Star Health & Allied Insurance Co. Ltd. · NSE:STARHEALTH
Star Health & Allied Insurance — 9M FY2026 Earnings Presentation
26 slides from Star Health & Allied Insurance's earnings presentation, Jan 29, 2026
Slide 1: Exchange filing cover letter: Earnings Call Presentation Q3 & 9M FY2026
Date: January 29, 2026 Place: Chennai Ref: SHAI/B & S/SE/154/2025-26 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 9M FY26
INVESTOR PRESENTATION 9M FY26
Slide 3: Executive Summary: 9M FY26
Executive Summary : 9M FY26 Levers of Growth Financial Performance Customer Centricity Fresh Growth 35% 9MFY26 13,856 9MFY26 1.8 GWP (Cr) Lives Agency (without 1/n) covered (Cr) Fresh GWP 67% 9MFY25 11,947 1.7 (Overall) 9MFY25 Contribution Fresh Growth -8% 9MFY26 966 9MFY26 99% PAT (Cr) Persistency
Slide 4: Key Pillars of Our Strategy
Key Pillars of Our Strategy 1 2 Retail Indemnity Expert Unparallel Distribution Network 37% 95% 819 k Agents GWP Contribution from 78 Banca Partners Retail Fresh Growth Retail Policies 916 Branches 3 4 Digital First Strong Operational Efficiency 76% 13 Mn+ 2.14x 15.0% Digital Premium App Downloads S
Slide 5: Key Performance Indicators
Key Performance Indicators Particulars Fiscal Year Ended March 31 Nine Months Ended Dec 31 (INR Crore, unless otherwise stated) 2024 2025 2025 2026 Loss Ratio 66.5% 70.7% 71.2% 70.0% Expense Ratio 30.7% 30.4% 30.8% 29.8% Combined Ratio 97.3% 101.1% 102.1% 99.8% Underwriting profit/loss 353 -165 -227
Slide 6: 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% 99.8% 97.3% 30.4% 30.8% 29.8% Expense Ratio 30.7% 1,103 966 Claims Ratio 66.5% 70.7% 71.2% 70.0% 787 516 FY 2024 FY 2025 9MFY25 9MFY26 FY 2024 FY 2025 9MFY25 9MFY2
Slide 7: Leadership in Retail Segment
Leadership in Retail Segment Retail Health Market Share Gross Written Premium - Retail (INR Crore) 33% 33% 32% 31% +15% 16,255 +20% 14,131 13,170 10,934 FY24 FY25 9MFY25 9MFY26 FY24 FY25 9MFY25 9MFY26 Market Share as per data published by GI Council | GWP numbers mentioned are without 1/n
Slide 8: Growing Coverage and Diverse Reach
Growing Coverage and Diverse Reach Contribution to GWP Increasing Sum Insured- (Retail Health) Avg. Sum Insured in INR (Lacs) +20% 9MFY25 Digital +19% 9MFY26 Corporate Banca 1.0% 12 9.0% 11 7.0% 10 9 Channel Mix 83.0% Overall Fresh Agency GWP numbers mentioned are without 1/n
Slide 9: Ever-growing, Efficient Agency Network
Ever-growing, Efficient Agency Network Agency Force Overall GWP Productivity / Agent Total Agency Force In 000’s In Lacs INR Sponsored Agency Force 819 +8% 775 701 +20% 3.5 3.2 3.0 2.5 111 124 129 FY24 FY25 9MFY26 FY24 FY25 9MFY25 9MFY26 19% Overall GWP Growth 6% Fresh NOP Growth Maintained Agency A
Slide 10: Banca & Alternate Partnerships
Banca & Alternate Partnerships No. of Banca Partnerships Fresh GWP from Banca & Alternate Channels In Crore INR +13% 600 533 -8% 444 410 78 71 58 FY24 FY25 9MFY26 FY24 FY25 9MFY25 9MFY26 5% Overall GWP Growth 17% RM Productivity Growth 94% Banca - Preferred Business Contribution to Fresh GWP GWP num
Slide 11: Accelerating Digital Channel
Accelerating Digital Channel No. of Tele callers Retail Fresh GWP from D2C & Digital Partnerships In Cr INR +71% +46% 2,033 1,800 687 662 1,449 401 454 FY24 FY25 9MFY26 FY24 FY25 9MFY25 9MFY26 91% Organic Traffic Growth 8% Fresh NOP Growth 98% Fresh NOPs New to Insurance GWP numbers mentioned are wi
Slide 12: Digital-First
Digital-First 76% 74% 94% Policies Sourced 74% Digital premium Claims auto- Policies Renewed collection adjudicated Digitally w/o Human Intervention +6% VS 9M FY25 +6 % VS 9M FY25 +8 % VS 9M FY25 4.6 13 Mn+ 1.5 Mn+ App Store Rating 318 k Customer App downloads Monthly Active User 4.3 Face Scans (Dec
Slide 13: Best in Class Claims Processing Capabilities
Best in Class Claims Processing Capabilities Claims Paid Cashless % ANH Share… (INR Crs) (Count) Proportion of Total Cashless Claims (Count) 10,353 8,914 9,109 7,563 79% 83% 80% 74% 78% 78% 78% 75% 1 FY24 FY25 9MFY25 9MFY26 FY24 FY25 9MFY25 9MFY26 FY24 FY25 9MFY25 9MFY26 . 1.9 2.4 z 2.0 2.2 9 Count
Slide 14: Customer Centric Wellness Initiatives
Customer Centric Wellness Initiatives Preventive Health Checkups Post Discharge Care (in ‘000s) (in ‘000s) +55% +31% 73% Growth Telemedicine Usage from 9MFY25 to 9MFY26 415 281 214 268 300+ Cities Home Health Care 9MFY25 9MFY26 9MFY25 9MFY26 Increased NOP Retention +7.5% in First Renewal Customers w
Slide 15: Improving Customer Experience
Improving Customer Experience Net Promoter Score Grievances/10k policies* Dec-24 64 63 64 Dec-25 34 55 22 SAHI STAR Overall NPS Claims NPS H1FY26 H1FY26 *Benchmarked based on public disclosures for H1FY26
Slide 16: Retail & Group Claims Ratio - IND AS (IFRS)
Retail & Group Claims Ratio- IND AS (IFRS) Retail ICR% Group ICR% 69.2% 69.6% 69.4% 90.8% 92.1% 65.8% 80.6% 77.8% FY24 FY25 9MFY25 9MFY26 FY24 FY25 9MFY25 9MFY26 Net incurred Loss ratio is defined as net incurred claims divided by net earned premium. All numbers are basis 1/365 URR method.
Slide 17: IND AS Financials
IND AS Financials Particulars FY24 FY25 Q3 FY25 Q3 FY26 9M FY25 9M FY26 Insurance Revenue (i) 13,663 15,943 4,093 4,562 11,843 13,327 Insurance Service Expenses 12,303 14,871 3,876 4,218 11,163 12,378 Claims (ii) 9,087 11,134 2,902 3,143 8,336 9,257 Acquisition Cost (iii) 3,216 3,737 974 1,075 2,827
Slide 18: IND AS (IFRS) to IGAAP Reconciliation
IND AS(IFRS) to IGAAP Reconciliation Particulars FY24 FY25 9M FY25 9M FY26 Profit as per IGAAP 845 646 645 446 Lease and Security Deposit (4) (3) (3) (3) Claims Risk Adjustment (8) (57) (60) (18) Employee Benefits (17) (14) (12) 17 Deferred Acquisition Cost (Net of RI Inward) 293 286 (48) 281 Unreal
Slide 19: 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 20: Appendix: Financials on IGAAP basis
Appendix Financials on IGAAP basis
Slide 21: Key Performance Indicators
Key Performance Indicators Particulars Fiscal Year Ended March 31 Nine Months Ended Dec 31 (INR Crore, unless otherwise stated) 2024 2025 2025 2026 Loss Ratio 66.5% 70.7% 71.2% 70.0% Expense Ratio 30.7% 30.4% 30.8% 29.8% Combined Ratio 97.3% 101.1% 102.1% 99.8% IND AS Underwriting profit/loss 353 -1
Slide 22: 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% 101.9% 102.7% 100.9% 96.7% Expense Ratio 30.2% 30.8% 31.2% 32.8% 31.1% 15.7% 15.1% 15.9% 16.4% Claims Ratio 66.5% 70.3% 70.7% 69.8% 69.8% FY24 FY25 9MFY25 9MFY26 9MFY26 FY24 FY25 9MFY25 9MFY26 (
Slide 23: 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 2.3x 25,000 2.5 20,000 17,898 19,200 2.0 15,491 16,666 15,000 1.5 1,279 1,083 * * 10,000 1.0 996 907 5,000 0.5 0 0.0 FY24 FY25 9MFY25 9MFY26 FY24 FY25 9MF
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: 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 26: Thank You
THANK YOU
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