Q4 2026 Star Health and Allied Insurance Company Ltd Earnings Call Transcript
Key Points
- Star Health and Allied Insurance Co Ltd (BOM:543412) reported a significant improvement in underwriting profit for Q4 FY26, increasing by 200% YoY to INR186 crores.
- The company's retail health insurance premiums grew by 30.2% YoY in H2 FY26, outpacing the broader non-life industry growth.
- The loss ratio improved for the third consecutive quarter, with a 4% improvement from 69.2% in Q4 FY25 to 65.2% in Q4 FY26.
- Star Health's proprietary distribution channels, including agency and digital, now contribute over 90% of the retail business, enhancing insurance penetration.
- The company's focus on new to insurance customers resulted in 94% of fresh additions in H2 FY26, indicating strong growth in new customer acquisition.
- Star Health and Allied Insurance Co Ltd (BOM:543412) reported a loss of INR42 crores for Q4 FY26 due to a INR558 crores mark-to-market loss from equity market corrections.
- The retail loss ratio, although improved, remains above the levels of FY23 and FY24, indicating room for further improvement.
- The geopolitical tensions have impacted the company's financials, contributing to the mark-to-market losses.
- Despite improvements, the company's growth in retail health insurance is still lower than the industry average, highlighting competitive pressures.
- The company's NEP growth continues to lag behind GWP growth, indicating a delay in revenue realization from long-term policies.
Ladies and gentlemen, good day, and welcome to the Star Health and Allied Insurance Company Limited Q4 and FY26 earnings conference call. (Operator Instructions) Please note that this conference is being recorded.
I now hand the conference over to Ms. Devyanshi Dave from Adfactors PR, Investor Relations team. Thank you, and over to you, ma'am.
Thank you. Good morning, everyone. From the senior management, we have with us Mr. Anand Roy, Managing Director and Chief Executive Officer; Mr. Amitabh Jain, Chief Operating Officer; Mr. Himanshu Walia, Chief Marketing Officer; Mr.Nilesh Kambli, Chief Financial Officer; Mr. Aneesh Srivastava, Chief Investment Officer; Mr. Aditya Biyani, Chief Strategy and Investor Relations Officer; and Mr. Sombit Bhattacharyya, Head, Investor Relations.
Before we begin the conference call, I would like to mention that some of the statements made during the course of today's call may be forward-looking in nature, including those related to the future financial and
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