non-metro cities.
Raw Material Costs
Claims ratio increased to 70.7% in FY2025 due to higher frequency and severity of hospitalizations. Proprietary AIML fraud detection delivered 35% savings growth in claims outgo.
Manufacturing Efficiency
96% of cashless claims processed within 3 hours; claim rejection rate reduced from 13% to 10% in FY2025.
Logistics & Distribution
Agency channel is the cornerstone, contributing 82% of GWP. Digital segment accounts for 8% of total business.
Strategic Growth
Expected Growth Rate
16%
Growth Strategy
Recalibration of group business (reducing GWP contribution from 9% to 7%), exiting unprofitable employer-employee portfolios, and repricing 65% of the retail book. Expansion of the agent network to 1 million and focus on high sum insured policies.
Products & Services
Retail health insurance policies, MSME/SME group insurance, and specialized products like the 'Superstar' policy and India's first Braille policy for the visually impaired.
Brand Portfolio
Star Health and Allied Insurance, Superstar Policy.
New Products/Services
Superstar policy (generated INR 580 Cr GWP), Braille policy, and tailored products for Gen Z and senior citizens under the FY2026 'Year of the Customer' initiative.
Market Expansion
Deepening penetration in non-metro cities and emerging towns via the 1-million agent expansion plan and 1,000+ Sales Manager Stations.
Market Share & Ranking
Largest standalone health insurer (SAHI) in India with 44% SAHI market share and 32-33% retail health market share.
Strategic Alliances
Banca channel partnerships with over 20,000 bank branches; 7% contribution to total business.
External Factors
Industry Trends
Health insurance industry (SAHI) grew at 25% CAGR (2019-2024). Future direction involves digital-first adoption (71% fresh digital business growth) and regulatory reporting shifts to annual premiums.
Competitive Landscape
Faces competition from general insurers and other SAHI players; Star maintains leadership despite a slight market share moderation from 33% to 32%.
Competitive Moat
Dominant retail market share (33%), massive distribution network (7.75 lakh agents), and 3x branch count vs competitors create high barriers to entry and network effects.
Macro Economic Sensitivity
Healthcare inflation and rising awareness of indemnity-based products drive demand; GDP growth supports middle-class insurance adoption.
Consumer Behavior
Shift toward higher sum assured and digital-to-consumer platforms (Star's online channel contributes 72% of its digital business).
Geopolitical Risks
Minimal direct impact due to domestic focus, though global economic developments can influence investment yields (7.7% in FY2025).
Regulatory & Governance
Industry Regulations
IRDAI mandates a 1.5x solvency ratio (Star is at 2.21x). New IRDAI reporting guidelines for long-tail policies (10% of Star's premium) impacted reported growth metrics.
Environmental Compliance
Rated India's most sustainable insurer by S&P Global with an ESG score of 53.
Taxation Policy Impact
Effective tax rate implied by PBT of INR 1,054 Cr and PAT of INR 787 Cr (approx 25.3%).
Legal Contingencies
Not disclosed in available documents; internal controls are reviewed quarterly by the Audit Committee.
Risk Analysis
Key Uncertainties
Single line of business risk (health only) exposes the company to event risks like pandemics or high claims inflation (claims ratio rose to 70.7%).
Geographic Concentration Risk
Covers 25 states; however, the company is consciously curtailing growth in 'riskier geographies' to maintain underwriting profitability.
Third Party Dependencies
Dependency on 20,000 partner bank branches for the Banca channel (7% of business) and 14,203 network hospitals.
Technology Obsolescence Risk
Mitigated by digital-first strategy, 1 Cr app downloads, and proprietary AIML platforms for fraud detection.
Credit & Counterparty Risk
Receivables quality is generally high in retail insurance due to upfront premium payments; investment portfolio of INR 17,889 Cr is the primary counterparty risk area.