India’s largest standalone health insurer Star Health and Allied Insurance Company Ltd closed FY26 on a strong note, delivering improved profitability, tighter underwriting metrics, and sustained momentum in its core retail health insurance business.
Profitability strengthens amid disciplined execution
The company reported a profit after tax (PAT) of ₹911 crore for FY26, marking a 16% year-on-year growth. The improvement was driven by steady premium expansion, strong renewal persistency, moderation in loss ratios, and better operating efficiency.
Premium growth led by retail health segment
Gross Written Premium (GWP) rose 16% YoY to ₹20,369 crore on a normalised basis. Retail health premium stood at ₹19,341 crore, growing faster at 20% YoY, reinforcing the company’s leadership in the segment with a 31% market share.
Underwriting metrics show sharp improvement
Star Health’s underwriting performance saw a notable turnaround during the year. The company reported an underwriting profit of ₹206 crore, compared to a loss of ₹165 crore in FY25.
The combined ratio improved to 98.8% from 101.1% a year earlier, reflecting tighter cost controls and better claims management. Loss ratio improved by 194 basis points to 68.7%, while expense ratio declined to 30.1%.
Quarterly performance gains momentum
In Q4 FY26, GWP grew 17% YoY to ₹6,529 crore. The combined ratio improved further to 95.7% from 98.4% in Q4 FY25. Loss ratio declined for the third consecutive quarter, dropping 399 basis points to 65.2%, signalling sustained operational discipline.
Claims excellence and customer trust deepen
During FY26, the company settled nearly 30 lakh claims worth over ₹11,900 crore, underlining its scale and operational capability. Renewal persistency remained robust at 99%, while customer satisfaction improved, with Net Promoter Score (NPS) rising to 62 from 54 a year ago.
Digital adoption accelerates growth
Digital continued to play a pivotal role in driving efficiency and growth. Around 20% of fresh retail sales were generated through digital channels during the year.
The company’s distribution app “Atom” saw strong adoption with over one lakh regular users, while its AI-enabled claims engine enabled ~84% of claims to be settled through cashless mode. The customer app crossed 14 million downloads, with over 1.5 million monthly active users.
Distribution network powers scale
Star Health’s expansive distribution network remained a key growth driver. As of March 31, 2026, the company operated through 900 offices, supported by over 8.3 lakh agents, 15,000 network hospitals, and a workforce of more than 18,500 employees.
Disciplined execution
CEO & Managing Director Anand Roy said FY26 was marked by disciplined execution across underwriting, operations, and retail expansion. He highlighted the company’s continued focus on digital adoption and customer experience, adding that Star Health remains committed to sustainable growth and expanding access to quality health insurance across India.