Care Health (Previously Religare Health) Insurance Company Limited Unlisted Shares

Investment Overview

Care Health (Previously Religare Health) Insurance Company Limited is an unlisted company operating in the Financials sector (Insurance). Care Health Insurance Company Limited (formerly Religare Health Insurance) is a specialist standalone health insurer in India. The company offers retail and group products covering hospitalization, top‑up, personal accident, maternity, international travel and critical illness, alongside wellness se…

Strengths

• Robust Financial Progress: In FY23, Care Health reported a gross direct premium of ₹5,141.52 crore, a substantial surge from ₹3,880.91 crore in FY22. The net profit for FY23 stood at ₹245.84 crore, a substantial improvement from ₹11.50 crore in FY22.
• Extensive Distribution Network: The organization boasts a strong network infrastructure, comprising 248 branches, 251,000 individual agents, 149 corporate agents, and partnerships with over 22,900 hospitals.
• Diverse Product Portfolio: With a wide range of health insurance products, Care Health caters to various client needs, enhancing its marketplace appeal.

Key Risks

• Restricted Domain Penetration: Despite increase, only 4% of the Indian population is covered under individual or family floater policies, indicating a vast untapped industry.
• Dependence on Agents: A major portion of premium distribution relies on individual agents (35%) and corporate agents (18%), which may pose challenges in scaling direct or online sale

Valuation View

The current unlisted market price is ₹136.62 per share with a market capitalisation of approximately ₹13743 crore. The company is currently unlisted and investors should factor in illiquidity risk and longer holding horizons. Investors are advised to review the full financial data and consult an advisor before investing.