Star Health and Allied Insurance Company (STARHEALTH) Q3 25/26 earnings summary

Executive summary

• Achieved strong top-line growth with GWP up 23% YoY in Q3 FY26 and 16% YoY for nine months, driven by robust fresh and renewal business.

• Achieved 35% year-over-year growth in GWP to ₹13,856 crore for 9M FY26, with 1.8 crore lives covered, up from 1.7 crore in 9M FY25.

• Maintained leadership in retail health with a 31.3%–33% market share and a retail-to-group business mix of 95-5.

• Focused on disciplined execution, digital transformation, and customer-centric initiatives, resulting in improved NPS and persistency.

• Board approved unaudited standalone financial results for the quarter and nine months ended December 31, 2025, with a limited review by joint statutory auditors.

Financial highlights

• Q3 FY26 GWP rose to INR 5,047 crore (+23% YoY); nine-month GWP at INR 13,856 crore (+16% to 35% YoY).

• Ind AS PAT for nine months increased 87% YoY to INR 966 crore; Q3 PAT at INR 449 crore (vs. INR 87 crore last year).

• Combined ratio improved to 99.8% in 9M FY26 from 102.1% in 9M FY25.

• Investment yield at 9.6% for nine months, with 18.7% of the book in high-yielding assets.

• Net worth as of December 31, 2025, was ₹7,47,724 lakhs.

Outlook and guidance

• Expect continued improvement in loss and combined ratios as pricing and underwriting changes flow through.

• Annual price hikes anticipated at around 10% for senior citizen products, with similar trends across the portfolio.

• Focus remains on mid-teens ROE and sustainable combined ratios.

• Focus on digital-first initiatives, operational efficiency, and expanding distribution network.

• Management notes seasonality in the health insurance industry, with higher claims during monsoon and higher premium income towards year-end due to tax benefits.