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RATING

RECOMMENDATION

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Business Type

Traditional Business

Discover and get a complete analysis on Care Health Pre IPO - Management, Business Model, Financials, Growth, Valuations, Funding Rounds, News and get latest updates on Care Health Financial Statements.

ISIN

INE957N01016

Face Value

₹10.00

Total Share

72,79,49,069

Total Income

₹2,135.74 Cr

Profit After Tax

₹102.23 Cr

EPS

₹1.24

P/E

125.81

P/B

13.73

Market Capitalisation

₹11,356.01 Cr

Enterprise Value

₹11,310.33 Cr

Book Value

₹11.36

Intrinsic Value

₹164.61

Earnings Yield

0.79 %

Sector

Financials

Sub-sector

Insurance

Category

Upcoming IPO

Cashflow - Operations

₹379.21 Cr

Cashflow - Financing

₹337.37 Cr

Care Health Growth

Compounded Sales Growth

  • 14.65%

    1 Year

  • 36.52%

    3 Year

  • 43.15%

    5 Year

Pro Only

Compounded Profit Growth

  • 55.71%

    1 Year

  • NA

    5 Year

Pro Only

Return On Equity

  • 10.70%

    2021

  • 8.83%

    2019

  • 0.43%

    2017

Pro Only

About Care Health

  • Care Health Insurance is a specialized health insurer offering products in the retail segment for Health Insurance, Top-up Coverage, Personal Accident, Maternity, International Travel Insurance and Critical Illness along with Group Health Insurance and Group Personal Accident Insurance for Corporates, Micro Insurance Products for the Rural Market and a Comprehensive Set of Wellness Services.
  • It was the insurance arm of Religare Enterprise limited which is a specialized Health Insurer offering health insurance services to employees of corporates.
  • It is marketed by a team behind the hospital chain known as Fortis Health Care which is one of the six standalone health insurers in India.
  • With a network of 110 branches and 9459 hospitals, the company serves over 700 sites around the country. It has an 18-product portfolio to accommodate a variety of clientele, including group, travel, and fixed benefits.
  • Care Health Insurance company Limited(renamed from Religare Health Insurance) was incorporated on July 2012 headquartered in Gurugram, Haryana.

  • Care Health IPO Details

In June'21 Religare Enterprises announced consideration of an initial public offer (IPO) of up to ₹2,000 crore for its health insurance subsidiary Care Health Insurance, where it plans to issue fresh shares, according to ET. The company was planning to launch IPO in the same year, but has not updated any other information as of now.

  • Care Health Funding

Funded By Funding Amount Date of Investment Funding Round Fund Name
Kedaara Capital Fund II LLP ₹ 2000 M 02 Jun 2020 Growth Merger/Acquisition
  • Care Health Subsidiaries

  • The company doesn't have any subsidiary or associate company.

Care Health Business Model

  • Care Health Insurance is a specialized health insurer which provides Group Health Insurance and Group Personal Accident Insurance for Corporates, Micro Insurance Products for the Rural Market and a Comprehensive Set of Wellness Services. It provides specialized health insurance services to employees of corporates.
  • The company generates revenue by charging premiums in exchange for insurance coverage, then reinvesting those premiums into other interest-generating assets. With its operating philosophy being based on the principal tenet of ‘consumer-centricity’, the company has consistently invested in the effective application of technology to deliver excellence in customer servicing, product innovation and value-for-money services.
  • Care Health Revenue Segmentation

  • Premium
  • Income From Investments
  • Other Income
  • Care Health Product & Services

Health Insurance:

  • Comprehensive family health insurance
  • Diabetes Health insurance
  • Heart disease insurance
  • Senior Citizen insurance
  • Arogya Sanjeevani insurance
  • Cancer care
  • Critical illness Mediclaim

Travel insurance:

    • International travel insurance
    • International health and travel insurance for Students

    Corporate Insurance:

    • Group Mediclaim insurance policy for employees
    • Personal accident cover for employees with global
    • coverage
    • Group travel insurance for employees
    • Care Health Assets

    As of 31st Mar'21 the company has fixed assets of worth Rs.49 Cr.

    Fixed AssetsAmount in Rs.
    Intangibles-Computer Software29.05 Cr.
    Leasehold Property1.16 Cr.
    Furniture and Fittings0.02 Cr.
    IT Equipment13.98 Cr.

    Office Equipment

    2.81 Cr.
    Work In Progress1.97 Cr.
    • Care Health Industry Overview

    Industry Statistics

    • The insurance industry encompasses life insurance and general insurance, which are further divided into subsectors. The Insurance Regulatory Authority of India (IRDAI) is the regulator of the insurance sector in the country
    • The insurance industry of India has 57 insurance companies 24 are in the life insurance business, while 34 are non-life insurers. 
    • Indian insurance market has a total insurance premium of INR 7,618.3 bn, where life insurance has total premium of INR 2,590 bn form new business and general insurance has gross direct premium of INR 1,889.2 bn 
    • India’s insurance penetration was pegged at 4.2% in FY21, with life insurance penetration at 3.2% and non-life insurance penetration at 1.0%. In terms of insurance density, India’s overall density stood at US$ 78 in FY21. 
    • Health insurance is one of the major contributors of growth of general insurance industry in India. It alone accounts for around 29% of total general insurance premium income earned in India.
    • The market share of private sector companies in the general and health insurance market increased from 47.97% in FY19 to 48.03% in FY20
    • In July 2021, non-life insurance premium stood at Rs. 20,171 crore , an increase of 19.5% YoY, as compared with Rs. 16,885 crore in July 2020. The growth was driven by strong performance from health and motor segments.
    • The gross direct premium income for the general insurance industry in India stood at Rs. 1,087 billion in FY22 (until September 2021), an increase of 12.3% YoY, due to 28.8% growth in the health segment and an 84.7% growth in the personal accident segment.
    • In July 2021, standalone private health issuers registered a premium growth of Rs. 1,753 crore, an increase of 27.5% YoY.
    • In March 2021, health insurance companies in the non-life insurance sector increased by 41%, driven by rising demand for health insurance products amid COVID-19 surge.
    • Demand drivers for health insurance sector includes the government’s policies also the country is witnessing growing population andwithin that higher share of young insurable potential customers which is another driver for the industry.
    • With the advent of unforeseen pandemic people are now more conscious about their health, which is influencing them to purchase medical insurance, renew their insurance or increase the sum assured of the medical insurance also increasing awareness in the healthcare sector, owing to the growing healthcare costs and higher inflation in medical cost will be a potential driver in the growth of Health insurance industry.
    • According to S&P Global Market Intelligence data, India is the second-largest insurance technology market in Asia-Pacific, accounting for 35% of the US$ 3.66 billion insurtech-focused venture investments made in the country.
    • Major competitors of the company includes include Aditya Birla, Apollo Munich and Max BUPA, Star Health & Allied Insurance Company Ltd.
    • HDFC Life Insurance and ICICI Prudential Life Insurance Company Ltd.


    Future Prospects

    • A recent study conducted by the strategic consulting and market research firm Blue Weave Consulting revealed that the India health insurance market is estimated to grow at a CAGR of 10.1% during the forecast period of 2021-2027.
    • The health insurance industry is at an embryonic stage, with roughly 25% of the population under its coverage. There exists a huge potential for growth and penetration of health insurance to a larger population. Additionally, there are both opportunities and restraints in the marketing and distribution of health insurance products in India.
    • India's health insurance market is witnessing robust growth due to the changing lifestyle and the increasing burden of various health issues and chronic medical conditions among all age groups. In addition, the government is taking various steps to boost the adoption of health insurance among the general public. 
    • Market share of private players are continuously increasing and is expected to rise further in coming times.

    Government Initiatives

    • In August 2021, the Parliament passed the General Insurance Business (Nationalisation) Amendment Bill. The bill aims to allow privatisation of state-run general insurance companies.
    • NITI Aayog recommends strengthening regulatory mechanisms in order to restore the faith of the missing middle class in health insurance. In addition, low-cost policies and the burgeoning private-public infrastructure in India are contributing to the growth of this market.
    • Government launched National Health Protection Scheme under Ayushman Bharat, in September 2018, in order to provide coverage of up to INR 500,000 to more than 100 million vulnerable families, holds heavy expectations, which increases penetration of health insurance in India, from nearly 34% to 50%.
    • In December 2014, the government approved increasing the FDI limit in the insurance sector from 26% to 49%. In the Union Budget FY2022, the government raised the industry’s FDI cap from 49% to 74%. 

    Care Health Awards & Achievements

    • Care Health Insurance has been adjudged the ‘Best Health Insurance Company’ once at the ABP News-BFSI Awards 2015 and again at the Emerging Asia Insurance Awards, 2019.
    • The company received ‘Best Claims Service Provider of the Year’ – Insurance India Summit & Awards 2018.
    • It has received the ‘Editor’s Choice Award for Best Product Innovation’ at Finnoviti in 2013.
    • The company was conferred the ‘Best Medical/Health Insurance Product Award’ at the FICCI Healthcare Excellence Awards in 2015, 2018 and 2019.

    Care Health Strengths

    • Gross written Premium has increased by more than 7 times in last 5 years.
    • The turnaround of claim and settlement are super easy because of personal assistance and non-involvement of third party which is backed by company's highest Claims Settlement Ratio of 95.2%.
    • The company has huge network to provide immediate access to cashless treatment and has 16500+ network hospitals located in several cities.
    • It has a track record of settling 25 lacs+ claims, which makes it customer centric and may contribute to increase in its revenue.

    Care Health Shortcomings

    • Available solvency margin to Required solvency margin (ASM to RSM) of Care, which is metric of Solvency for insurance companies has not shown any improvement over the last 4 years, currently at 155%
    • Net incurred claims when compared to net written premium has been increasing each year, in FY21 company has net incurred claim of Rs.953.82 Cr, currently at 55% of total premium earned
    • Net retention ratio is below the average when compared to other medical insurance companies, currently at 31% compared to industry average of 68%.

    Care Health Opportunities

    • Nowadays, the vast majority of businesses run their operations digitally. It is an excellent opportunity for insurance companies to provide digital data protection insurance with the ease of accessing it at home.
    • People nowadays value their lives, their health, and their families even more than before given the tough economic circumstances and so want to make sure that everything is fine even if they are not there. 
    • People are more aware of the importance of life and health insurance as a result of the pandemic, which has increased demand and expected to create more opportunities for health insurance companies.
    • Another reason for the growing popularity of insurance policies is the benefit of tax exemption that is provided to family-oriented and individual plans. The majority of the private insurers also provide lucrative returns and are now being availed by a section of the Indian society with greater disposable earnings.

    Care Health Threats

    • With technology improving by the second and the world progressing at an alarming rate, the environment has become largely dynamic, which means that insurance companies must always raise the bar as businesses, lifestyles, and people adapt and evolve. Insurance is one of the most competitive industries. Star Health & Allied Insurance Company Ltd, HDFC Life Insurance, and ICICI Prudential Life Insurance are among the company's major competitors.
    • There are so many people offering insurance now that it has become very hard to stand out with an edge. With so many alternatives around, there is no guarantee of holding customers for long.
    • Many markets and even brands that exist in those markets have become close to obsolete in today’s world. Insurance companies are always at risk of being associated with entities that are no longer salvageable.
    Care Health Rating

    • RECOMMENDATION

      Sell

    • Care Health Detail Info

    Industry Statistics

    PUBLIC LIMITED

    Registered In

    India

    last Updated

    22/07/2020

    Registered Date

    16/12/1991

    Planify Ticker

    CARE

    Reg Office: 1st Floor, P-14, 45/90, P-Block, Connaught Place, New Delhi – 110001

    Website: http://www.Carehealthinsurance.com/

    Frequently Ask Questions

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    This new SEBI rule was introduced in the month of August-2021, wherein the SEBI has reduced the lock-in period previously from 1 year to 6 months to encourage more and more funds to be invested in startups which are going to public or IPO in near future. Reduction of lock-in is seen as big step and after that many PMS funds are advising their clients to invest in Pre-IPO shares to get the benefit of early stage investment.

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