Care Health Insurance Ltd (Religare) - Unlisted Shares
Fundamentals
- Current Price
- ₹155
- Market Cap
- ₹14,604.57 Cr
- ISIN
- INE119J01011
- Face Value
- ₹10
- P/E Ratio
- 48.74
- EPS
- 3.18
- P/B Ratio
- 2.16
- Book Value
- 71.7
- Debt / Equity Ratio
- 0
Key Financials
Profit & Loss
| Metric | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|
| Net Earned Premium | 5328.67 | 3932.04 | 2510.84 | 1729.47 | 1508.45 | 1091.20 |
| Growth % | 35.52% | 56.60% | 45.18% | 14.65% | 38.24% | 0 |
| Expenses | 1265.78 | 1329.36 | 1077.92 | 728.20 | 667.85 | 558.30 |
| Growth % | -4.78% | 23.33% | 48.03% | 9.04% | 19.62% | 0 |
| Operating Profit | 4062.89 | 2602.68 | 1432.92 | 1001.27 | 840.60 | 532.90 |
| Op. Profit Margin % | 76.25% | 66.19% | 57.07% | 57.89% | 55.73% | 48.84% |
| Other Income | 491.69 | 284.17 | 190.65 | 166.06 | 119.52 | 95.27 |
| Net Incurred Claims | 3074.27 | 2116.18 | 1633.73 | 953.82 | 891.94 | 602.67 |
| Net Commision | 1070.24 | 442.71 | 110.17 | 26.61 | -22.17 | -31.42 |
| Premium Deficiency | 0 | 0 | -135.88 | 111.42 | 24.46 | 0 |
| Profit Before Tax | 410.07 | 327.96 | 15.55 | 75.48 | 65.89 | 56.92 |
| Tax | 105.17 | 82.12 | 4.05 | 26.74 | 0.24 | 0 |
| Tax % | 25.65% | 25.04% | 26.05% | 35.43% | 0.36% | 0.00% |
| Profit After Tax | 304.90 | 245.84 | 11.50 | 102.22 | 65.65 | 56.92 |
| Growth % | 24.02% | 2037.74% | -88.75% | 55.70% | 15.34% | 0 |
| PAT % | 5.72% | 6.25% | 0.46% | 5.91% | 4.35% | 5.22% |
| Diluted EPS | 3.18 | 2.64 | 0.13 | 1.24 | 0.90 | 0.86 |
Company Financials
| Metric | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|
| Equity Capital | 972.04 | 942.23 | 908.57 | 841.04 | 727.95 | 688.55 |
| Reserves | 1225.70 | 801.29 | 380.18 | 289.44 | 53.03 | 12.33 |
| Total Equity | 2197.74 | 1743.52 | 1288.74 | 1130.49 | 780.98 | 700.88 |
| Borrowings | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Sources of Funds | 2197.74 | 1743.52 | 1288.74 | 1130.49 | 780.98 | 700.88 |
| Investments | 6632.92 | 5076.28 | 3566.08 | 2635.01 | 1775.73 | 1301.66 |
| Loans | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Fixed Assets | 41.90 | 56.18 | 55.07 | 49.00 | 54.52 | 56.41 |
| Deferred Tax Asset | 41.23 | 46.81 | 39.95 | 42.16 | 0.00 | 0.00 |
| Cash and Bank Balances | 95.85 | 99.81 | 78.69 | 45.68 | 55.86 | 40.24 |
| Other Assets | 301.08 | 237.31 | 157.48 | 210.28 | 114.13 | 173.49 |
| Sub Total (A) | 396.92 | 337.12 | 236.17 | 255.96 | 169.99 | 213.73 |
| Current Liabilities | 2002.56 | 1559.45 | 1161.19 | 847.29 | 681.19 | 544.07 |
| Provisions | 2912.67 | 2213.42 | 1529.17 | 1097.68 | 733.63 | 588.05 |
| Sub Total (B) | 4915.23 | 3772.88 | 2690.36 | 1944.97 | 1414.81 | 1132.12 |
| Net Current Assets (A-B) | -4518.31 | -3435.76 | -2454.19 | -1689.01 | -1244.83 | -918.39 |
| Debit Bal P/L | 0.00 | 0.00 | 81.84 | 93.33 | 195.56 | 261.21 |
| Total Application of Funds | 2197.74 | 1743.52 | 1288.74 | 1130.49 | 780.98 | 700.88 |
Shareholding Pattern
- Religare Enterprise Limited
- 88.46%%
- Union Bank of India
- 3.50%%
- Corporation Bank
- 4.50%%
- Others
- 5.21%%
Strengths & Weaknesses
Strengths
- Experienced senior management: A team of seasoned professionals in insurance, risk, actuarial, and finance leads the company. Their extensive experience, combined with the strategic guidance of the board and promoters, greatly benefits the company.
- Enhancing competitive standing in industry: The company's gross direct premium grew by 52% in fiscal 2022 to Rs 3,881 crore and sustained a 38% increase in the first nine months of 2023.
- Strong risk management and high-quality investments: Care Health's robust risk management framework addresses various risks, including insurance, strategic, operational, investment, and cyber security.
Weaknesses
- Only one product: As a standalone health insurer, Care Health faces inherent monoline risks compared to general insurers.
- Underwriting performance can improve: Care Health's underwriting performance showed room for improvement in fiscal 2022, with a combined ratio increasing to 103.3% from 92.9% in the previous year. The underwriting deficit amounted to Rs 304 crore, compared to a surplus of Rs 28 crore in the prior fiscal.
About Care Health Insurance Ltd (Religare)
Established in 2007, Care Health Insurance Company Ltd (Care Health) is a standalone health insurer in India, offering health, travel, and personal accident insurance services to corporate employees, individuals, and small to medium enterprises.
Board of Directors
- Mr. Anuj Gulati - Managing Director & CEO
- Mr. Pankaj Gupta - Chief Finance Officer
- Mr. Ajay Shah - Chief Marketing Officer
- Mr. Manish Dodeja - Chief Risk Officer
- Mr. Kartikeya Dhruv Kaji - Non-Executive Director
- Mr. Sunish Sharma - Non-Executive Director
