Star Health & Allied Insurance Company Ltd(STARHEALTH)

NSE: STARHEALTHBSE: 543412

₹ 531.55-1.76%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 31,288 crNext results: 27 Oct 2026Website: www.starhealth.inUpdated: 24 Oct 2026

About

Star Health & Allied Insurance Company Ltd is India's largest standalone retail health insurer, focused predominantly on retail health indemnity products distributed through a proprietary agency and digital network. The company held a 29% retail health market share in Q1 FY27.^[1][2]

Business mix

Retail health contributes 95% of total GWP as of H1 FY26, up from ~91% a year earlier, following a deliberate exit from the unprofitable group employer-employee portfolio.^[3]
Group health contributes 5% of total GWP as of H1 FY26, down from 9% the prior year; the SME segment makes up 78% of the group book.^[3][4]
Retail market share was 29% in Q1 FY27, compared with 31% in Q1 FY26, partly due to long-term policy reporting on a 1/N basis.^[2]

Key operating metrics

Gross Written Premium (1/N basis) was Rs 4,287 crore in Q1 FY27, up 19% YoY; Fresh Retail Health GWP grew 37% YoY to Rs 730 crore on the same basis.^[2]
Combined Insurance Service Ratio (CISR) improved 170 bps YoY to 97.0% in Q1 FY27; for full-year FY26 the combined ratio was 98.8%, improving 2.3 percentage points from 101.1% in FY25.^[2][4]
Overall loss ratio improved ~100 bps YoY to 67.5% in Q1 FY27; retail loss ratio was approximately 67.5 - 68% in Q1 FY27.^[2]
Expense ratio improved 60 bps YoY to 29.5% in Q1 FY27, versus 29.7% in H1 FY26 (down 140 bps from H1 FY25).^[2][3]
Persistency (premium basis) was 102% in Q1 FY27, up 3% YoY; retail renewal persistency on value was 98% in H1 FY26.^[2][3]
Retail claims settlement ratio was 91.2% in Q1 FY27, up 1% YoY.^[2]
Underwriting result was Rs 111 crore in Q1 FY27 versus Rs 16 crore in Q1 FY26; full-year FY26 underwriting profit was Rs 206 crore versus a loss of Rs 165 crore in FY25.^[2][4]

Distribution network

Total agency force reached 8.5 lakh agents as of 30 June 2026, with ~20,000 net additions in Q1 FY27 and 19% YoY improvement in agent productivity.^[2]
Agency and digital D2C together contributed over 90% of retail business in FY26; agency channel alone accounts for ~83% of total GWP.^[4][3]
Fresh business growth from non-metro geographies was 3.5x that of metro geographies in Q1 FY27; 60% of fresh business comes from semi-urban and rural markets.^[2][5]
Bancassurance network comprised 78 partners as of 9M FY26, with preferred products constituting 94% of Banca fresh premium versus 76% in 9M FY25.^[5]

Digital and direct-to-consumer channel

D2C fresh business grew 142% YoY to Rs 115 crore in Q1 FY27; 74% of all digital fresh business now originates from the company's own D2C platform.^[2]
98% of D2C fresh customers in Q1 FY27 are new to insurance; 94% of all fresh retail business overall was new-to-insurance in Q1 FY27, up from 90% in Q1 FY26.^[2]
Customer mobile app had over 14 million downloads and 1.5 million+ monthly active users as of FY26; 95% of all fresh premiums are collected digitally.^[4]
Digital GWP grew 35% YoY in 9M FY26, with fresh premium growth exceeding 46%; digital channel contributed 9% of overall business and 20% of fresh business in 9M FY26.^[5]

Investment portfolio

Total investment assets (AUM) stood at Rs 21,893 crore as of 30 June 2026; investment income was Rs 644 crore in Q1 FY27, up 10% YoY.^[2]
As of 31 December 2025, 18.7% of the investment book was in high-yielding assets (equities, ETFs, REITs and InvITs); annualised investment yield was 9.6% for 9M FY26 versus 7.9% in 9M FY25.^[5]

Claims management and wellness

Home healthcare and telemedicine services grew 4 - 5x over FY26, with Q4 FY26 alone seeing a 9x jump; over 90,000 home healthcare calls and 40,000+ telemedicine calls for the full year.^[4]
AI-driven claims platform was handling 57% of claims traffic as of Q3 FY26; FWA (Fraud, Waste and Abuse) mitigation is cited as a core contributor to loss ratio improvement.^[5]
Long-term policies (multi-year) contributed 51% of fresh GWP in 9M FY26, up from 34% in 9M FY25, improving capital efficiency and early-stage customer retention.^[5]

Expansion plans

Agency force target is 1 million (10 lakh) agents within two years (by FY28), adding approximately 1 lakh agents per year.^[4]
Home healthcare coverage to continue expanding beyond 300+ cities already served.^[4][5]
Reinsurance cost as a percentage of business expected to decline to approximately 0.5 - 0.6% by FY27 as voluntary quota share treaty impact fades.^[2]
Expense ratio improvement of 30 - 40 bps per year expected consistently from technology and digitisation investments.^[2]

Market Cap

₹31,288 Cr

High / Low

₹624 / 417

Stock P/E

56.1

Price / Book

4.1

EPS

₹9.5

ROE

7.6%

Sales

₹16,597 Cr

Net Profit

₹557 Cr

Promoter holding

58.0%

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