Star Health & Allied Insurance Co. Ltd. · NSE:STARHEALTH
Star Health & Allied Insurance — Q1 FY2026 Earnings Presentation
25 slides from Star Health & Allied Insurance's earnings presentation, Jul 29, 2025
Slide 1: Exchange filing cover letter: Earnings Call Presentation Q1 FY2026
Date: July 29, 2025 Place: Chennai Ref: SHAI/B & S/SE/58/2025-26 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 Complex
Slide 2: Investor Presentation Q1 FY26
INVESTOR PRESENTATION Q1 FY26
Slide 3: Executive Summary: Q1 FY26
Executive Summary : Q1 FY26 Levers of Growth Financial Performance Customer Centricity Fresh Growth 16% Q1FY26 3936 Q1FY26 60 GWP (Cr) Lives Agency (without 1/n) covered (Lac) Fresh GWP Q1FY25 3476 Q1FY25 52 64% Contribution Fresh Growth Q1FY26 438 Q1FY26 -4% * PAT (Cr) Renewal 98% Banca (IND AS) Fr
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 25% 94% 789k Agents Retail Fresh Growth GWP Contribution from 914 Branches 75 Banca Partners Retail Policies 3 4 Digital First Strong Operational Efficiency 70% 11Mn+ 2.22x 15.7% Digital Premium App Downloads Sol
Slide 6: Key Performance Indicators
Key Performance Indicators Particulars Fiscal Year Ended March 31 Three Months Ended June 30 (INR Crore, unless otherwise stated) 2024 2025 2025 2026 GWP 15,254 17553 3476 3936 Without Retail Health Renewal Premium Ratio 98.4% 97% 92.8% 97.7% 1/n Expense Ratio (IGAAP) 30.2% 29.9% 31.6% 31.2% Combine
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% 99.2% 99.6% 97.3% 30.4% 31.1% 30.1% Expense Ratio 30.7% 1,103 Claims Ratio 66.5% 70.7% 68.1% 69.5% 787 438 304 FY24 FY25 Q1FY25 Q1FY26 FY24 FY25 Q1FY25 Q1FY26 IND AS Fina
Slide 8: Leadership in Retail Segment
Leadership in Retail Segment Retail Health Market Share Gross Written Premium - Retail (INR Crore) 33% 33% 31% 31% +18% 3,707 3,139 FY24 FY25 Q1FY25 Q1FY26 Q1FY25 Q1FY26 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) +11% Q1FY25 Digital Q1FY26 Corporate 9% +10% 16 Banca 2% 14 7% 12 11 Channel Mix 82% Overall Fresh Agency GWP numbers mentioned are without 1/n
Slide 10: Ever-growing, Efficient Agency Network
Ever- growing, Efficient Agency Network Agency Force GWP Productivity / Agent In 000’s In Lacs INR Total Agency Force Sponsored Agency Force 775 789 +8% 701 3.5 +13% 3.2 111 124 126 1.2 1.3 FY24 FY25 Q1FY26 FY24 FY25 Q1FY25 Q1FY26 16% Overall GWP Growth 9% Agency Activation Fresh Growth 7% Fresh NOP
Slide 11: Banca & Alternate Partnerships
Banca & Alternate Partnerships No. of Banca Partnerships Fresh GWP from Banca & Alternate Channels In Crore INR +13% 71 75 600 533 58 -4% 132 128 FY24 FY25 Q1FY26 FY24 FY25 Q1FY25 Q1FY26 11% Overall GWP Growth 87% 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% 2,033 687 1,449 1,518 +73% 401 179 103 FY24 FY25 Q1FY26 FY24 FY25 Q1FY25 Q1FY26 48% Organic Traffic Growth 16% Fresh NOP Growth 98% Fresh NOPs New to Insurance GWP numbers mentioned are w
Slide 13: Digital-First
Digital-First 70% 9% 91% 68% Digital premium Claims auto- Policies Sourced Policies Renewed collection adjudicated* Digitally w/o Human Intervention 4.6 11Mn+ 1.1Mn+ App Store Rating 689k+ Customer App downloads Monthly Active User 4.4 Face Scans (Jun-25) Play Store Rating *Auto-adjudication – under
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 83% 78% 76% 79% 79% 77% 81% 74% 8,914 58k Cr 2,914 2,346 FY24 FY25 Q1FY25 Q1FY26 FY24 FY25 Q1FY25 Q1FY26 FY24 FY25 Q1FY25 Q1FY26 Note: ANH refer
Slide 15: Customer Centric Wellness Initiatives
Customer Centric Wellness Initiatives Preventive Health Checkups Post Discharge Care (in ‘000s) (in ‘000s) +30% +42% 70% Growth Telemedicine Usage from Q1FY25 to Q1FY26 122 Consultation with 96 specialist doctors through 94 58k Cr The STAR Health App 58k Cr 68 200+ Cities Home Health Care Q1FY25 Q1F
Slide 16: Improving Customer Experience
Improving Customer Experience Net Promoter Score Grievances/10k policies FY25 Q1FY25 57 Q1FY26 53 25 51 46 18 Overall NPS Claims NPS SAHI STAR Industry* Based on ~1.6L responses from ~ 20lac triggers for NPS Survey – Q1 FY26 *Benchmarked based on public disclosures
Slide 17: Retail & Group Claims Ratio
Retail & Group Claims Ratio Retail ICR% Group ICR% 89.8% 68.8% 66.9% 68.5% 85.1% 65.8% 77.3% 78.0% FY24 FY25 Q1FY25 Q1FY26 FY24 FY25 Q1FY25 Q1FY26 Net incurred Loss ratio is defined as net incurred claims divided by net earned premium. All numbers are basis 1/365 URR method.
Slide 18: IND AS (IFRS) to IGAAP Reconciliation
IND AS(IFRS) to IGAAP Reconciliation Particulars FY24 FY25 Q1 FY25 Q1 FY26 Profit as per IGAAP 845 646 319 263 Lease and Security Deposit -4 -3 -2 -1 Claims Risk Adjustment -8 -57 -17 3 Share based Payments -17 -14 -6 -4 Deferred Acquisition Cost (Net) 293 286 -86 -54 Unrealised Gain / (Loss) on Inv
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% 99.2% 102.2% 100.8% 96.7% Expense Ratio 30.2% 30.8% 31.6% 32.6% 31.2% 15.7% 16.5% 17.2% 70.3% 15.1% Claims Ratio 66.5% 67.6% 69.5% 69.5% FY24 FY25 Q1FY25 Q1FY26 Q1FY26 FY24 FY25 Q1FY25 Q1FY26 (w
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 2.5x 2.5x 20,000 2.4x 2.3x 2.5 2.4 19,000 2.3 18,000 2.2 17,000 2.1 16,000 2.0 1.9 15,000 1.8 14,000 1.7 13,000 1.6 1,279 12,000 1.5 1.4 11,000 1,083 1.3 17,898 18,245 1
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 • CO2 Mitigation : Through our innovative real- • 29 % Diversity ( women workforce ) • Achieved IS
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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