Star Health & Allied Insurance Co. Ltd. · NSE:STARHEALTH
Star Health & Allied Insurance — FY2026 Earnings Presentation
27 slides from Star Health & Allied Insurance's earnings presentation, Apr 29, 2026
Slide 1: Exchange cover letter: Earnings Call Presentation Q4 & FY2026
Date: April 29, 2026 Place: Chennai Ref: SHAI/B & S/SE/15/2026-27 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 Comple
Slide 2: Investor Presentation FY26
=> 2 StS | Health Personal & (im INVESTOR PRESENTATION FY26
Slide 3: Executive Summary: FY26
Executive Summary : FY26 Financial measures in ₹ Crores, unless explicitly mentioned Business & Growth levers Financial Performance Customer Centricity FY26 20,369 Combined FY26 98.8% Lives March 31, 2026 2.8 GWP (‘n’ basis) Ratio covered (Cr) FY25 17,488 (IND AS) FY25 101.1% (Overall) March 31, 202
Slide 4: Agenda
Agenda Key Performance Indicators Business landscape Customer Service & Technology Financials
Slide 5: Key Performance Indicators
Key Performance Indicators FY24 FY25 FY26 Q4 FY25 Q4 FY26 Loss Ratio 66.5% 70.7% 68.7% 69.2% 65.2% Expense Ratio 30.7% 30.4% 30.1% 29.2% 30.5% Combined Ratio 97.3% 101.1% 98.8% 98.4% 95.7% Underwriting profit/loss 353 -165 206 62 186 Investment Income 1,171 1,260 1,091 310 -230 -of which: Interest i
Slide 6: Retail & Group Claims Ratio- IndAS basis
Retail & Group Claims Ratio- IndAS basis Retail ICR% Group ICR% 69.2% 68.2% 67.8% 90.8% 65.8% 64.8% 87.3% 77.8% 79.1% 73.5% FY24 FY25 FY26 Q4FY25 Q4FY26 FY24 FY25 FY26 Q4FY25 Q4FY26 Net incurred Loss ratio is defined as net incurred claims divided by net earned premium. All numbers are basis 1/365 U
Slide 7: Key Pillars of our Strategy
Key Pillars of our Strategy 1 2 Retail Indemnity Expert Unparalleled Proprietary Footprint 37% 96% 8.3 Lac Agents Contribution GWP Contribution 91% From Proprietary Retail Fresh Growth from Retail Policies 924 Branches Channels 3 4 Digital First Robust Operating Performance 96% 14 Mn+ Mn+ 30.5% 2.05
Slide 8: Agenda
Agenda Key Performance Indicators Business landscape Customer Service & Technology Financials
Slide 9: Largest, Ever-growing Proprietary Agency Network
Largest, Ever-growing Proprietary Agency Network Agency Force Agent Productivity In Lacs In ₹ Lacs Sponsored Agency Force +18% 8.3 7.8 +8% 7.0 6.6 7.0 5.9 4.1 3.2 3.5 1.1 1.2 1.3 FY24 FY25 FY26 FY24 FY25 FY26 19% Retail GWP Growth 8% Fresh NOP Growth 93% New to Insurance Fresh NOPs GWP numbers menti
Slide 10: Accelerating Digital Channel
Accelerating Digital Channel Digital Business Mix Retail Fresh GWP from Digital Channels In ₹ Cr +35% + 71% 22% 928 687 Digital Partners Fresh business 78% 401 FY26 Digital D2C FY24 FY25 FY26 52% Organic Traffic Growth 11% D2C Fresh Health NOP Growth 98% New to Insurance Fresh NOPs GWP numbers menti
Slide 11: Banca & Retail Brokers
Banca & Retail Brokers No. of Banca Partnerships Fresh GWP In ₹ Crore -8% +13% 553 600 533 81 71 58 FY24 FY25 FY26 FY24 FY25 FY26 26% Banca RM Productivity Growth 95% Banca - Preferred Business Contribution to Fresh GWP GWP numbers mentioned are on ‘n’ basis | Banca RM productivity growth measured o
Slide 12: Agenda
Agenda Key Performance Indicators Business landscape Customer Service & Technology Financials
Slide 13: Digital-First Digital Onboarding
Digital-First Fresh Digital Digital Premium 96% Fresh policies 95% sourced digitally Onboarding Collection +5% YoY +6% YoY Ratings App 14 Monthly Active 1.5 Customer downloads Mn+ Users (MAU) Mn+ 4.6/5 Engagement 51% YoY 50% YoY 4.3/5 Claims Claims managed Claims intimation 75% through Mobile 87k by
Slide 14: Best in Class Claims Processing Capabilities
Best in Class Claims Processing Capabilities Claims Paid Cashless % ANH Share… (₹ Crs) (Count) Proportion of Total Cashless Claims (Count) 11,903 10,353 8,914 79% 83% 84% 78% 78% 74% FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 1.9 2.8 3.0 Paid claims count in Mn Retail Claims Settlement Ratio 92% N
Slide 15: Customer Centric Wellness Initiatives
Customer Centric Wellness Initiatives Preventive Health Checkups Tele Medicine Home Health Care (in ‘000s) (in ‘000s) (in ‘000s) +42% +88% 5x 92 548 117 385 62 17 FY25 FY26 FY25 FY26 FY25 FY26 +7.3% Increased NOP Retention in First Renewal Customers who opted for PHC services + 300 Cities Home Healt
Slide 16: Improving Customer Experience
Improving Customer Experience Company Grievances/10k policies Net Promoter Score 32 27 62 March 2026 +8 YoY SAHIs* STAR** Denotes incremental improvement over March 2025 *Based on public disclosures for 9MFY26 (i.e. at December 31, 2025) **For full year FY25-26
Slide 17: Agenda
Agenda Key Performance Indicators Business landscape Customer Service & Technology Financials
Slide 18: IndAS Financials
IndAS Financials Figures in ₹ Crores FY25 FY26 YoY Q4 FY25 Q4 FY26 YoY Insurance Revenue (i) 15,943 17,999 13% 4,100 4,671 14% Insurance Service Expenses 14,871 16,514 11% 3,731 4,136 11% Claims (ii) 11,134 12,274 10% 2,798 3,017 8% Acquisition Cost (iii) 3,737 4,240 13% 933 1,119 20% Net expenses f
Slide 19: Investment Performance- Ind AS basis
Investment Performance- Ind AS basis Total Investments Assets Investment Income ₹ Cr ₹ Cr x Investment leverage 2.1x 2.0x 1.7x 21,007 18,296 15,860 17,124 1,171 1,260 * 1,091 15,050 Fixed Income 14,731 Equities & others 3,246 3,883 1,129 FY24 FY25 FY26 FY24 FY25 FY26 Investment income includes MTM g
Slide 20: ESG
ESG 53 S&P Global CSA Score FY25 Environment Social Governance • Carbon-offset certificates received from IT • Received ISO certifications: ISO hardware vendors for energy-efficient device • 57K+ wellness program 9001:2015, ISO 27001:2022, and purchases enrolments for health condition ISO22301:2019
Slide 21: CSR: Arogya Seva Kendra in 9 States
CSR : Arogya Seva Kendra in 9 States…targeting outreach to over 1 million lives in underserved districts 45,017 48,567 5,725 32 Visits at Arogya Seva Health Education sessions Medical Tests done Spreading awareness and Operational Clinics Kendra preventive care “More than just numbers –real lives im
Slide 22: Appendix
Health Personal & Caring Insurance Appendix
Slide 23: Key IGAAP measures vs IndAS
Key IGAAP measures vs IndAS Particulars Fiscal year ended March 31 Quarter Ended March 31 (INR Crore, unless otherwise stated) 2025 2026 2025 2026 Loss Ratio 70.7% 68.7% 69.2% 65.2% IND AS Expense Ratio 30.4% 30.1% 29.2% 30.5% (IFRS) Combined Ratio 101.1% 98.8% 98.4% 95.7% IGAAP Expense Ratio 30.8%
Slide 24: IND AS to IGAAP Reconciliation
IND AS to IGAAP Reconciliation Particulars FY25 FY26 Q4 FY25 Q4 FY26 Profit as per IGAAP 646 557 1 111 Lease and Security Deposit -3 -1 0 2 Claims Risk Adjustment -57 -33 3 -15 Employee Benefits -14 18 -2 2 Deferred Acquisition Cost (Net) 286 633 334 352 Unrealised Gain/(Loss) on Inv & Prov - ECL -1
Slide 25: 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 26: 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 27: Thank You
THANK YOU
Star Health and Allied Insurance Company — FY2026 Earnings Presentation on 6ix