News ArticleStar Health Achieves ₹9,562 Crore Gross Written Premium and ₹210 Crore Underwriting Profit in H1 FY27
Company posts 19% YoY GWP growth with 36% increase in retail fresh premium and a Combined Insurance Service Ratio of 97.9% for the half year ended September 30, 2026
Star Health and Allied Insurance announced a 19% year-over-year increase in gross written premium to ₹9,562 crore and an underwriting profit of ₹210 crore for the half year ended September 30, 2026. The company highlighted strong retail fresh growth of 36% and maintained a combined insurance service ratio of 97.9%, demonstrating sustainable profitability and customer-centric growth through proprietary channels and digital expansion.
Star Health and Allied Insurance Company Limited
Investor Presentation
Star Health and Allied Insurance reported a 19% year-on-year growth in gross written premium to ₹9,562 crore and an underwriting profit of ₹210 crore for the half year ended September 30, 2026, reflecting improved profitability and sustained growth driven by retail and digital channels.
The company’s retail fresh gross written premium grew by 36% to ₹1,630 crore during this period, underscoring focused expansion in new customer segments. The Combined Insurance Service Ratio (CISR) improved to 97.9% compared to 100.3% in H1 FY26, indicating effective cost and claims management.
Star Health maintains a diversified and granular retail distribution network, with the largest agency force of 8.7 lakh agents and a growing digital direct-to-consumer channel that increased retail fresh GWP by 137%. Non-metro geographies accounted for more than 65% of fresh business, supporting higher growth momentum.
Financial metrics highlight a profit after tax of ₹911 crore in H1 FY27, up 16% year-on-year, and a normalised PAT of ₹1,222 crore. The company reported a loss ratio of 68.6% and expense ratio of 29.2%, leading to the strong underwriting result.
Investment income was ₹1,091 crore with an annualised yield of 8.5%, supporting overall financial performance. The insurer continues to leverage technology and AI-driven analytics across underwriting and claims processes to enhance customer engagement and portfolio quality.
Highlights
- Gross Written Premium of ₹9,562 crore in H1 FY27, marking 19% YoY growth.
- Retail Fresh GWP increased by 36% to ₹1,630 crore, led by agency and digital channels.
- Underwriting profit reached ₹210 crore, reversing prior period losses.
- Combined Insurance Service Ratio improved to 97.9% from 100.3% in H1 FY26.
- Profit After Tax rose 16% YoY to ₹911 crore for H1 FY27.
- Digital direct-to-consumer channel recorded 137% growth in retail fresh GWP.
Key Data Snapshot
What happened
- Star Health and Allied Insurance declared 19% year-over-year growth in gross written premium to ₹9,562 crore for H1 FY27.
- The company achieved an underwriting profit of ₹210 crore compared to a loss of ₹24 crore in the corresponding period last year.
- Retail fresh gross written premium grew strongly by 36% to ₹1,630 crore driven by agency and digital direct-to-consumer channels.
- Combined Insurance Service Ratio improved to 97.9% from 100.3% in H1 FY26, indicating enhanced underwriting efficiency.
- Profit after tax rose by 16% year-on-year to ₹911 crore.
Key details
- Star Health’s proprietary agency network comprising 8.7 lakh agents contributed 85.3% of retail GWP with 19% retail growth.
- The digital direct-to-consumer channel expanded rapidly with 137% retail fresh GWP growth and accounts for 5.2% of overall GWP.
- Non-metro geographies contributed over 65% of fresh business, supporting sustained expansion beyond major cities.
- Investment income was ₹1,091 crore with an annualised investment yield of 8.5%.
- Loss ratio stood at 68.6%, and expense ratio at 29.2%, reflecting effective portfolio and cost management.
Financial performance
- Combined insurance revenue increased by 15% year-on-year to ₹9,930 crore.
- Underwriting result improved substantially from a loss of ₹24 crore in H1 FY26 to a profit of ₹210 crore in H1 FY27.
- Normalised profit after tax, reflecting an 8% portfolio yield adjustment, rose to ₹1,222 crore for H1 FY27.
- Return on equity was healthy, with an annualised post-tax ROE of 16.3%.
- Growth in profit and premium was supported by disciplined portfolio management and technological advancements.
Strategic context
- Star Health continues to focus on a granular retail distribution strategy with proprietary agency and digital channels being key growth drivers.
- The company emphasized disciplined risk selection and uses AI-ML-based analytical models for underwriting and claims management.
- Persistent focus on new-to-insurance customers with 93% of fresh business from first-time buyers supports long-term growth potential.
- Technology initiatives include a distribution app and customer engagement platforms aimed at improving efficiency and service quality.
Highlights
- Gross Written Premium of ₹9,562 crore in H1 FY27, marking 19% YoY growth.
- Retail Fresh GWP increased by 36% to ₹1,630 crore, led by agency and digital channels.
- Underwriting profit reached ₹210 crore, reversing prior period losses.
- Combined Insurance Service Ratio improved to 97.9% from 100.3% in H1 FY26.
- Profit After Tax rose 16% YoY to ₹911 crore for H1 FY27.
- Digital direct-to-consumer channel recorded 137% growth in retail fresh GWP.
Disclosures
- BSE Listing Requirements
- SEBI Listing Regulations
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