Risks
3 risks
Risk Intelligence
Seasonal claims volatility
View Risks →Star Health and Allied Insurance Co Ltd — Q4 FY26
Star Health delivered a strong operational turnaround in Q4 FY26, with fresh retail growth surging 38% YoY on an N basis and overall GWP reaching ₹6,259 crore (+17% YoY).
bullish
high
Financial stats pending filing verification
2-Minute Summary
✦ AI-Generated from Full Transcript
Star Health delivered a strong operational turnaround in Q4 FY26, with fresh retail growth surging 38% YoY on an N basis and overall GWP reaching ₹6,259 crore (+17% YoY). Underwriting profit jumped 200% YoY to ₹186 crore, driven by a 270bps improvement in combined ratio to 95.7% 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 crore 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.
Risks3 trackedTranscriptfull text
Research workspace
Focused Modules
Transcript
Full text
Call Transcript
Full transcript text is available on this route.
Read Transcript →Quarter Snapshot
Fresh Retail Growth (N basis)
38%
+38% YoY
Fresh retail premium grew 38% YoY in Q4, driven by both value and volume.
Combined Ratio
95.7%
-270bps YoY
Combined ratio improved to 95.7% from 98.4% in Q4 FY25, reflecting better underwriting.
Retail Loss Ratio
64.8%
-300bps YoY
Retail loss ratio improved 3% YoY to 64.8% in Q4, marking the third consecutive quarterly improvement.
New-to-Insurance Mix
94%
+4pp YoY
New-to-insurance customers accounted for 94% of fresh premium in Q4, up from 90% last year.
Fast read
Guidance and risk preview
Management aims to grow agent count to 1 million within the next two years, adding ~1 lakh agents annually.
A recurrence of vector-borne diseases or higher seasonal claims could pressure loss ratios, as seen in prior years.
View Risks →