Care Health Insurance Limited premiums rise 35% to Rs 6,897 crore

In H1 FY27, Care Health Insurance reported gross written premium of Rs 6,897 crore, up 35% year on year. Retail health gross written premium rose 44% to Rs 4,358 crore, while profit before tax increased 42% to Rs 392 crore and the combined insurance service ratio improved by 70 basis points.

How quickly did Care Health Insurance premiums grow in H1 FY27?

Care Health Insurance grew gross written premium (GWP) by 35% year on year to Rs 6,897 crore in H1 FY27, according to Religare Enterprises Limited's November 12, 2026 earnings release. The insurer's premium growth came as Religare Enterprises reported total consolidated income of Rs 4,717 crore in H1 FY27, compared with Rs 3,965 crore in H1 FY26, an increase of 19%.

Retail health was the faster-growing disclosed premium component. Retail Health GWP increased 44% year on year to Rs 4,358 crore in H1 FY27, exceeding Care Health Insurance's 35% increase in overall GWP. The release does not disclose the comparable H1 FY26 rupee values for either total GWP or retail health GWP.

Religare Enterprises described Care Health Insurance as India's second-largest standalone health insurer, with a 24% share of the segment. The November 2026 release provides no prior-period market-share figure, so it does not show whether the 24% share changed during H1 FY27.

Did Care Health Insurance's underwriting metrics improve?

Care Health Insurance reported profit before tax (PBT) of Rs 392 crore in H1 FY27, up 42% year on year, while its combined insurance service ratio improved by 70 basis points to 100.5%. A basis point is one-hundredth of a percentage point, and the company presented both measures on an Indian Accounting Standards, or Ind AS, basis.

The 42% rise in H1 FY27 PBT was faster than the 35% increase in GWP during the same six-month period. The 70-basis-point improvement in the combined insurance service ratio also records a change in the insurer's reported insurance-service measure. The release does not provide the claim-cost, expense or reinsurance components underlying the 100.5% ratio.

Care Health Insurance's reported H1 FY27 figures are also subject to an accounting transition disclosed in Religare Enterprises' financial results. The Insurance Regulatory and Development Authority of India granted the insurer a one-year FY 2026-27 transition forbearance for implementation of Ind AS 117, and management had not quantified its potential effect on assets, liabilities, equity, income, expenses, cash flows or consolidated results.

What does Care Health Insurance disclose about its investment book?

Care Health Insurance said its investment book grew to Rs 12,897 crore in H1 FY27 and generated a gross debt yield of 7.3%. The November 12, 2026 announcement does not provide the prior investment-book value or previous yield, so a period-on-period growth rate cannot be calculated from the disclosed data.

The insurer reported that 95% of its debt portfolio was either rated AAA or invested in Government Securities. That stated portfolio composition sits alongside the 7.3% gross debt yield, but the release does not disclose the duration of the book, the composition of the remaining 5%, or realised investment gains and losses.

The Rs 12,897 crore investment book exceeded Care Health Insurance's Rs 6,897 crore H1 FY27 GWP, although the measures cover different periods and purposes. The investment book is a portfolio value at the reporting point, whereas GWP is a premium-flow measure for the six months ended September 30, 2026.

How fast is Care Health Insurance processing claims?

Care Health Insurance reported a 97% claim settlement ratio and said 80% of cashless claims were processed within 30 minutes in H1 FY27. These are the two direct claims-service indicators disclosed in the earnings release, covering settlements and the speed of cashless processing.

The release does not provide H1 FY26 comparisons for the 97% claim settlement ratio or the 80% within-30-minutes cashless-processing measure. It also does not disclose the number of claims handled, average claim size or the number of cashless claims processed during the half year ended September 30, 2026.

The 100.5% combined insurance service ratio and the 97% claim settlement ratio are separate reported measures. Religare Enterprises did not provide a calculation linking the H1 FY27 claims-service indicators to the 70-basis-point movement in the combined insurance service ratio.

Will Care Health Insurance remain with Religare Enterprises after the demerger?

Care Health Insurance will remain with Religare Enterprises under the proposed demerger of the group's financial-services business into Religare Finvest Limited. The scheme approved by the Religare Enterprises board on February 14, 2026 specifically excludes the insurance business, including its investment in and shareholding of Care Health Insurance.

The proposal remains subject to conditions and regulatory approvals. The National Stock Exchange of India issued a no-objection letter and BSE Limited issued a no-adverse-observations letter on July 7, 2026, but the Reserve Bank of India did not accede to the application in its August 6, 2026 communication; Religare Enterprises said it and Religare Finvest were engaging with the regulator on further clarifications.

Conclusion

Care Health Insurance's H1 FY27 results combine faster retail health premium growth of 44% with a 42% increase in PBT and a 70-basis-point improvement in its combined insurance service ratio. The insurer also reported a Rs 12,897 crore investment book, a 7.3% gross debt yield, 95% of debt assets in AAA-rated instruments or Government Securities, and a 97% claim settlement ratio.

The next disclosed matter to watch is management's quantification of Ind AS 117 effects after the FY 2026-27 transition forbearance. Investors can also monitor progress on the February 2026 demerger scheme, under which Care Health Insurance is intended to remain with Religare Enterprises while the regulatory process remains unresolved.