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 centres 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 improving 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 a 64.98% equity stake in CHIL. CHIL registered a gross written premium of INR 5,141 crore last year, a growth of 32% over the previous financial year & reported profit before tax of over INR 327 crore & profit after tax of INR 245 crore.

Financial Figures (INR Crore)

Description FY23 FY22 FY21 FY20 FY19
Gross Direct Premium 5,141.00 3,881.00 2,559.00 2,325.00 1,514.00
Total Income 4,525.00 2,961.00 2,075.00 1,811.00 1,344.00
PBT 327.96 15.55 75.48 65.89 56.91
PAT 245.84 11.50 102.23 65.65 56.91
Cash flow from Operating 1,029.29 667.51 379.21 334.10 242.56
Cash flow from Investing -1,305.70 -787.16 -725.74 376.70 321.10
Cash flow from Financing 295.75 153.16 337.37 58.75 93.72
EPS 2.65 0.13 1.26 0.90 0.86
Solvency Ratio 1.82 1.85 2.45 1.55 1.56
Operating Profit Ratio 0.06 -0.01 -0.44 0.03 0.02
Book Value per Share 18.56 13.29 12.35 8.04 6.39
  • The Gross Direct Premium within & outside India for Care Health Insurance (CHIL) for FY23 was INR 5,141 crore against INR 3,881 crore in FY22, At the same time CHIL complied with the stipulated solvency ratio of 1.82.
  • It is a debt free firm. So, debt to equity & debt to coverage ratio becomes irrelevant.
  • It has piled huge reserves and surplus worth more than 800 crores.

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Industry Overview

Insurance companies work on the principle of shared value which galvanizes things and adds 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 for almost a decade and its upcoming future projections seems to be considerably way ahead than others. Although, the last couple of years were poised by Covid-19 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.


People are now much more cautious about their health and wellbeing due to the pandemic & its aftermath, which has caught customers’ interest & it is anticipated that industry will continue its upward trend. This is also surging due to growing economy, population, financial inclusivity, ease of credit facility etc. India health insurance market is a growing market and registered a market size of INR 80,471 crore & expected to grow at a CAGR of 20%. 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. Having said that, Care Health decimated the industry growth rate by a great margin & registered the record-breaking profit along with maintaining the claim ratio at a par level.

The last 18 odd months as seen a new development for the firm. As, Kedaara Capital 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. Recent buzz in the market suggests that Private Equity firms are hovering around to buy a stake at Care Health & expand it further to different region.


Religare Enterprise ltd (64.98%), Trishikhar Ventures (16.36%), Union Bank of India (5.45%)

Key Personnel

Mr.Anuj Gulati–MD & CEO

Dr.Rashmi Saluja–Non-Executive Chairperson

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