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Care Health Insurance Annual Report Update 2021

Care Health has come up with an Annual Report 2021 in the last week and same is available with UnlistedZone. In this article, we will check the performance of the Care Health Insurance in the year FY20-21.

Business Performance

1. In the financial year ended March 2021, Care Health Gross Domestic Premium Income (GDPI) rose to Rs. 2,559 Crores from Rs. 1,975 Crores, (excluding Ayushman Bharat) registering a growth of 29.5 % over financial year 19-20.
2. Profit After Tax (PAT) for the year increased to Rs. 102 Crores, registering a growth of 55.7 %.
3. Solvency ratio was at 2.45, one of the highest in the industry and significantly above the minimum regulatory requirement of 1.50x. This shows that company is well capitalised.
4. The Company has launched a few new products, namely, Care Advantage, Arogya Sanjeevani, Corona Kavach, Covid Care, Group Care 360, Care Shield Add- on, Explore V2.
5. During the last year 4 new branches were opened and total count of branches is 158. There are around 9,904 permanent employees in the Company. The agent strength, which is back bone of any insurance company has increased from 1,32,474 to 1,69,183 as compared to last financial year.
6. Care Health Insurance has tied up with more than 16,000 healthcare network providers to facilitate cashless services to its customers.

Raises funds in FY20-21

1. Care Health has raised Rs. 337 Crores by allotting 7,98,67,980 Equity Shares of Rs. 10 each on preferential allotment/ private placement basis to M/s Trishikhar Ventures LLP and a few other shareholders at a premium of Rs. 27.89/- per equity share.

2. Care Health has also issued 3.32 Crores of ESOPs.

Financial Results of FY20-21

Particulars (Cr) March-21 March-20
Revenue- from Operation 262 256
Revenue- from Investment 56 21
Other Income 0.8 3.5
Total Revenue 322 278
Total Expenses 247 213
PAT 102 65

Valuation of Care-Health Insurance

Care-health Unlisted Share Price = 235
Total Shares Outstanding = 84.1 Crores
Mcap = ~19763 Crores

The valuation looks very stretched.

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