Care Health (Religare Health) Insurance Limited Unlisted Shares
Care Health Insurance Unlisted Shares: A Premier Investment Opportunity
Are you looking for a high-growth asset in the Indian financial sector? Care Health unlisted shares represent one of the most compelling opportunities in the pre-IPO market today. Formerly known as Religare Health Insurance, the company has successfully rebranded and solidified its position as the second-largest standalone health insurer in India.
For investors seeking long-term wealth creation, buying Care Health Insurance unlisted shares offers a chance to enter a company with robust fundamentals before it potentially hits the public markets.
Company Profile: From Religare to Care
Care Health Insurance Limited is a specialized health insurer offering health insurance services to employees of corporates, individual customers, and for financial inclusion as well.
Established in 2012, the company was originally promoted by Religare Enterprises Limited, a diversified financial services group. In 2020, the company underwent a significant rebranding exercise, changing its name from Religare Health Insurance to Care Health Insurance. This shift reflected a renewed focus on customer-centricity (“Care”) and allowed the brand to carve out a distinct identity in a crowded marketplace.
Today, the company boasts a wide distribution network, partnering with leading banks (bancassurance) and utilizing a massive agency force. Their product portfolio is diverse, covering:
- Retail Health Insurance
- Group Health Insurance (Corporate)
- Travel Insurance
- Personal Accident Coverage
Why Invest in Care Health Insurance Unlisted Shares?
The Indian health insurance sector is currently witnessing a “J-curve” in growth, driven by rising medical inflation and increased awareness post-pandemic. Care Health is perfectly positioned to ride this wave.
Consistent Market Outperformance
Care Health consistently grows faster than the industry average. While the general health insurance sector grows at 15-20%, Care often clocks growth rates upwards of 25-30%. This “alpha” generation makes it a top pick for unlisted share investors.
Strong Financial Backing
The company is not just operating on revenue; it has the backing of serious capital. Marquee investors like Kedaara Capital and Union Bank of India have stakes in the company. Their involvement validates the company’s valuation and governance standards.
Technology-Driven Operations
Care Health utilizes a digital-first approach for policy issuance and claims settlement. This reduces operational costs and improves the Combined Ratio—a critical metric for profitability in insurance.
Founders, Management, and Leadership
Unlike a typical startup led by a duo of founders, Care Health Insurance is an institutionally built entity promoted by Religare Enterprises. However, the success of the company is largely attributed to its stable and visionary professional leadership.
The Key Architect: Anuj Gulati (MD & CEO)
The driving force behind Care Health’s meteoric rise is Mr. Anuj Gulati. As the Managing Director and CEO, he has led the company since its inception.
- Experience: Before building Care Health, Mr. Gulati served as the Director for Services & Strategy at ICICI Lombard General Insurance.
- Vision: He is credited with creating a highly efficient operational model that balances aggressive sales growth with prudent underwriting risks.
Under his leadership, the company achieved breakeven in record time compared to industry peers, proving the strength of the management team.
Fundamentals: Analyzing the Numbers
Before you buy Care Health Insurance unlisted shares, it is crucial to understand the financial health of the company. The fundamentals paint a picture of stability and aggression.
Gross Written Premium (GWP)
The GWP is the lifeblood of an insurance company, representing total revenue. Care Health has demonstrated a robust Compound Annual Growth Rate (CAGR) in its GWP over the last five years. This indicates that customers trust the brand and agents are successfully selling policies.
Solvency Ratio
This ratio measures the company’s ability to meet its long-term debt obligations and claims. The regulatory requirement (IRDAI) is 1.50. Care Health Insurance typically maintains a solvency ratio well above this benchmark (often in the range of 1.70 to 1.90), ensuring your investment is in safe hands.
Profitability (PAT)
Unlike many new-age fintech insurers that burn cash, Care Health is a profitable entity. They have consistently reported positive Profit After Tax (PAT), which they reinvest into the business to fuel further expansion.
Combined Ratio
This metric measures profitability from underwriting operations. Care Health has one of the most efficient combined ratios in the standalone health insurance segment, meaning they spend less on claims and expenses relative to the premiums they collect.
Benefits of Buying Care Health Unlisted Shares
Why should you add this stock to your portfolio now?
- Value Unlocking: Investing pre-IPO allows you to enter at a valuation that may be significantly lower than the listing price.
- Sector Tailwinds: India has one of the lowest health insurance penetrations in the world. As this increases, market leaders like Care will capture the majority of the market share.
- Liquidity: These shares are actively traded in the unlisted market, making it relatively easy to enter and exit compared to obscure private equity assets.
How to Buy and Sell Care Health Insurance Unlisted Shares
At UnlistedShareBrokers.com, we make the process of trading unlisted shares seamless, transparent, and secure.
To Buy:
- Step 1: Contact us to get the latest Care Health Insurance unlisted share price.
- Step 2: Provide your Client Master Report (CMR) copy for KYC verification.
- Step 3: Transfer funds to the bank account.
- Step 4: Receive shares directly into your Demat account (NSDL/CDSL) within 24 hours.
To Sell:
If you are an existing shareholder (perhaps an employee with ESOPs or an early investor), we provide immediate liquidity and the best market rates for your holdings.
Conclusion
Care Health Insurance is more than just a company; it is a compounding machine in a sunrise sector. With a proven track record, profitable operations, and the backing of Religare and Kedaara Capital, Care Health Insurance unlisted shares stand out as a “Must-Have” in a diversified investment portfolio.
Don’t wait for the IPO euphoria to drive prices up. Position yourself early.
Contact Us Today to Invest in Care Health Insurance
Frequently Asked Questions (FAQ)
Q: Is Care Health Insurance and Religare Health Insurance the same?
A: Yes. In 2020, Religare Health Insurance rebranded to Care Health Insurance. The entity remains the same, only the brand name has changed.
Q: Is it safe to invest in unlisted shares of Care Health?
A: Care Health is a regulated entity (by IRDAI) with strong fundamentals and profitability. However, unlisted shares carry liquidity risks distinct from listed shares.
Q: What is the lot size for buying these shares?
A: The lot size varies depending on market availability. Please contact our team for the current minimum investment requirements.
Key Financials
Profit & Loss
| (In Rs. Crore) | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
| Net Earned Premium | 6347.22 | 5328.67 | 3932.04 | 2510.84 | 1729.47 | 1508.45 | 1091.20 |
| Growth % | 19% | 35.52% | 56.60% | 45.18% | 14.65% | 38.24% | 0 |
| Expenses | 1237.58 | 1265.78 | 1329.36 | 1077.92 | 728.20 | 667.85 | 558.30 |
| Growth % | -2% | -4.78% | 23.33% | 48.03% | 9.04% | 19.62% | 0 |
| Operating Profit | 5109.64 | 4062.89 | 2602.68 | 1432.92 | 1001.27 | 840.60 | 532.90 |
| Op. Profit Margin % | 81% | 76.25% | 66.19% | 57.07% | 57.89% | 55.73% | 48.84% |
| Other Income | 551 | 491.69 | 284.17 | 190.65 | 166.06 | 119.52 | 95.27 |
| Net Incurred Claims | 4,096 | 3074.27 | 2116.18 | 1633.73 | 953.82 | 891.94 | 602.67 |
| Net Commision | 1356.8 | 1070.24 | 442.71 | 110.17 | 26.61 | -22.17 | -31.42 |
| Premium Deficiency | 0 | 0 | 0 | -135.88 | 111.42 | 24.46 | 0 |
| Profit Before Tax | 208.20 | 410.07 | 327.96 | 15.55 | 75.48 | 65.89 | 56.92 |
| Tax | 53 | 105.17 | 82.12 | 4.05 | 26.74 | 0.24 | 0 |
| Tax % | 25% | 25.65% | 25.04% | 26.05% | 35.43% | 0.36% | 0.00% |
| Profit After Tax | 155.18 | 304.90 | 245.84 | 11.50 | 102.22 | 65.65 | 56.92 |
| Growth % | -49% | 24.02% | 2037.74% | -88.75% | 55.70% | 15.34% | 0 |
| PAT % | 2% | 5.72% | 6.25% | 0.46% | 5.91% | 4.35% | 5.22% |
| Diluted EPS | 1.6 | 3.18 | 2.64 | 0.13 | 1.24 | 0.90 | 0.86 |
Balance Sheet
| (In Rs. Crore) | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
| Equity Capital | 974.18 | 972.04 | 942.23 | 908.57 | 841.04 | 727.95 | 688.55 |
| Reserves | 1397.97 | 1225.70 | 801.29 | 380.18 | 289.44 | 53.03 | 12.33 |
| Total Equity | 2372.15 | 2197.74 | 1743.52 | 1288.74 | 1130.49 | 780.98 | 700.88 |
| Borrowings | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Sources of Funds | 2372.15 | 2197.74 | 1743.52 | 1288.74 | 1130.49 | 780.98 | 700.88 |
| Investments | 8399.44 | 6632.92 | 5076.28 | 3566.08 | 2635.01 | 1775.73 | 1301.66 |
| Loans | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Fixed Assets | 33.85 | 41.90 | 56.18 | 55.07 | 49.00 | 54.52 | 56.41 |
| Deferred Tax Asset | 44.02 | 41.23 | 46.81 | 39.95 | 42.16 | 0.00 | 0.00 |
| Cash and Bank Balances | 193.46 | 95.85 | 99.81 | 78.69 | 45.68 | 55.86 | 40.24 |
| Other Assets | 350.12 | 301.08 | 237.31 | 157.48 | 210.28 | 114.13 | 173.49 |
| Sub Total (A) | 543.58 | 396.92 | 337.12 | 236.17 | 255.96 | 169.99 | 213.73 |
| Current Liabilities | 3343.10 | 2002.56 | 1559.45 | 1161.19 | 847.29 | 681.19 | 544.07 |
| Provisions | 3305.64 | 2912.67 | 2213.42 | 1529.17 | 1097.68 | 733.63 | 588.05 |
| Sub Total (B) | 6648.74 | 4915.23 | 3772.88 | 2690.36 | 1944.97 | 1414.81 | 1132.12 |
| Net Current Assets (A-B) | -6105.16 | -4518.31 | -3435.76 | -2454.19 | -1689.01 | -1244.83 | -918.39 |
| Debit Bal P/L | 0.00 | 0.00 | 0.00 | 81.84 | 93.33 | 195.56 | 261.21 |
| Total Application of Funds | 2372.15 | 2197.74 | 1743.52 | 1288.74 | 1130.49 | 780.98 | 700.88 |
Shareholding
| Religare Enterprise Limited | 62.84% |
| Trishikhar Ventures LLP | 15.82% |
| Union Bank of India | 5.27% |
| Others | 16.06% |
Board of Directors & Management
Board of Directors
Mr. Anuj Gulati
Managing Director & CEO
Mr. Pankaj Gupta
Chief Finance Officer
Mr. Ajay Shah
Chief Marketing Officer
Mr. Manish Dodeja
Chief Risk Officer
Mr. Kartikeya Dhruv Kaji
Non-Executive Director
Mr. Sunish Sharma
Non-Executive Director
