Star Health and

Star Health delivered a strong operational turnaround in Q4 FY26, with fresh retail growth surging 38% YoYCurrent 38% YoY. Reported change: +38% YoY. on an N basis and overall GWP reaching ₹6,259 croreCurrent reported value: ₹6,259 crore. No comparable prior figure is available in the source record. (+17Current reported value: 17. No comparable prior figure is available in the source record.% YoY). Underwriting profit jumped 200% YoYCurrent reported value: 200% YoY. No comparable prior figure is available in the source record. to ₹186 crore, driven by a 270bps improvement in combined ratio to 95.7%Current 95.7%. Reported change: -270bps YoY. and a 400bps reduction in loss ratio to 65.2%. The retail loss ratio improved for the third consecutive quarter, aided by disciplined pricing, portfolio recalibration, and enhanced fraud management. However, a ₹558 croreCurrent reported value: ₹558 crore. No comparable prior figure is available in the source record. mark-to-market loss from equity market volatility dragged reported PAT to a loss of ₹42 crore. Management guided for sustained loss ratio improvement through continued price hikes and wellness initiatives, targeting a normalized ROE of 13.1%. Key risk: a resurgence in seasonal claims or higher medical inflation could pressure loss ratios.