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Care Health Insurance Ltd (Religare) Unlisted Shares
DRHP Status : Not Filed
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Fundamentals About Care Health Insurance Ltd (Religare)
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All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Care Health Insurance Ltd (Religare)
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| GWP | 2559 | 3880 | 5141 | 6864 |
| NEP | 1980 | 3088 | 4590 | 6047 |
| Premium Earned | 1729 | 2510 | 3932 | 5329 |
| P&L on Sale of Investment | 1.9 | 3.6 | 7 | 13 |
| Interest, Dividend and Rent | 103 | 446 | 172 | 255 |
| Others Revenue | 242 | 2 | 414 | 81 |
| Total Revenue | 2075.9 | 2961.6 | 4525 | 5678 |
| Claims Incurred | 953 | 1633 | 2116 | 3074 |
| Commission | 26 | 110 | 442 | 1070 |
| Operating Expenses | 721 | 1070 | 1322 | 1178 |
| Others Revenue Account | 111 | -135 | 0 | 0 |
| Operating Profit | 264.9 | 283.6 | 645 | 356 |
| Income from Investment | 59 | 59 | 105 | 143 |
| Other Income | 0.8 | 0 | 0 | 0 |
| Other Expenses | 247 | 325 | 420 | 89 |
| PBT (%) | 75 | 15 | 327 | 410 |
| Tax | -26 | 4 | 82 | 105 |
| PAT | 101 | 11 | 245 | 305 |
| EPS | 1.2 | 0.12 | 2.6 | 3.14 |
| Financial Ratios | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Combined Ratio | 98.32 | 112.07 | 98.68 | 99.87 |
| Net-Loss Ratio | 0.55 | 0.65 | 0.54 | 0.58 |
| Mcap / GWP | 6.08 | 4.33 | 3.3 | 2.97 |
Balance Sheet
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 48 | 94 | 56 | 42 |
| Cash and Balances | 45 | 78 | 99 | 96 |
| Investment - Shareholder | 909 | 1105 | 1921 | 2130 |
| Investment- Policyholder | 1725 | 2460 | 3155 | 4502 |
| Advances & Other Assets | 282 | 250 | 283 | 342 |
| Total Assets | 3009 | 3987 | 5514 | 7112 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 841 | 908.5 | 942 | 972 |
| FV | 10 | 10 | 10 | 10 |
| Reserves and Surplus | 291 | 380 | 806 | 1198 |
| Current Liabilities | 791 | 1161 | 1559 | 2002 |
| Provisions | 1088 | 1529 | 2213 | 2913 |
| Other Liabilities | -1.7 | 0 | -6 | 27 |
| Total Liabilities | 3009.3 | 3978.5 | 5514 | 7112 |
About Company
Care Health Insurance was launched in 2012 as the health-insurance arm of Religare Enterprises Limited (REL). It offers health-insurance coverages to individuals, corporates and under financial-inclusion schemes. Major shareholders include REL, Union Bank of India and Corporation Bank.
The following table shows a 10-point analysis of Care Health Insurance Limited (formerly Religare Health Insurance). We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 GWP ₹8,318 cr · Net Earned Premium ₹6,733 cr · Revenue ~₹6,724 cr · PAT ₹155 cr · PAT margin ~2.3% | Leading standalone health insurer offering retail/group health, personal accident and travel insurance; strong premium growth supported by rising healthcare awareness and insurance penetration; profitability pressured by elevated claims. |
| Industry & Market Position | ~10–12% market share · Top 4–5 standalone health insurer · FY25 GWP growth 21% YoY | Operates in high-growth health insurance segment (industry CAGR 20%+); strong distribution via bancassurance, brokers and direct; high claims ratio impacts margin versus peers. |
| Revenue Growth Trend | FY23–FY25 GWP CAGR ~30%+ (₹5,141 cr → ₹8,318 cr) | Robust retail-led expansion and product innovation; outpaced industry in recent years; long-term opportunity driven by India’s low health insurance penetration (~25–30%). |
| Profitability & Margins | Combined Ratio >100% · Operating Profit ₹49 cr · ROE ~7–8% · PAT margin ~2% | Claims surge (₹4,096 cr, +33% YoY) compressed margins; investment income (~₹173 cr) cushioned PAT decline; profitability sensitive to underwriting discipline and claims control. |
| Cash Flow Quality | Premium-driven OCF · Investment float income · No dividends | Operational float supports investment income; claims payouts and commissions affect near-term cash flows; moderate earnings volatility typical of health insurance cycles. |
| Balance Sheet Strength | Net worth ~₹2,200–2,400 cr · Solvency ratio >1.5x · Low debt | Strong regulatory capital buffer; investment portfolio backs liabilities; minimal leverage risk; well-capitalised under IRDAI norms. |
| Valuation Comfort | Unlisted price ₹136–175 (Feb 2026 range) · P/E ~85–100x+ (EPS ~₹1.59) | Premium valuation reflecting growth potential despite FY25 earnings dip; trades at relative discount to listed peers but high absolute multiple; listing anticipation supports pricing. |
| Management & Governance | Professional management · IRDAI regulated · Credit rating IND AA-/Stable | Established governance framework with regulatory oversight; transparent disclosures; promoter backing provides strategic stability. |
| Growth Triggers & Catalysts | Continued premium growth (H1 FY26) · Potential demerger/listing · Industry tailwinds | Value unlock expected via restructuring/listing; margin recovery dependent on claims moderation; strong long-term structural demand for health coverage. |
| Liquidity & Exit Visibility | OTC liquidity · Demerger/listing under consideration | Moderate unlisted liquidity; high exit visibility if listing proceeds; restructuring by parent entity could accelerate liquidity event. |
Product Range & Distribution
- Offers retail health-insurance products such as critical illness, personal accident, top-up coverage, international travel insurance and maternity cover.
- Also provides group health insurance and group personal accident insurance for corporate clients.
- As of FY23, the company had a broad distribution network: about 35% of premiums came via individual agents, 18% via corporate agents, and 13% directly including online channels. It operated ~248 branches, had ~251,000 individual agents, ~149 corporate agents and ties to over 22,900 hospitals.
Market Position & Growth
- By FY23, Care Health ranked as the second-largest standalone health insurer (SAHI) in India and the eighth-largest overall health-insurance player. In the retail health-insurance segment, it was 4th overall and 2nd among SAHIs.
- Between FY18 and FY23, its market share grew notably: overall health-insurance share rose from ~2.5% to ~5.3%; retail health jumped from ~4% to ~7.7%; group health increased from ~1.7% to ~4.3%. The compound annual growth rates (CAGR) for premiums stood around 36% (overall), 35% (retail) and 45% (group health) over this period.
Business Environment
- Health-insurance penetration in India remains low: only ~4% of population covered under individual/family floater policies; including group schemes and government coverages raises number to ~38%.
- The health-insurance industry has large growth potential—analysts estimate coverage could expand 2× to 4×, and overall market size could grow to ~₹ 1.6-2.6 trillion.
- For SAHIs (standalone health insurers), stronger growth is expected due to their product focus and agency networks.
Strengths & Risks
Strengths:
- Rapid growth in premiums, improving market share across retail and group segments.
- Strong agent network and broad distribution channels.
- Financial metrics like solvency ratio well above regulatory thresholds.
Risks
- Intense competition and pricing pressure in health-insurance market may press margins.
- Claims cost inflation (hospitalisation, medical advances) poses underwriting risk.
- Low base of penetration means future growth must come with scale – execution risk exists.
- For unlisted-share investors: Liquidity, valuation transparency and exit timing are key considerations in unlisted market.
Shareholding Pattern of Care Health Insurance Ltd (Religare)
| Name | Holding |
|---|---|
| Religare Enterprises Limited | 62.98% |
| Trishikhar Ventures LLP | 15.86% |
| Union Bank Of India | 5.29% |
| Public | 15.86% |
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Frequently Asked Questions
Care Health Insurance Ltd. (formerly Religare Health Insurance) unlisted shares are equity shares of the company that are not yet traded on NSE or BSE. These shares are available for private investment through trusted platforms like UnlistedKraft.
Yes, UnlistedKraft allows you to invest in Care Health Insurance Ltd. unlisted shares seamlessly. Just complete your KYC, place your order, and receive the shares directly in your demat account.
While unlisted shares carry a few risks like lower liquidity, Care Health Insurance Ltd. is a well-established and fast-growing player in the health insurance space. UnlistedKraft ensures all transactions are secure and verified for investor confidence.
The price is decided based on recent funding rounds, internal company valuations, and supply-demand factors. UnlistedKraft tracks these metrics closely to offer competitive and transparent pricing.
Yes, a valid demat account is required to receive and hold unlisted shares, including those of Care Health Insurance Ltd.
There is no compulsory holding period unless the company goes public. However, most investors hold these shares for long-term gains or until the IPO for maximum returns.
Yes, UnlistedKraft provides a resale option where you can sell your shares before the IPO, subject to market demand and availability of buyers.
Yes, SEBI mandates a six-month lock-in period for pre-IPO investors once the company is listed on a public stock exchange.
If held for more than two years, gains are treated as long-term capital gains and taxed at 20 percent with indexation. If sold earlier, gains are taxed as per your income tax slab.
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