26 slides from Star Health & Allied Insurance's earnings presentation, Jul 29, 2026
Slide 1: Earnings Call Presentation Q1 FY 2027 exchange filing letter
Date: July 29, 2026 Place: Chennai Ref: SHAI/B & S/SE/59/2026-27 To, To, The Manager, The Manager, Listing Department, Listing Department, BSE Limited, National Stock Exchange of India Limited, Phiroze Jeejeebhoy Tower, Exchange Plaza, 5th Floor, Plot C/1, Dalal Street, G Block, Bandra-Kurla Complex
Slide 2: Investor Presentation Q1 FY27
INVESTOR PRESENTATION Q1 FY27
Slide 3: Executive Summary: Q1FY27
Executive Summary: Q1FY27 Strategic Priorities Key Measures Sustainable Growth 4,287 Cr 730 Cr Granular retail distribution built on Proprietary Channels Gross Written Premium Retail Fresh GWP(1) (Agency and Digital D2C) (Reported; 1/N Basis) (Reported; 1/N basis) +19% YoY +37% YoY Core Underwriting
Slide 4: Contents
Contents Financial Performance Business landscape Capabilities & other updates
Slide 5: Financial Performance Snapshot
Financial Performance Snapshot FY25 FY26 Q1 FY26 Q1 FY27 Combined Insurance Service Ratio (CISR) 100.7% 98.4% 98.7% 97.0% Underwriting Result (₹ Cr) -151 198 16 111 Investment Income (₹ Cr) 1,260 1,091 586 644 Investment Yield (Annualised) 7.6% 5.8% 13.1% 12.2% Profit After Tax (PAT) (₹ Cr) 787 911
Slide 6: Progress on Key Business Metrics
Progress on Key Business Metrics Gross Premium Trajectory on growth and profitability measures (Reported; 1/N basis) Figures in ₹Cr 18,606 15,254 16,716 5,968 4,624 5,113 4,287 4,337 4,417 3,476 3,597 3,790 FY24 FY25 FY26 Q1 Q2 Q3 Q4 Underwriting Result Figures in ₹Cr 362 Legend: 183 198 111 FY25 39
Slide 7: Financials
Financials Figures in ₹ Crores Particulars Index FY25 FY26 YoY Q1 FY26 Q1 FY27 YoY Insurance Revenue (A) 15,943 17,999 13% 4,336 4,917 13% Insurance Service Expenses (B=i+ii) 14,871 16,514 11% 3,990 4,471 12% Claims (i) 11,134 12,274 10% 2,971 3,318 12% Acquisition Cost (ii) 3,737 4,240 13% 1,018 1,
Slide 8: ROE & its constituents
ROE & its constituents Q1 FY26 Q1 FY27 Pre-tax ROE Normalised Pre-tax ROE Normalised Post-tax ROE Post-tax ROE Post-tax ROE 30.1% Post-tax ROE 19.7% 26.5% 22.3% (Annualised) (Annualised) 12.2% (Annualised) (Annualised) 15.6% (Annualised) (Annualised) Underwriting Investment Underwriting Investment U
Slide 9: Investment Performance
Investment Performance Total Investment Assets Investment Income Investment Yield ₹ Cr ₹ Cr (Annualised) 21,893 18,631 17,563 15,126 644 586 13.1% 12.2% 3,505 4,331 JUN 30, 2025 JUN 30, 2026 Q1 FY26 Q1 FY27 Q1 FY26 Q1 FY27 Fixed Income Equities & others Investment income includes MTM gain of 292 Cr
Slide 10: Building a compounding distribution moat
BUSINESS LANDSCAPE Building a compounding distribution moat • Largest agency-led health distribution network built over two decades • Fast-growing Digital D2C extending proprietary capabilities online • Conscious risk-selection combining reach and portfolio quality
Slide 11: Distribution Moat compounding with scale
Distribution Moat compounding with scale Granular Distribution Scaling D2C Play Largest Agency force among SAHIs with Profitable, fast-growing proprietary channel; 8.5 Lakh agents; 20K agent additions in Q1FY27 largest among insurers in retail health space Compounding Scale Engine First-time Buyer E
Slide 12: Sustainable Profitable Growth enabled by Disciplined Portfolio Management across risk lifecycle
Sustainable Profitable Growth enabled by Disciplined Portfolio Management across risk lifecycle MARKET SELECTION PORTFOLIO MANAGEMENT Deliberate prioritisation of preferred products, Continuous segment-level surveillance with customer segments & geographies pro-active recalibration, wherever require
Slide 13: Proprietary Channels
90%+ of Overall GWP emerging from Proprietary Channels Retail Retail Fresh Channel Mix Proprietary Channels for Q1 FY27 • 26% Retail Fresh Growth YoY Agency • 85% Overall GWP Contribution Partnerships • 142% Retail Fresh Growth YoY 11% D2C • 5.5% Overall GWP Contribution D2C 16% • 33% Retail Fresh G
Slide 14: Largest, growing Proprietary Health Agency Network
Largest, growing Proprietary Health Agency Network Agency Force Agent Productivity In Lacs In ₹ Lacs 19% 1.5 8.5 1.2 8.3 7.8 Mar 31, 2025 Mar 31, 2026 Jun 30, 2026 Q1 FY26 Q1 FY27 19% Retail GWP Growth 95% Fresh NOP New-to-Insurance GWP numbers mentioned are on ‘1/N’ basis | Agent productivity denot
Slide 15: Accelerating Digital Growth
Accelerating Digital Growth Digital Business Mix Retail Fresh GWP from D2C Channel In ₹ Cr 142% 115 Digital 26% Partners Digital Partners 74% 48 D2C Channel Q1 FY26 Q1 FY27 Fresh business Q1 FY27 37% D2C Fresh NOP YoY Growth 98% D2C Fresh NOP New-to-Insurance GWP numbers mentioned are on ‘1/N’ basis
Slide 16: Technology across value-chain to enhance outcomes
CAPABILITIES Technology across value-chain to enhance outcomes ▪ Twenty years of proprietary data on a unified data layer with AI/ML at scale ▪ Distribution App (ATOM Pro) enhancing efficiencies with smart quotes and always-on dashboards ▪ Customer app catalysing engagement across wellness and servi
Slide 17: Digital Initiatives driving efficiency across the value chain
Digital Initiatives driving efficiency across the value chain Distribution Customers Claims & Underwriting ▪ Know Your Policy: most used ▪ Generative AI embedded in claims ▪ E2E sales journey with feature to demystify policy processing proposal conversion tracking & terms and conditions assistance ▪
Slide 18: Distribution Experience powered through ATOM Pro
Distribution Distribution Experience powered through ATOM Pro Smart Sales Enablement Performance Insights Claims Tracking • Hyper-personalized quotes… • Agent dashboards • Live claim status with earning nudges tracking • …through intelligent recommendations to • Program updates: • Fill reimbursement
Slide 19: D2C: Proprietary, Profitable Acquisition Channel built for scale
Distribution D2C: Proprietary, Profitable Acquisition Channel built for scale Demand generation Lead-flow mechanics Closure & Feedback Generate and capture demand Differentiated Propensity Smart Allocation Outcome Closed-loop across organic & paid Based on Propensity & Treatment Pathways model-based
Slide 20: Scaled Customer App ecosystem catalysing engagement
Customers Scaled Customer App ecosystem catalysing engagement Acquisition Wellness-driven Engagement Self-Service App Downloads Face Scans Policy Renewals 15.9Mn 2.8L 1.5L 4x YoY 3x YoY Monthly Telemedicine Claim Submission Active Users Consultations 1.5Mn 33K 27K 28% YoY 1.5x YoY 2x YoY App Rating
Slide 21: Claims Operations: Processing efficiencies powered by AI-ML
Claims Claims Operations: Processing efficiencies powered by AI-ML Data Processing Engine powered with AI-ML layer on top Outcome Policy & AI-Layer Customer Details Combination of proprietary and partnership capabilities 9.6L Claim ▪ Document digitisation Claims Paid Details ▪ FWA detection Enhanced
Slide 22: ESG
ESG Environment • Clean Energy: Renewable energy consumption reached 6,817.65 GJ, advancing clean energy adoption. • E-Waste Recycling: Recycled 13.90 tonnes of e-waste and 11.08 tonnes of battery waste • Digital Resource Conservation: Saved 102.7 million paper pages through digital transformation i
Slide 23: CSR: Arogya Seva Kendra in 9 States
CSR: Arogya Seva Kendra in 9 States… targeting outreach to over 1 million lives in underserved districts 32 56,794 Operational Visits at Clinics Arogya Seva Kendra 52,005 1,921 Medical Pneumococcal Tests Done vaccination “More than just numbers – real lives impacted”
Slide 24: Glossary
Glossary Particulars ANH Agreed Network Hospitals AIO/GEO Artificial Intelligence Optimisation/Generative Engine Optimisation AI/ML Artificial Intelligence/Machine Learning CISR Combined Insurance Service Ratio D2C Direct To Customer E2E End-To-End FWA Fraud, Waste & Abuse FY Financial Year GWP Gros
Slide 25: Disclaimer
Disclaimer The information contained in this presentation is provided by Star Health and Allied Insurance Company Limited (“SHAI or the Company”). 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, du
Slide 26: Thank You
Health Insurance Thank You