Care Health Insurance announced its FY24 results.

10 September 2024

Financial Performance:

In FY24, Care Health Insurance achieved significant financial milestones, marked by a Gross Written Premium (GWP) of Rs.7,021.93 Cr, reflecting a growth rate of approximately 34% compared to the previous year. The company’s revenue increased by 36.1% reaching Rs.5,740 Cr net profit after tax increased by 24.02%, reaching Rs.304.89 Cr. This solid performance was driven by product innovation, quality service delivery, and sustainable growth initiatives. Care Health Insurance maintained a robust solvency ratio of 1.74, well above the regulatory requirement of 1.50, showcasing its financial stability. The company's combined ratio, which measures the profitability of insurance operations, was reported at an industry-leading 95%, highlighting its efficient underwriting and expense management.

Operational Highlights:

Operationally, Care Health Insurance expanded its footprint with over 260 branches and a workforce exceeding 9,500 employees. The company's distribution network, which includes approximately 280,000 agents and 24,800+ healthcare providers, played a pivotal role in reaching customers across diverse geographies. The customer-centric approach was further bolstered by the success of its mobile app, which has garnered nearly 5 million downloads and high ratings on app stores, underscoring the company’s commitment to enhancing customer experience through digital platforms.

Future Outlook:

Looking ahead, Care Health Insurance aims to capitalize on the growing awareness of health insurance in India by expanding its distribution through various channels, including digital platforms, agencies, and bancassurance partnerships. The company plans to continue its focus on product innovation and enhancing service quality, aiming to sustain its growth trajectory and further solidify its market position.