Star Health and Allied Insurance Company LimitedQ2 FY27 Results & Financial Update

Star Health and Allied Insurance Company Limited: Q2 FY27 standalone results and company financials – PAT ₹264.81 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.

NSE: STARHEALTHPublished 27 Oct 2026Updated 27 Oct 2026~6 min read
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
Profit after tax₹264.81 CrReported Q2 FY27
EPS₹4.50Reported Q2 FY27

Find an answer

Ask this result

Chart · Market context

Star Health and Allied Insurance Company price & chart

Market price₹524.05
1Y return—Price return
Loading market chart…
Spotted a factual error?Tell us the number, date or statement and we will re-check the underlying records and calculations.Report an error
Quarterly Results AnalysisExplore Star Health and Allied Insurance Company Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.

Quarter overview

Quarterly earnings analysis

01

The company registered basic earnings per share of Rs. 4.50 for the quarter under review according to its structured exchange filing.

02

The accompanying investor presentation notes that the insurer achieved an insurance revenue of Rs. 5,074 crore for Q2 FY27, representing a 15% increase compared to Rs. 4,396 crore in Q2 FY26.

03

Underwriting profitability improved during the quarter, supported by a lower loss ratio of 69.0% in Q2 FY27 compared to 71.5% in Q2 FY26, bringing the Combined Insurance Service Ratio down to 98.0% from 100.9% in the corresponding period of the previous year.

04

Investment income grew by 62% to Rs. 268 crore in Q2 FY27 from Rs. 165 crore in Q2 FY26, driven by higher asset bases and mark-to-market portfolio gains.

05

Other expenses increased by 22% to Rs. 290 crore during the quarter compared to Rs. 237 crore in Q2 FY26, while finance costs stood at Rs. 15.16 crore.

06

The company's shareholder net worth expanded to Rs. 10,436 crore as of September 30, 2026, up from Rs. 9,191 crore a year earlier, reflecting retained earnings and capital accumulation.

01 · Business model

What does Star Health and Allied Insurance Company do?

Star Health and Allied Insurance Company Limited operates as a specialized standalone health insurance provider in India, focusing on retail health, group health, and personal accident lines.

The company generates its primary revenue through insurance premiums written across a granular distribution network comprising tied agency channels, direct-to-consumer digital platforms, and banking or corporate partnerships.

Its economic model relies heavily on disciplined underwriting, loss ratio management, expansive hospital network tie-ups, and investment income earned on accumulated policyholder and shareholder funds.

The insurer serves retail customers across metro, tier-2, and tier-3 cities, leveraging proprietary technology applications for policy issuance, customer engagement, and claims adjudication.

02 · Historical context

What shaped the business before this quarter

Agency Network Evolution

The company has spent two decades building its proprietary agency force, expanding to 8.7 lakh active agents by September 30, 2026.

Sub-debt Repayment Milestone

The company closed sub-debt worth Rs. 400 crore previously, with a balance of Rs. 70 crore scheduled for completion by November 2026.

03 · Financial snapshot

Current-quarter financial snapshot

MetricQ2 FY27
Profit before tax₹351.64 Cr
Profit after tax₹264.81 Cr
EPS₹4.50

04 · Why it moved

Why the quarter looked the way it did

What drove revenue

Insurance Revenue Expansion

Insurance revenue reached Rs. 5,074 crore in Q2 FY27, marking a 15% increase over Q2 FY26, supported by robust retail fresh premium inflows.

Proprietary Channel Contribution

Proprietary distribution channels—specifically agency and direct-to-consumer digital platforms—continued to drive over 90% of overall gross written premium.

What drove margins

Loss Ratio Improvement

The loss ratio improved by 250 basis points to 69.0% in Q2 FY27 from 71.5% in Q2 FY26, reflecting disciplined risk selection and claims management.

Expense Ratio Stability

The expense ratio remained stable at 29.1% in Q2 FY27 compared to 29.4% in Q2 FY26, keeping the combined insurance service ratio at 98.0%.

Investment Yield Performance

Annualised investment yield rose to 4.9% for the quarter (and 8.5% for H1 FY27), bolstered by mark-to-market gains of Rs. 229 crore for the half-year.

05 · Demand, customers & order book

Where demand is coming from

First-Time Buyer Proportion

New-to-insurance customers accounted for 93% of fresh business in H1 FY27, up from 90% in H1 FY26.

Customer Engagement Footprint

The scaled customer app reached 17.0 million downloads and 1.5 million monthly active users by the end of H1 FY27.

06 · Segments, products & geography

Which parts of the business are doing the work

Segments and products

Retail Health Focus

Retail health fresh gross written premium grew by 36% year-on-year in H1 FY27, maintaining retail dominance within the product mix.

Group and SME Contribution

Group business contributed 2.4% of overall gross written premium in H1 FY27, with continued strategic focus on small and medium enterprises.

Geography and market mix

Non-Metro Penetration

Non-metro geographies contributed over 65% of fresh business in H1 FY27, exhibiting higher growth momentum than urban centers.

07 · Capacity, projects & execution

What is being built, commissioned or delivered

Capacity, production and utilisation

Hospital Network Expansion

The agreed network of hospitals exceeded 17,000 partner facilities, with agreed network hospital share standing at 79%.

08 · Strategy & new businesses

How the company is trying to change its growth mix

Digital D2C Scaling

The direct-to-consumer digital channel delivered a 137% year-on-year growth in retail fresh gross written premium during H1 FY27.

ATOM Pro App Adoption

Over 50% of active agents adopted the ATOM Pro distribution app following its scale-up, supporting digital policy sourcing.

09 · Reported developments

What changed operationally

Underwriting Turnaround

The underwriting result swung to a positive Rs. 99 crore in Q2 FY27 from a loss of Rs. 40 crore in Q2 FY26.

Claims Settlement Efficiency

The retail claims settlement ratio reached 92.4% in H1 FY27, representing a 1.4 percentage point increase year-on-year.

10 · Pressure points & risks

What is not going smoothly

Operating Expense Expansion

Other expenses increased by 22% year-on-year to Rs. 290 crore in Q2 FY27, reflecting ongoing investments in technology and distribution.

11 · Items worth noticing

The line items that can distort a quick read

Mark-to-Market Investment Gains

Investment income for H1 FY27 included mark-to-market gains of Rs. 229 crore compared to Rs. 170 crore in H1 FY26.

Provisions Charged

The company recorded provisions of Rs. 23.79 crore in Q2 FY27.

12 · Cash flow & balance sheet

Profit is one thing. Cash and funding tell another part of the story.

Capital allocation & funding

Subordinated Debt Reduction

The company noted a closed sub-debt of Rs. 400 crore, with the remaining balance of Rs. 70 crore scheduled for closure by November 2026.

13 · Beyond the numbers

What changed beyond the numbers

Reported update

ESG and CSR Outreach

The company operated 32 Arogya Seva Kendra clinics across 9 states during H1 FY27, conducting over 1.38 lakh visits and 1.28 lakh medical tests.

14 · Key Q&A

The quarter, answered directly

What does Star Health and Allied Insurance Company do?

Star Health and Allied Insurance Company Limited operates as a specialized standalone health insurance provider in India, focusing on retail health, group health, and personal accident lines.

What is the clearest takeaway from Q2 FY27?

The company registered basic earnings per share of Rs. 4.50 for the quarter under review according to its structured exchange filing.

What drove revenue or demand?

Insurance revenue reached Rs. 5,074 crore in Q2 FY27, marking a 15% increase over Q2 FY26, supported by robust retail fresh premium inflows.

What mattered most for margins or profitability?

The loss ratio improved by 250 basis points to 69.0% in Q2 FY27 from 71.5% in Q2 FY26, reflecting disciplined risk selection and claims management.

What changed operationally beyond the headline numbers?

The agreed network of hospitals exceeded 17,000 partner facilities, with agreed network hospital share standing at 79%.

What are the main pressure points disclosed for the quarter?

Other expenses increased by 22% year-on-year to Rs. 290 crore in Q2 FY27, reflecting ongoing investments in technology and distribution.

15 · Scenario calculator

Earnings sensitivity: what if growth and margins change?

Starting point

Build your own next-quarter scenario

Reported values are prefilled where a comparable basis is available. Otherwise, the field starts at 0. You can overwrite every field.

Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.

Scenario output
Scenario revenue / income₹0 cr
Scenario operating profit₹0 cr
Profit change vs base₹0 cr (0%)
Scenario margin0%
Growth needed to keep profit flat after this margin move0%

The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.

16 · Next filing checkpoints

What the next disclosure can confirm or change

  1. 01

    Sub-debt Repayment: Completion of the remaining Rs. 70 crore sub-debt settlement by November 2026.

  2. 02

    Combined Ratio Trajectory: Sustained maintenance of the combined insurance service ratio below the 98% threshold achieved in Q2 FY27.

Learn the metrics

Need the concepts first?

Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.

← Back to Quarterly Results