CARE HEALTH INSURANCE LIMITED UNLISTED SHARES
ABOUT CARE HEALTH INSURANCE LIMITED
CARE HEALTH INSURANCE LIMITED formerly known as Religare Health Insurance Company Limited is a specialized health insurance company that offers products in the retail segment for Health insurance, Top-up Coverage, Personal Accident, Maternity, International Travel Insurance and Critical Illness along with Group Health Insurance and Group Personal Accident Insurance for Corporates, Micro Insurance Products for the Rural Market and a Comprehensive Set of Wellness Services. In total the company has a product bouquet of 23 products. Care Health Insurance is one of the leading Stand-alone Health Insurance (SAHI). It is ranked 5th amongst private general insurers and 2nd among Stand-alone health insurers (SAHI) with a market share of 4.2% (as of FY 2020) in the Health and Personal accident insurance space.
Care health Insurance Limited is a subsidiary of Religare Enterprises Limited. Care Health Insurance commenced its business in 2012 as Religare Health Insurance Limited. The company now has a network presence at 1000+ locations across India with 156 branches and 10,000+ hospitals empaneled for cashless claims.
The company has multiple channels for the distribution of its products and services including agencies, brokers, corporate agents, online and bancassurance. The company mainly focuses on the retail and SME segment.
Care Health Insurance Limited has also successfully completed the Ayushman Bharat mandate in Chhattisgarh.In FY 2020, Kedaara Capital invested Rs. 567 Crores (300 Crores primary + 267 Crores secondary) for a 19% stake in Care Health Insurance Limited.
INCORPORATION DETAILS
CIN | U66000DL2007PLC161503 |
Registration Date | 02 April 2007 |
Address of the Registered office and contact details | 5th Floor, 19, Chawla House, Nehru Place, New Delhi-110019 |
Name, Address and Contact details of Registrar and Transfer Agent, if any | KFIN Technologies Private Limited Selenium Tower B, Plot 31-32, Gachibowli, Financial District, Nanakramguda, Hyderabad - 500032 |
PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
Name and Description of main products/services | NIC Code of the product/service | % to total turnover of the Company |
Non-life Insurance | 6512 | 100% |
BOARD OF DIRECTORS
Dr. Rashmi Saluja (Non-Executive Chairperson)
Mr. Anuj Gulati (Managing Director & CEO)
Mr. Sham Lal Mohan (Non-Executive Independent Director)
Lt. Gen. (Retired) Shamsher Singh Mehta (Non-Executive Independent Director)
Mrs. Asha Nair (Non-Executive Independent Director)
Mr. Malay Kumar Sinha (Non-Executive Independent Director)
Mr. Siddharth Dinesh Mehta (Non-Executive Director)
Mr. Vijay Kumar Uppal (Bank Nominee Director)
Mr. Sushil Chandra Tripathi (Non-Executive Independent Director)
Mr. Kartikeya Dhruv Kaji (Non Executive Director)
PARTICULARS OF SUBSIDIARY AND ASSOCIATE COMPANIES
CARE HEALTH INSURANCE LIMITED does not have any subsidiary or associate company.
CARE HEALTH INSURANCE LIMITED UNLISTED SHARE DETAILS
Total Available Shares: | 8,410,42,200 |
Face Value: | Rs. 10 Per Equity Share |
ISIN: | INE119J01011 |
PAN No. | AADCR6281N |
Lot Size: | 100 Shares |
Last Trade Price: | Rs. 220 |
Market Cap: | Rs. 18502.93 Crore |
SHAREHOLDING PATTERN
(As of 31-03-2020)
S. No. | Shareholders’ Name | % of total Shares of the company |
1 | Religare Enterprises Limited | 71.84% |
2 | Others | 28.16% |
INDUSTRY OUTLOOK
Indian Health Insurance market is a growing market and has grown at a CAGR of 20% from FY 2014 to FY 2020. The Health Insurance market in India has registered a market size of Rs. 56,798 Crore in FY 2020, up by 11.6% from FY 2019.SAHIs (Stand-alone Health Insurance) has grown at a faster CAGR of 35%, resulting in their market share to go double from 23% in FY 2014 to around 50% in FY 2020.
Care Health Insurance Limited has outperformed both the health industry as well as the SAHIs within the retail segment and has grown at a CAGR of 58% from FY 2014 to FY 2020.
COVID 19 pandemic has helped health insurance become a priority for individuals. The surge in Health insurance policies began in April end and the beginning of May 2020 with rising COVID cases. And the IRDA (Insurance Regulatory and Development Authority of India) has made it mandatory for all insurance companies to provide standard coverage for COVID 19 through Corona Kavach and Corona Rakshak policies. And this product actually fulfilled the urgent need of the consumers.
In July 2020, the General Insurance council’s data revealed that the health insurance premiums accounted for 32.7% of the general insurance market. The Indian Health Insurance Market is anticipated to register a robust CAGR of 29% during 2021-2025 owing to expanding middle-class population, growing awareness about benefits offered by a health insurance plan, favorable government initiatives, and growing expenditure on healthcare.
As the second wave of COVID 19 has worsened the condition, the attitude of millennials has also changed towards the health insurance industry. Before the pandemic millennials were reluctant to put down money for health insurance, but now they are considering health insurance as a necessity. In 2021, the health insurance industry is expecting the tailwinds of pandemics.
KEY FINANCIALS OF CARE HEALTH INSURANCE LIMITED(In Rs. Crores)
Particulars | 9 months of FY 2021 | 2020 | 2019 | 2018 |
Premiums Earned (net) | 1,161.44 | 1,508.45 | 1,091.20 | 679.67 |
Other Operational Income | 77.54 | 302.62 | 253.46 | 43.75 |
TOTAL OPERATIONAL INCOME | 1,238.97 | 1,811.07 | 1,344.67 | 723.43 |
Claims Incurred (net) | 712.99 | 891.94 | 602.67 | 353.21 |
Commission paid | 12.25 | -22.17 | -31.42 | -41.32 |
Operating expenses | 501.46 | 660.64 | 532.23 | 440.08 |
Premium deficiency | 20.19 | 24.46 | 0.00 | 0.00 |
TOTAL OPERATIONAL EXPENSES | 1,246.88 | 1,554.87 | 1,103.48 | 751.98 |
OPERATING PROFIT | -7.91 | 256.21 | 241.18 | -28.55 |
Income from Investments | 44.14 | 22.22 | 21.30 | 16.20 |
Other Income | 0.00 | 0.58 | 0.00 | 0.00 |
TOTAL INCOME | 36.24 | 279.00 | 262.48 | -12.35 |
Provisions (doubtful debts) | 0.00 | 0.00 | 9.79 | 0.00 |
Other Expenses | 5.31 | 212.46 | 195.77 | 3.90 |
Bad debts written off | 0.14 | 0.64 | 0.00 | 0.00 |
Profit/(Loss before Tax) | 30.78 | 65.89 | 56.92 | -16.25 |
Total Tax | 0.00 | 0.24 | 0.00 | 0.00 |
Profit/(Loss after Tax) | 30.78 | 65.65 | 56.92 | -16.25 |
BALANCE SHEET OF CARE HEALTH INSURANCE LIMITED(In Rs. Crores)
Particulars | 2020 | 2019 |
SOURCES OF FUNDS | ||
Share Capital | 727.95 | 688.55 |
Share Application Money Pending Allotment | 0.23 | 0.00 |
Reserves And Surplus | 55.49 | 13.99 |
Fair Value Change Account - Shareholders | -2.68 | -1.66 |
Fair Value Change Account - Policyholders | 0.00 | 0.00 |
Borrowings | 0.00 | 0.00 |
TOTAL | 780.98 | 700.88 |
APPLICATION OF FUNDS | ||
Investments | 1775.73 | 1301.66 |
Loans | 0.00 | 0.00 |
Fixed Assets | 54.52 | 56.41 |
Deferred Tax Asset | 0.00 | 0.00 |
CURRENT ASSETS | ||
Cash and Bank Balances | 55.86 | 40.24 |
Advances and Other Assets | 114.13 | 173.49 |
Sub-Total (A) | 169.99 | 213.73 |
Current Liabilities | 681.19 | 544.07 |
Provisions | 733.63 | 588.05 |
Sub-Total (B) | 1414.81 | 1132.12 |
Net Current Assets (C) = (A - B) | -1244.83 | -918.39 |
Miscellaneous Expenditure (To The Extent Not Written Off or Adjusted) | 0.00 | 0.00 |
Debit Balance In Profit And Loss Account | 195.56 | 261.21 |
TOTAL | 780.98 | 700.88 |
DIVIDEND HISTORY
Particulars | 2020 | 2019 | 2018 |
Dividend (In Rs.) (final + interim) | Nil | Nil | Nil |
PERFORMANCE OF THE COMPANY
Gross WrittenPremium of Care Health Insurance Limited for the first 3 quarters of FY 2021 wasRs. 1,778 Crores. In FY 2020, the company’s gross written premium was Rs. 2,409 Crores for FY 2020. The retail segment contributes around 50-60% to the company’s total Gross Written premium.
Net earned premiums of the company reached Rs. 1,161.44 Crores in just 3 quarters of FY 2021. In FY 2020, it was Rs. 1,508.45 Crores, 38% more than the net premiums earned of Rs. 1,091.20 Crores in FY 2019.
The total Operational income of the company increased by 35% in FY 2020 to Rs. 1,811.07 Crores from Rs. 1,344.67 Crores in FY 2019.
Claims incurred in the first 3 quarters of FY 2021 were Rs. 713 Crores. For the whole FY 2020, net claims incurred were Rs. 891.94 Crores.
The claim ratio in the company for FY 2020 was 59%. But for the first 3 quarters of FY 2021, it was 61%.
Bad debts written off for the first 3 quarters of FY 2021 were only 14 lakhs. In FY 2020, it was 64 lakhs for the year.
Profit After Tax (PAT) increased by 15% from Rs. 56.9 Crores in FY 2019 to Rs. 65.6 Crores in FY 2020. PAT for the first 3 quarters of FY 2021 is 30.78 Crores.
The Total Assets Under Management on 31st March 2020 stood at Rs. 1,778.4 Crores.
The total Book value of the company as of 31st December 2020 was Rs. 953 Crores.
In FY 2020, Care Health Insurance attracted investments of Rs. 27 Crores from selected investors on a private placement basis and Rs. 31 Crores from Religare Enterprises Limited (Holding Company)through investments in the Rights issue of Care Health Insurance Limited. Kedaara Capital also invested Rs. 300 Crores in the company along with investments in secondary purchase of Care Health Insurance Limited shares.
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