Star Health & Allied Insurance Co. Ltd. · NSE:STARHEALTH
Star Health & Allied Insurance — H1 FY2026 Earnings Presentation
25 slides from Star Health & Allied Insurance's earnings presentation, Oct 28, 2025
Slide 1: Earnings Call Presentation cover letter to exchanges
Date: October 28, 2025 Place: Chennai Ref: SHAI/B & S/SE/113/2025-26 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 Com
Slide 2: Investor Presentation H1 FY26
INVESTOR PRESENTATION H1 FY26
Slide 3: Executive Summary: H1 FY26
Executive Summary : H1 FY26 Levers of Growth Financial Performance Customer Centricity Fresh Growth 20% H1FY26 8809 H1FY26 1.3 GWP (Cr) Lives Agency (without 1/n) covered (Cr) Fresh GWP 66% H1FY25 7847 H1FY25 1.2 (Overall) Contribution Fresh Growth -14% H1FY26 518 H1FY26 98% PAT (Cr) Renewal Banca (
Slide 4: Agenda
Agenda Our Strategy Financial Performance
Slide 5: Key Pillars of Our Strategy
Key Pillars of Our Strategy 1 2 Retail Indemnity Expert Unparallel Distribution Network 24% 95% 805k Agents GWP Contribution from 77 Banca Partners Retail Fresh Growth Retail Policies 915 Branches 3 4 Digital First Strong Operational Efficiency 75% 12.2 Mn+ 2.15x 14.7% Digital Premium App Downloads
Slide 6: Key Performance Indicators
Key Performance Indicators Particulars Fiscal Year Ended March 31 Six Months Ended Sep 30 (INR Crore, unless otherwise stated) 2024 2025 2025 2026 Loss Ratio 66.5% 70.7% 70.9% 70.6% Expense Ratio 30.7% 30.4% 31.1% 29.7% Combined Ratio 97.3% 101.1% 102.1% 100.3% IND AS Underwriting profit/loss 353 -1
Slide 7: Key Performance Indicators – IND AS (IFRS)
Key Performance Indicators – IND AS (IFRS) Claims, Expense and Combined Ratios Profit After Tax (PAT) – IND AS (INR Crore) 101.1% 102.1% 100.3% 97.3% 30.4% 31.1% 29.7% Expense Ratio 30.7% 1,103 Claims Ratio 66.5% 70.7% 70.9% 70.6% 787 518 428 FY 2024 FY 2025 H1FY25 H1FY26 FY 2024 FY 2025 H1FY25 H1FY
Slide 8: Leadership in Retail Segment
Leadership in Retail Segment Retail Health Market Share Gross Written Premium - Retail (INR Crore) 33% 33% 32% 32% +15% 16,255 14,131 +17% 8,332 7,120 FY24 FY25 H1FY25 H1FY26 FY24 FY25 H1FY25 H1FY26 Market Share as per data published by GI Council | GWP numbers mentioned are without 1/n
Slide 9: Growing Coverage and Diverse Reach
Growing Coverage and Diverse Reach Contribution to GWP Increasing Sum Insured Avg. Sum Insured in INR (Lacs) H1FY25 Digital +3% H1FY26 Corporate 8.7% 17 Banca 1.5% 16 +6% 7.1% 12 11 Channel Mix 82.7% Agency Overall Fresh GWP numbers mentioned are without 1/n
Slide 10: Ever-growing, Efficient Agency Network
Ever- growing, Efficient Agency Network Agency Force Overall GWP Productivity / Agent In 000’s In Lacs INR Total Agency Force Sponsored Agency Force 805 +8% 775 701 +15% 3.5 3.2 2.2 2.0 111 124 129 FY24 FY25 H1FY26 FY24 FY25 H1FY25 H1FY26 16% Overall GWP Growth 1% Agency Activation Fresh Growth 1% F
Slide 11: Banca & Alternate Partnerships
Banca & Alternate Partnerships No. of Banca Partnerships Fresh GWP from Banca & Alternate Channels In Crore INR +13% 600 533 -14% 77 309 71 265 58 FY24 FY25 H1FY26 FY24 FY25 H1FY25 H1FY26 2% Overall GWP Growth 47% RM Productivity Growth 92% Banca - Preferred Business Contribution to Fresh GWP GWP nu
Slide 12: Accelerating Digital Channel
Accelerating Digital Channel No. of Tele callers Retail Fresh GWP from D2C & Digital Partnerships In Cr INR +71% +47% 2,033 1,827 687 1,449 401 390 265 FY24 FY25 H1FY26 FY24 FY25 H1FY25 H1FY26 37% Organic Traffic Growth 15% Fresh NOP Growth Retail Health 98% Fresh NOPs New to Insurance GWP numbers m
Slide 13: Digital-First
Digital-First 75% 11% 91% 68% Digital premium Claims auto- Policies Sourced Policies Renewed collection adjudicated* Digitally w/o Human Intervention 1.2 Mn+ 4.6 12.2 Mn+ App Store Rating 129k Customer App downloads Monthly Active User 4.4 Face Scans (Sep-25) Play Store Rating (in Q2-FY26) *Auto-adj
Slide 14: Best in Class Claims Processing Capabilities
Best in Class Claims Processing Capabilities Claims Paid Cashless % ANH Share… (Amount in Crore) (Count) Proportion of Total Cashless Claims (Count) 10,353 8,914 5,885 4,870 88% 78% 78% 83% 74% 77% 79% 77% FY24 FY25 H1FY25 H1FY26 FY24 FY25 H1FY25 H1FY26 FY24 FY25 H1FY25 H1FY26 Note: ANH refers to Ag
Slide 15: Customer Centric Wellness Initiatives
Customer Centric Wellness Initiatives Preventive Health Checkups Post Discharge Care (in ‘000s) (in ‘000s) +88% +71% 121% Growth Telemedicine Usage from H1FY25 to H1FY26 254 200 135 117 250 + Cities Home Health Care H1FY25 H1FY26 H1FY25 H1FY26 -26% Increased NOP Retention + 7% in First Renewal Custo
Slide 16: Improving Customer Experience
Improving Customer Experience Net Promoter Score Grievances/10k policies Sep-24 61 61 59 Sep-25 34 52 23 Overall NPS Claims NPS SAHI STAR *Benchmarked based on public disclosures for Q1FY26
Slide 17: Retail & Group Claims Ratio
Retail & Group Claims Ratio Retail ICR% Group ICR% 68.8% 69.8% 69.9% 89.8% 65.8% 85.9% 82.1% 77.3% FY24 FY25 H1FY25 H1FY26 FY24 FY25 H1FY25 H1FY26 (IFRS) (IFRS) (IFRS) (IFRS) Net incurred Loss ratio is defined as net incurred claims divided by net earned premium. All numbers are basis 1/365 URR meth
Slide 18: IND AS (IFRS) to IGAAP Reconciliation
IND AS(IFRS) to IGAAP Reconciliation Particulars FY24 FY25 H1 FY25 H1 FY26 Profit as per IGAAP 845 646 430 317 Lease and Security Deposit (4) (3) (2) (2) Claims Risk Adjustment (8) (57) (45) (7) Employee Benefits (17) (14) (9) (3) Deferred Acquisition Cost (Net) 293 286 (37) 123 Unrealised Gain/(Los
Slide 19: Agenda
Agenda Our Strategy Financial Performance
Slide 20: Financial Performance (As per IGAAP with 1/n)
Financial Performance (As per IGAAP with 1/n) Claims, Expense and Combined Ratios Opex / GWP Ratio 101.1% 101.1% 103.0% 101.2% 96.7% Expense Ratio 30.2% 30.8% 30.9% 32.4% 30.7% 15.7% 15.1% 15.6% 16.1% Claims Ratio 66.5% 70.3% 70.2% 70.5% 70.5% FY24 FY25 H1FY25 H1FY26 H1FY26 FY24 FY25 H1FY25 H1FY26 (
Slide 21: Robust Investment Performance (As per IGAAP with 1/n)
Robust Investment Performance (As per IGAAP with 1/n) Total Investments Assets Investment Income INR Cr INR Cr Investment Leverage 2.4x 2.5x 2.5x 2.4x 25,000 2.5 20,000 17,898 18,672 2.0 15,491 16,431 15,000 1.5 1,279 1,083 10,000 1.0 650 * 592 5,000 0.5 0 0.0 FY24 FY25 H1FY25 H1FY26 FY24 FY25 H1FY2
Slide 22: ESG
ESG 48 S&P Global CSA Score FY24 STAR Health Insurance becomes India's most sustainable Insurance company 2024 in the S&P Global Corporate Sustainability Assessment (CSA). Environment Social Governance • Climate Risk Assessment – Conducted climate • 29 % Diversity ( women workforce ) • ISO 27001:201
Slide 23: Disclaimer
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 ot
Slide 24: Glossary
Glossary Particulars FY Financial Year GWP Gross Written Premium GEP Gross Earned Premium CAGR Cumulative Annual Growth Rate Y-o-Y Year-on-Year URR Unexpired Risk Reserve ANH Agreed Network Hospitals PA Personal Accident SME Small and Medium Enterprises CoR Combined Ratio TAT Turn Around Time
Slide 25: Thank You
THANK YOU
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