Care Health Insurance Limited (CHIL) commenced business in 2012 & has a network presence at 1300+ locations across the country with 207 branches and 18500+ hospitals and healthcare centre empaneled for cashless claims. It has a product bouquet of 32 products encompassing group, travel, fixed benefit & indemnity categories to serve varied customer needs. CHIL has a differentiated service offering for corporate businesses like wellness program & regular health checkup, thereby negotiating high premiums and improve customer stickiness.

It follows an omni-channel distribution strategy through agency, brokers, corporate agents & online. The major concentration or target to cater the retail and SME customers. In order to improve the outreach and customer experience, CHIL continues to invest in digital properties for its customers, partner and employees.

Religare Enterprise ltd holds 65.5% equity stake in CHIL and CHIL registered a gross written premium of Rs 3947 crore last year, a growth of 53% over the previous financial year & reported profit before tax of over Rs 15 crore & profit after tax of INR 11.5 crore. During the same period, it had a net worth of INR 1207 crore.

People are now much more cautious about their health and wellbeing due to pandemic situation & aftermath of it has caught customers interest & it is anticipated that industry to continue its upward trend. India health insurance market is a growing market and registered a market size of INR 80471 crore in FY 22 up by 26.2 % . Out of all health insurance service providers in India, public sector institutions have a market share of 44% and private insurers having a market share of 30% and stand-alone health insurance companies hold 26% market share.

CHIL in numbers

Years 2013 2014 2015 2016 2017 2018 2019 2020 2021
No of policies 68552 144147 314925 494080 661175 1028398 1104069 1240812 1783636
No of person ('000s) 2502.25 2748.57 1546 2025.76 3714.88 13526.53 16431.01 12475.7 20785.02
Gross Premium (INR Lakh) 15230.75 27580.72 48913.20 72606.56 109160.53 182557.37 238899.18 255975.81 388090.75

The Gross Direct Premium within & outside India for Care Health Insurance (CHIL) for 2021-22 was INR 3880.91 crore against INR 2559.75 crore in 2020-21, At the same time CHIL complied with the stipulated solvency ratio of 1.5.

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Financial Highlights

CHIL Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Sep-22 Dec-22
Solvency Ratio 1.53 1.56 1.52 1.52 1.54 1.55 2.59 2.52 2.52 2.45 1.81 1.9 1.68 1.85 1.97 1.9
Book Value/share 6.39 6.94 7.34 7.55 8.04 11.26 11.4 11.5 12.3 10.71 11.8 11.8 13.29 13.36 16.89 17.5
EPS 0.32 0.12 0.31 0.04 0.44 0.25 0.09 0.03 0.84 -1.66 0.99 -0.03 0.82 0.03 0.96 0.6
Operating Profit Ratio 0.67 0.02 0.04 0 0.06 0.03 -0.02 0 0.48 -0.44 0.16 -0.03 0.11 -0.02 0.09 0.05


Kedaara Capital also invested primary capital of INR 300 crore along with investment in secondary purchase of CHIL shares. This capital helped CHIL immensely to make investments in distribution, technology, servicing opportunities and building healthy solvency margins. CHIL is rigorously monitoring the impact of subsequent waves of pandemic on the operations.

Insurance companies work on the principle of shared value which galvanize things and add value to the firms and consumers. This has built a successful model over a period and attracts more beneficiaries to subscribe for the common cause.

India is one of the fastest growing economies from almost a decade and its upcoming future projections seems to be considerably way ahead than its counterpart, Although the last couple of years were poised by covid and Ukraine war which directly impacted the growth of several economies across the globe but the recent turnaround and policies played a significant role to realign itself.

India which is placed at 10th position in the Insurance market (9th – Life & 13th – Non-Life) is estimated to grow by an average of 14% per annum over the next decade which will shoots up it’s ranking to sixth position, This increase is mainly due to overall economic growth of India & FDI inflows specifically in the insurance sector which shows remarkable growth by 20 times from last 2 decades because of relaxation and relaxation in policies by government.

As far as non-life business is concerned health premium in India grew by 22.5% in real terms, this segment becoming the largest non-life business contributor due to awareness amongst the public and rapid increase in healthcare cost. Moreover, post pandemic and customization of policies will help to boom this market.

Key Persons

Mr.Anuj Gulati–MD & CEO

Dr.Rashmi Saluja–Non-Executive Chairperson

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