Care Health

Care Health Insurance Limited Overview Care Health Insurance Limited is a leading standalone health insurer in India, formerly known as Religare Health Insurance. It operates as a subsidiary of Religare Enterprises and focuses exclusively on health insurance products across retail, corporate, and government segments. The company has built a strong presence in the fast-growing Indian health insurance market.

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Business Model Care Health operates a pure-play health insurance model: • Retail Health Insurance Policies (individual & family plans) • Corporate Group Insurance • Government Health Schemes • Top-up & Super Top-up Plans • Wellness & Preventive Healthcare Offerings Revenue is primarily driven by premium collections, with profitability dependent on underwriting discipline and claims management.

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Financial Profile & Valuation • Strong growth in gross written premium (GWP) • Improving combined ratio with scale • Profitability linked to claims ratio and operating efficiency Valuation (Private Market): • Estimated range: ₹20,000–30,000 crore • Among leading standalone health insurers in India

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Competitive Positioning • Established player in standalone health insurance space • Focused specialization vs diversified insurers Key Competitors: • Star Health and Allied Insurance • Niva Bupa Health Insurance • HDFC ERGO General Insurance Moat: • Strong hospital network and claims servicing • Brand recognition in health insurance segment • Specialized underwriting expertise • Growing digital distribution capabilities

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Growth Drivers • Low health insurance penetration in India • Rising healthcare costs driving demand for coverage • Increasing awareness post-COVID • Expansion into Tier 2 & Tier 3 cities • Growth in digital policy distribution

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Key Risks • High claims ratio impacting profitability • Regulatory oversight by Insurance Regulatory and Development Authority of India • Pricing pressure due to competition • Fraud and claims management challenges • Dependence on healthcare inflation trends

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Recent Developments • Continued growth in retail health segment • Expansion of hospital and distribution network • Focus on digital transformation and customer experience • Industry tailwinds post-pandemic awareness

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Investment View / Outlook Care Health Insurance is a strong play on India’s underpenetrated health insurance market, benefiting from structural growth drivers and increasing awareness. However, profitability remains sensitive to claims management and pricing discipline. Key Monitorables: • Claims ratio and combined ratio • Growth in gross written premium (GWP) • Market share in retail health segment • Regulatory developments Overall, View: Structurally attractive sector with long-term growth visibility. Care Health is well-positioned, but returns will depend on underwriting quality and operational efficiency.