Buy Sell Religare Health Insurance Company Limited Shares

Care Health (Religare Health) Insurance Limited Unlisted Shares

CARE HEALTH INSURANCE LTD. (RELIGARE HEALTH INSURANCE CO. LTD.)

Care Health Insurance Ltd. (Religare Health Insurance Company Limited) is an Indian health insurance firm and was established in June 2012 by Religare enterprise limited. It provides health insurance products and offers financial services, healthcare delivery, and preventive health solutions. Currently, it has three major shareholders – Religare enterprise limited, Union Bank of India and Corporation Bank.

The organization has been adjudged the ‘Best Health Insurance Company’ at the ABP News- BFSI Awards & ‘Best Claims Service Leader of the Year – Insurance India Summit & Awards. Religare Health Insurance has also received the ‘Editor’s Choice Award for Best Product Innovation’ at Finnoviti and was conferred the ‘Best Medical Insurance Product Award’ at The FICCI Healthcare Awards.

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 = 200
Total Shares Outstanding = 84.1 Crores
Mcap = ~19763 Crores

The valuation looks very stretched.

Care Health (Previously Religare Health) Insurance Company Limited Unlisted Shares Details:

Total Available Shares:	500
Face Value:	₹ 10 Per Equity Share
ISIN:	INE119J01011
Lot Size:	250 Shares
Current Unlisted Share Price:	₹ Best in industry Per Equity Share

Shareholding Pattern:

1. Religare Enterprise Limited – 61,73,92,749 (88.46%) 2. Union Bank of India – 2,44, 28,900 (3.50%) 3. Corporation Bank – 1,97,77,087 (2.834%) 4. Private Corporate Bodies – 8,889,536 (1.27%) 5. NRI – 2,69,50,152(3.86%) 6. Individual – 4,38,190

Financials of Care Health (Previously Religare Health) Insurance Company Limited Unlisted Shares:

Year	Revenue(cr)	Expense(Cr)	PAT(cr)	Equity(Cr)	EPS
2019-20	278	213	65	72.7	0.89
2020-21	322	247	102	84.8	1.21

Gross Earned Premium is the most important metric in the Insurance sector. The companies are valued based upon this factor.

Year	Gross Earned Premium (Cr.)				Total
Year	Q1	Q2	Q3	Q4	Total
2017-18	188	202	217	296	903
2018-19	280	342	447	445	1514
2019-20	423	719	588	594	2325
2020-21	413	727	615	804	2550

FY21-22 Financials

Particulars (In Crore)	6 Months Ending
Particulars (In Crore)	Sep-21	Sep-20
Premium Earned (Net)	1,094	743
Profit/Loss on Sale of Investment	2	0
Interest, Dividend & Rent	60	50
Total	1,156	793
Claim Incurred (Net)	869	448
Commission	25	-6
Operating Exp Related to Insurance Business	453	326
Premium Deficency	-86	20
Total	1,265	789
Operating Profit From Micellaneous Business	-105	4

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Care Health Insurance Limited Unlisted Share – Overview

CARE HEALTH INSURANCE LIMITED formerly known as Religare Health Insurance Company Limited is a specialized health insurance company that offers 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. In total the company has a product bouquet of 23 products. Care Health Insurance is one of the leading Stand-alone Health Insurance (SAHI). It is ranked 5th amongst private general insurers and 2nd among Stand-alone health insurers (SAHI) with a market share of 4.2% (as of FY 2020) in the Health and Personal accident insurance space.

Care health Insurance Limited is a subsidiary of Religare Enterprises Limited. Care Health Insurance commenced its business in 2012 as Religare Health Insurance Limited. The company now has a network presence at 1000+ locations across India with 156 branches and 10,000+ hospitals empaneled for cashless claims.

The company has multiple channels for distribution of its products and services including agencies, brokers, corporate agents, online and bancassurance. The company mainly focuses on retail and SME segment.

Care Health Insurance Limited has also successfully completed Ayushman Bharat mandate in Chhattisgarh. In FY 2020, Kedaara Capital invested Rs. 567 Crores (300 Crores primary + 267 Crores secondary) for 19% stake in Care Health Insurance Limited.

Care Health Insurance was adjudged the “Best Health Insurance Company” at the ABP News-BFSI Awards 2017 and again at the Emerging Asia Insurance Awards, 2019 and “Best Claims Service Provider of the Year” at the Insurance India Summit & Awards 2018. Care Health Insurance has also received the “Editor’s Choice Award for Best Product Innovation” at Finnoviti in 2017 and was conferred the “Best Medical/Health Insurance Product Award” at the FICCI Healthcare Excellence Awards in 2015, 2018 and 2019.

Care Health Insurance Share Price, Unlisted Share Details as of March 31, 2023

Care Health Insurance Outstanding Shares:	94,22,30,610
Face Value of Care Health InsuranceUnlisted Share:	10
ISIN of Care Health Insurance Unlisted Share:	INE119J01011
Lot Size of Care Health Insurance Unlisted Share:	100
Care Health Insurance Share Price:	Best in Industry
PAN Number of Care Health Insurance ltd. :	AADCR6281N

Care Health Insurance Limited Incorporation Details

Care Health Insurance Limited CIN Number	U66000DL2007PLC161503
Care Health Insurance Limited Registration Date	02 April 2007
Category / Sub-Category of Care Health Insurance Company Limited	Company Limited by Shares / Indian Non Government Company
Registered Office Address	5th Floor, 19, Chawla House, Nehru Place, New Delhi 110019
Registrar & Transfer Agent Address & Contact Details	KFIN Technologies Private Limited Selinium Tower B, Plot 31-32, Gachibowli, Financial District, Nanakramguda, Hyderabad 500032

Board of Directors of Care Health Insurance Limited

Dr. Rashmi Saluja (Non Executive Chairperson)

Mr. Anuj Gulati (Managing Director & CEO)

Mr. Sham Lal Mohan (Non Executive Independent Director)

Lt. Gen. (Retired) Shamsher Singh Mehta (Non Executive Independent Director)

Mrs. Asha Nair (Non Executive Independent Director)

Mr. Malay Kumar Sinha (Non Executive Independent Director)

Mr. Siddharth Dinesh Mehta (Non Executive Director)

Mr. Vijay Kumar Uppal (Bank Nominee Director)

Mr. Sushil Chandra Tripathi (Non Executive Independent Director)

Mr. Kartikeya Dhruv Kaji (Non Executive Director)

PARTICULARS OF SUBSIDIARY AND ASSOCIATE COMPANIES

CARE HEALTH INSURANCE LIMITED does not have any subsidiary or associate company.

Care Health Insurance Limited Shareholding Pattern (As of 31-03-2023)

S. No.	Shareholder’s Name	No. of Shares	% of total Shares of the company
1	Promoters	81,77,31,392.00	86.79
2	Others	12,44,99,218.00	13.21
	Total	94,22,30,610.00	100.00

Care Health Insurance Limited Balance Sheet (In Rs. Crores)

Particulars	As at 31 March 2023	As at 31 March 2022
APPLICATION OF FUNDS
INVESTMENTS – Shareholders	1,921.16	1,105.64
INVESTMENTS – Policyholders	3,155.13	2,460.44
Loans	–	–
Fixed Assets	56.18	55.07
Deferred Tax Asset (Net)	46.81	39.95
CURRENT ASSETS
Cash and Bank Balances	99.81	78.69
Advances and Other Assets	237.30	157.48
Sub-Total (A)	337.11	236.17
Deferred Tax Liability (Net)
Current Liabilities	1,559.46	1,161.19
Provisions	2,213.42	1,529.17
Sub-Total (B)	3,772.88	2,690.36
Net Current Assets (C) = (A – B)	-3,435.77	-2,454.19
Miscellaneous Expenditure
Debit Balance In Profit And Loss Account	–	81.83
TOTAL	1,743.51	1,288.74
SOURCES OF FUNDS
Share Capital	942.23	908.57
Share Application Money Pending Allotment
Reserves And Surplus	806.94	380.63
Fair Value Change Account
-Shareholders ‘ Funds	-5.60	-0.57
-Policyholders ‘ Funds	-0.06	0.11
Borrowings	–	–
TOTAL	1,743.51	1,288.74

Care Health Insurance Limited Profit & Loss Statement (In Rs. Crores)

PARTICULARS	2023	2022
OPERATING PROFIT/(LOSS)
(a) Fire Insurance
(b) Marine Insurance
(c ) Miscellaneous Insurance	643.72	282.97
INCOME FROM INVESTMENTS
(a) Interest, Dividend & Rent – Gross	101.87	63.03
(b) Profit on sale of investments	7.64	1.89
(c) Loss on sale/ redemption of investments	-0.44	-2.57
(d) Amortization of Premium / Discount on Investments	-4.01	-3.95
OTHER INCOME
(a) Provision no longer required written back
TOTAL (A)	748.78	341.37
PROVISIONS (Other than taxation)
(a) For diminution in the value of investments
(b) For doubtful debts
(c) Others
OTHER EXPENSES
(a) Expenses other than those related to Insurance Business	6.02	4.60
(b) Bad debts written off (Net of Provision)	1.37	0.70
(c) Interest on subordinated debt	–	–
(d) Expenses towards CSR activities	1.05	1.32
(e) Penalties
(f) Contribution to Policyholders ‘ A/c
(i) Towards Excess Expenses of Management	414.17	318.70
(ii) Others
(g) Others
(i) Foreign Exchange Loss/(Gain)	-1.79	0.50
(ii) Sandbox related expenses
TOTAL (B)	420.82	325.82
Profit / (Loss) Before Tax	327.96	15.55
Provision for Taxation
Current tax	88.98	1.84
Deferred tax Expense/(Income)	-6.86	2.21
Profit / (Loss) After Tax	245.84	11.50
APPROPRIATIONS
(a) Interim dividends paid during the year
(b) Final dividend Paid
(c) Transfer to any Reserves or Other Accounts
Balance of profit/ (loss) brought forward from last year	-81.83	-93.33
Balance carried forward to Reserves and Surplus/Balance Sheet	164.01	-81.83

Care Health Insurance Limited’s Cash Flow Statement (In Rs. Crores)

Particulars	31st March 2023	31 March 2022
A. Cash Flow from Operating Activities
Premium received from policyholders, including advance receipts	6,215.58	4,695.90
Other receipts
Payments to the re-insurers, net of commissions and claims	141.26	233.57
Payments to co-insurers, net of claims recovery	-14.41	2.66
Payments of claims	-2,480.51	-2,073.18
Payments of commission and brokerage	-788.65	-476.05
Payments of other operating expenses*	-1,297.23	-1,227.06
Preliminary and pre-operative expenses	–	–
Deposits, advances and staff loans	-2.11	-4.69
Income taxes paid (Net)	-65.00	-7.78
Goods & Service tax paid	-679.64	-475.86
Other payments
Cash flows before extraordinary items	1,029.29	667.51
Cash flow from extraordinary operations	–	–
Net cash flow from Operating activities	1,029.29	667.51
Cash flows from Investing activities:
Purchase of fixed assets (including capital advances)	-29.78	-29.81
Proceeds from sale of fixed assets	0.14	0.09
Purchases of investments	-2,102.12	-1,136.35
Loans disbursed	–	–
Sales of investments	46.15	11.67
Repayments received	443.91	296.55
Rents/Interests/ Dividends received	253.45	184.14
Investments in money market instruments and in liquid mutual funds (Net)	82.56	-113.45
Expenses related to investments	–	–
Net cash flow from Investing activities	-1,305.71	-787.16
Cash flows from Financing activities:
Proceeds from issuance of share capital	295.75	153.16
Proceeds from borrowing	–	–
Repayments of borrowing	–	–
Interest/dividends paid	–	–
Net cash flow from Financing activities	295.75	153.16
Effect of foreign exchange rates on cash and cash equivalents, net	1.79	-0.50
Net increase in cash and cash equivalents:	21.13	33.01
Cash and cash equivalents at the beginning of the year	78.69	45.68
Cash and cash equivalents at the end of the year	99.81	78.69

Care Health Insurance Limited Share Dividend History

Particulars	2023	2022
Dividend per Share	–	–

Care Health Insurance Limited Recent Financial Performance

Operating Profit/(Loss):

The company ‘s operating profit in the Fire Insurance segment showed a substantial increase from INR 282.97 crore in 2022 to INR 643.72 crore in 2023, indicating robust performance and profitability in this specific insurance category.

Income from Investments:

Interest, Dividend & Rent – Gross increased from INR 63.03 crore in 2022 to INR 101.87 crore in 2023, signifying higher income generated from investments.
Profit on the sale of investments also grew from INR 1.89 crore in 2022 to INR 7.64 crore in 2023, reflecting gains from investment sales.
Loss on sale/redemption of investments improved from INR -2.57 crore in 2022 to INR -0.44 crore in 2023, indicating better control over investment losses.
Amortization of Premium/Discount on Investments increased slightly from INR -3.95 crore in 2022 to INR -4.01 crore in 2023.

Profit / (Loss) Before Tax:

The company achieved a substantial improvement in its profitability before tax. Profit before tax surged from INR 15.55 crore in 2022 to INR 327.96 crore in 2023, indicating a remarkable turnaround in financial performance.

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