STARHEALTH: Star Health and Allied Insurance Company Limited has informed the Exchange about Transcript of call dated October 29,2025.
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Star Health's management, led by MD Anand Roy and CFO Nilesh Kambli, shared Q2/H1 FY2026 results on the October 29 earnings call. H1 gross written premium grew 12% YoY to Rs 8,809 crore, with retail health rising 17% to Rs 8,332 crore and fresh retail premiums up 24%. Net incurred claim ratio improved to 70.6% in H1 (down 30 bps) and dropped sharply by 190 bps to 71.8% in Q2, while combined ratio improved 170 bps to 100.3%. H1 profit after tax rose 21% YoY to Rs 518 crore, though Q2 PAT of Rs 79 crore was hit by a Rs 122 crore pre-tax mark-to-market loss. Management highlighted the GST exemption on retail health policies as a major tailwind, reporting nearly 50% growth in fresh business in October, and reaffirmed FY28 targets for combined ratio and mid-teens ROE.
Improving claim ratios, strong October demand post-GST waiver, and digital channel growth at 47% are constructive for sustained margin expansion. However, Q2 PAT was weighed down by investment MTM losses, and the company declined to give specific near-term combined ratio guidance, which may limit near-term re-rating despite the positive trajectory.