Star Health and Allied Insurance Company (STARHEALTH) Q4 25/26 earnings summary

Executive summary

• FY 2026 marked a strategic recalibration with a focus on distribution, underwriting discipline, claims management, customer experience, and operating efficiency.

• Gross Written Premium (GWP) rose 16% YoY to ₹20,369 Cr for FY26, with 2.8 Cr lives covered as of March 31, 2026.

• Retail health insurance leadership maintained with a 31.3% market share and proprietary channels contributing over 90% of retail business.

• Digital transformation advanced, with 95% of fresh premiums collected digitally and 14 million app downloads.

• Persistency ratio increased to 99%, and Net Promoter Score (NPS) reached 62, up 8 points YoY.

Financial highlights

• Q4 FY26 fresh retail growth (NEP basis) was 38% YoY; retail health policies grew 11% YoY.

• Overall GWP rose 17% YoY in Q4 to INR 6,259 crores; full-year GWP up 16% YoY to INR 20,369 crores.

• Underwriting profit for Q4 was INR 186 crores (up 200% YoY); full-year underwriting profit at INR 206 crores vs. a loss of INR 165 crores last year.

• Q4 PAT was a loss of INR 42 crores due to INR 558 crores mark-to-market loss; full-year PAT up 16% YoY to INR 911 crores.

• Normalized PAT (8% investment yield) for FY26 was INR 1,222 crores, up 45% YoY.

Outlook and guidance

• Sustained focus on high-teens growth, mid- to high-teen ROEs, and digital-first strategy.

• Ongoing annual price increases across products, with optimization based on customer wellness and behavior.

• Continued investment in technology, analytics, and wellness initiatives to drive efficiency and customer engagement.

• No major repricing beyond normal expected for FY27; current strategy seen as sufficient to maintain target combined ratio.

• The company will adopt Indian Accounting Standards (Ind AS) from FY27, with a transition date of April 1, 2025.