Care Health Insurance Annual Report | Balance Sheet

Care Health Insurance Limited (Care Health) Return Comparision with Primex 40 Index

Periods	1 Week	1 Month	3 Months	6 Months	1 Year	3 Years	All Time
Primex-40
Care Health Insurance Limited

Care Health Insurance Limited Balance Sheet (Rs in Thousands)

Particulars	31-03-2024	31-03-2023
Sources of funds
Share Capital	97,20,437	94,22,306
Reserves And Surplus	1,19,77,804	80,69,537
Fair Value Change Account - Shareholders ' Funds	2,25,003	(56,011)
Fair Value Change Account - Policyholders ' Funds	54,168	(590)
Total	2,19,77,412	1,74,35,242
Application of Funds
Shareholders	2,13,03,545	1,92,11,593
Policyholders	4,50,25,649	3,15,51,286
Fixed Assets	4,18,995	5,61,812
Deferred Tax Asset*	4,12,281	4,68,101
Current Assets
Cash and Bank Balances	9,58,489	9,98,131
Advances and Other Assets	30,10,757	23,73,106
Sub-Total	39,69,246	33,71,237
Current Liabilities	2,00,25,614	1,55,94,542
Provisions	2,91,26,690	2,21,34,245
Sub-Total	4,91,52,304	3,77,28,787
Net Current Assets	-4,51,83,058	-3,43,57,550
Miscellaneous Expenditure (To The Extent Not Written Off or Adjusted)	-	-
Debit Balance In Profit And Loss Account	-	-
Total	2,19,77,412	1,74,35,242

Care Health Insurance Limited Profit & Loss Statement (Rs in Thousands)

Particulars	31-03-2024	31-03-2023
Operating Profit/(Loss)
Miscellaneous Insurance	35,59,964	64,37,363
Income from Investments
Interest, Dividend & Rent - Gross	13,47,276	9,78,608
Profit on sale of investments	82,564	76,394
Less: Loss on sale of investments	(967)	(4,352)
Total	49,88,837	74,88,013
Other Expenses
Expenses other than those related to Insurance Business	43,788	60,299
Bad debts written off	6,009	13,681
Foreign Exchange (Gain)/Loss	2,379	(17,944)
Corporate Social Responsilibilty (CSR) Expenses	27,934	10,461
Sandbox related expenses	-	14
Contribution to the Policyholders ' Fund towards Excess EOM*	8,08,057	41,41,692
Penalties	57	-
Total	8,88,224	42,08,203
Profit / (Loss) Before Tax	41,00,613	32,79,810
Current tax	9,74,007	8,89,812
Tax relating to earlier years	21,868	-
Deferred Tax Expense/(Income)	55,820	(68,574)
Profit / (Loss) After Tax	30,48,918	24,58,572
Balance of profit/(loss) brought forward from last year/period	16,40,213	-8,18,359
Balance carried forward to Reserves & Surplus/Balance sheet	46,89,131	16,40,213

Care Health Insurance Limited Consolidated Cash Flow Statement (Rs in Thousands)

Particulars	31-03-2024	31-03-2023
Cash Flows from the Operating activities:
Premium received from policyholders, including advance receipts	8,21,49,032	6,21,55,817
Payments to the re-insurers, net of commissions and claims	16,10,947	14,12,556
Payments to co-insurers, net of claims recovery	-1,14,084	-1,44,067
Payments of claims	-3,46,25,214	-2,48,05,127
Payments of commission and brokerage	-1,42,81,794	-78,86,496
Payments of other operating expenses	-1,43,15,414	-1,29,72,344
Deposits, advances and staff loans	(53,004)	(21,079)
Income taxes paid (Net)	-11,73,110	-6,50,000
Service tax / GST paid	-87,12,564	-67,96,352
Net cash flow from Operating activities	1,04,84,795	1,02,92,908
Cash flows from Investing activities:
Purchase of fixed assets (including capital advances)	-1,32,313	-2,97,839
Proceeds from sale of fixed assets	1,587	1,417
Purchases of investments	-1,95,59,839	-2,10,21,249
Sales of investments	5,73,421	4,61,464
Repayments received	43,28,780	44,39,053
Rents/Interests/ Dividends received	37,95,527	25,34,544
Investments in money market instruments and in liquid mutual funds (Net)	-6,86,701	8,25,555
Net cash flow from Investing activities	-1,16,79,538	-1,30,57,055
Cash flow from Financing Activities
Proceeds from issuance of share capital	11,57,480	29,57,458
Net cash flow from Financing activities	11,57,480	29,57,458
Effect of foreign exchange rates on cash and cash equivalents, net	(2,379)	17,944
Net increase in cash and cash equivalents	(39,642)	2,11,255
Cash and cash equivalents at the beginning of the year	9,98,131	7,86,876
Cash and cash equivalents at the end of the year	9,58,489	9,98,131

Here is a summary of the Cash Flow Statement for the years 2024 and 2023:

Cash Flows from Operating Activities: The company generated a positive cash flow of ₹1,04,84,795 thousand from its core operations. The main inflow came from premiums received from policyholders, amounting to ₹8,21,49,032 thousand, significantly higher than the prior year 's ₹6,21,55,817 thousand, indicating growth in policyholder contributions. Key outflows included payments of claims at ₹3,46,25,214 thousand and operating expenses such as commission and brokerage payments totaling ₹1,42,81,794 thousand. Despite these large outflows, the company 's efficient management of operations and its increase in premium receipts led to a net positive cash inflow from operating activities. There was also a payment of taxes, which amounted to ₹11,73,110 thousand.

Cash Flows from Investing Activities: The company experienced significant cash outflows in its investing activities, resulting in a net cash outflow of ₹1,16,79,538 thousand. Major investments included the purchase of fixed assets (₹1,32,313 thousand) and substantial outflows related to the purchase of investments (₹1,95,59,839 thousand). Though there were inflows from the sale of investments (₹5,73,421 thousand) and interest/dividends (₹37,95,527 thousand), these were not enough to offset the high spending on investments and fixed assets. The company 's conservative stance on liquidity management through money market investments further contributed to the outflows.

Cash Flows from Financing Activities: Cash inflows from financing activities amounted to ₹11,57,480 thousand, driven by proceeds from the issuance of share capital. This is lower compared to the previous year 's inflows of ₹29,57,458 thousand. The positive inflow shows the company raised additional equity capital during the year.

Effect of Foreign Exchange Rates: The net effect of foreign exchange rates on cash and cash equivalents was a small outflow of ₹2,379 thousand, compared to a positive effect of ₹17,944 thousand in the previous year.

Net Change in Cash and Cash Equivalents: Overall, the company saw a slight net decrease in cash and cash equivalents by ₹39,642 thousand for the year, compared to a positive change of ₹2,11,255 thousand in the prior year. Despite strong cash flows from operations, heavy outflows in investing activities offset these gains. The closing balance of cash and cash equivalents stood at ₹9,58,489 thousand, slightly lower than the opening balance of ₹9,98,131 thousand.

Care Health Annual Reports, Balance Sheet and Financials

Care Health Insurance Limited (Care Health) Return Comparision with Primex 40 Index

Care Health Insurance Limited Balance Sheet (Rs in Thousands)

Care Health Insurance Limited Consolidated Cash Flow Statement (Rs in Thousands)

Care Health Annual Reports

Care Health Financials 2022-23

Care Health Annual Report 2023-24

Care Health Annual Report 2022-23

Care Health Annual Report 2021-22

Care Health Annual Report 2020-21

Care Health Research Reports

2022-23

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