Care Health (Previously Religare Health) Insurance Company Limited Unlisted Shares Annual Reports

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

The following is a summary of Care Health Insurance Limited's 17th Annual Report for 2023-24. The report highlights the company's financial performance, insurance products, business operations, governance structure, and corporate social responsibility initiatives. **Financial Performance:** Care Health Insurance reached a total revenue (GWP) of Rs. 7,022 cr this fiscal, which is a ~34% increase over FY 2022-23. The company maintained a healthy solvency metric of 1.74. The Gross Domestic Premium Income (GDPI) rose to Rs. 6,864 Crores from Rs. 5,142 Crores, a growth of 33.51%. Underwriting profit was Rs. 7.19 crores. The Profit Before Tax (PBT) was Rs. 410.06 crores, and the Profit After Tax (PAT) increased to Rs. 304.89 Crores, a growth of 24.02%. The combined ratio was 95%. Net worth at the end of the financial year was Rs. 2,169.82 Crores. A profit reserve of Rs. 468.91 crores was created. **Insurance Products:** Care Health Insurance offers a range of insurance products across health, travel, and group insurance categories. Noteworthy products include Care Enhance, Care Heart, Care Freedom, Care Advantage, Care Supreme, Arogya Sanjeevani Policy, Corona Kavach, Senior Health Advantage, and Protect Plus (Add-on). Retail Health Indemnity Products are also offered, including Care, Care Advantage, Care Supreme, Care Classic, Care Freedom, Care Heart, Care Plus, Enhance, and Super Mediclaim. The company has designed specialized products for every segment. **Business Operations & Credit Rating:** Care Health Insurance completed 12 years in operation and has a customer-centric approach. It has a 260+ branch network with close to 9,500 employees, 2.8 lakh health planners, and partnerships with 24,800+ cashless healthcare providers. Their Customer App has nearly 5 million downloads. In January 2024, INDIA Rating upgraded Care Health Insurance Limited's sub-ordinated debt rating to 'IND A+/Stable'. In May 2023, CRISIL assigned its 'CRISIL A+/Stable' rating on the corporate credit rating to the company, which was later withdrawn in May 2024 at the request of CHIL. **Future Outlook:** The company plans to increase its distribution footprint through Agency, Banks, Brokers, and Digital channels. It intends to intensify efficient application of technology. **Investments & Reserves:** The company's total Assets under management as of March 31, 2024, stood at Rs. 6,605 Crores, bifurcated between Shareholders portfolio (Rs. 2,107.85 Crores) and Policyholders portfolio (Rs. 4,497.15 Crores). The returns generated in Shareholder and Policyholder portfolios were 7.15% and 7.09% respectively. 37.50% of the portfolio is invested in Sovereign securities. The company transferred Rs. 304.89 Crores towards the reserves and surplus. **Share Capital:** The authorized share capital is Rs. 1300,00,00,000 divided into 130,00,00,000 equity shares of Rs. 10 each. During the financial year, the company received additional capital of Rs. 1,15,74,80,437.44 due to the exercise of ESOPs for 2,98,13,094 shares. **Governance & Committees:** The Board of Directors includes 12 members. Committees of the board include mandatory committees such as the Audit Committee, Investment Committee, Risk Management Committee, Policyholder's Protection Committee, Nomination & Remuneration Committee, Corporate Social Responsibility Committee, and Stakeholders Relationship Committee; as well as non-mandatory committees such as the Allotment Committee and the Initial Public Offering (IPO) Committee. There were changes to the board, including the end of the term for Chander Mohan Minocha and appointments/resignations. The composition of the Audit Committee, Investment Committee, Risk Management Committee, Policyholders Protection Committee, Nomination & Remuneration Committee, Allotment Committee and CSR Committee are detailed. **Key Managerial Personnel (KMP):** Anuj Gulati (Managing Director & CEO), Pankaj Gupta (Chief Financial Officer), Ajay Shah (Chief Marketing Officer), and others are listed as Key Managerial Personnel. **Policy on Directors Appointment and Remuneration:** Care Health Insurance has formulated policies in accordance with the Companies Act, 2013 along with applicable IRDAI Regulations and Guidelines. These policies are reviewed, updated and approved by the Board from time to time. **Vigil Mechanism:** The Company has a Whistle Blower Policy. The Chairperson of the Audit Committee is the Ombudsman of the Company. **Sexual Harassment Policy:** The Company has formulated the Policy on Prevention of Sexual Harassment at Workplace in line with the requirements of The Sexual Harassment of Women at the Workplace (Prevention, Prohibition and Redressal) Act, 2013. There were no complaints received or disposed of during the financial year 2023-24. **Employee Stock Option Scheme:** Details regarding options granted, vested, exercised, and lapsed are provided. **Auditors:** M/s S. P. Chopra & Co. and M/s Nangia & Co. LLP serve as joint Statutory Auditors. **Corporate Social Responsibility (CSR):** The company's CSR activities focus on consumer awareness and protection, eradicating hunger, poverty, and malnutrition, promoting healthcare, ensuring environmental sustainability and ecological balance, supporting skill development and generation of employment, and promoting education. For FY 2023-2024, the company's CSR obligation was Rs. 2,79,34,054, allocated to renovation projects and support for the Army Wives Welfare Association (AWWA). The Company has utilized funds in the "Unspent CSR A/Cs”. The detailed CSR Policy is available on the company's website. **Significant & Material Orders Passed by Regulators/Courts/Tribunals:** The report indicates no orders passed by any regulator or court impacting its going concern status. However, subsequent to the financial year-end, IRDAI directed the company to comply with specific directives related to Dr. Rashmi Saluja. These directives included a buyback of shares, cancellation of unexercised stock options, and the requirement of prior IRDAI approval for any remuneration decisions made by the Board of the Company. The Board of Directors of the Company preferred to file an appeal before Securities Appellate Tribunal (“SAT”), Mumbai against the above Order. Upon hearing of the matter on August 09, 2024, the SAT passed an Order dated August 09, 2024 stating as under: the directions contained in Paragraph 22 (a) & 22 (b) of the Order pertaining to the Buyback of 75,69,685 shares of the Company allotted to Dr. Rashmi Saluja & Cancellation and Revocation of unexercised and / or unvested stock options of Dr. Rashmi Saluja, shall remain stayed for a limited period of 12 weeks with liberty to the respondent to seek vacation / modification of the order after filing the reply. Dr. Rashmi Saluja shall not deal with the 75,69,685 shares of the Company in any manner and maintain status quo in respect of these shares and shall not exercise option in respect of unexercised and, or unvested stock options of the Company, if any. The directions contained in Paragraph 23 of the Order pertaining to payment of penalty of Rs. 1 Crore (Rupees One Crore only) by the Company shall remain stayed subject to deposit of 50% of the penalty amount within four weeks from the Order. The same shall be kept in an interest bearing account with the IRDAI. As on the date of this report, the matter is fixed for hearing before SAT on September 27, 2024.

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

Care Health Insurance Limited - Public Disclosures for the Financial Year 2022-2023 Summary: This document contains the public disclosures for Care Health Insurance Limited for the financial year 2022-2023, including financial statements such as the Revenue Account, Profit and Loss Account, and Balance Sheet, along with various schedules providing detailed breakdowns of key financial figures. **Financial Performance & Position (Year Ended March 31, 2023):** * **Premiums and Revenue:** Net premiums earned were ₹393.204 Lakhs for the year, with total revenue (A) amounting to ₹452,532 Lakhs. * **Claims and Expenses:** Net claims incurred totaled ₹211,618 Lakhs, while operating expenses related to insurance business were ₹132,271 Lakhs, resulting in a total expense (B) of ₹388,160 Lakhs. * **Operating Profit:** The operating profit (C = A - B) was ₹64,372 Lakhs. * **Profit and Loss Account:** The operating profit/loss from the revenue account was ₹64,372 Lakhs. Income from investments contributed ₹10,187 Lakhs. Total income (A) was ₹74,878 Lakhs. * **Expenses:** Other expenses totaled ₹42,082 Lakhs. * **Profit After Tax:** Profit/(Loss) After Tax ₹24,584 Lakhs. * **Balance Sheet:** Share Capital was ₹94,223 Lakhs. Reserves and Surplus totaled ₹80,694 Lakhs. Total Borrowings are not given, which gives a total of ₹174,351 Lakhs as the Total. Investments - Shareholders were ₹192,116 Lakhs, and Investments - Policyholders were ₹315,513 Lakhs. **Key Financial Ratios & Metrics:** * The document includes various analytical ratios. As mentioned below * Operating Profit Ratio: 0.09% * Return on net worth ratio: 0.06% * Available Solvency margin Ratio to Required Solvency Margin Ratio: 1.82% * Book value per share: 18.56 **Shareholding Pattern:** * **Promoters:** The number of shares held by promoters was 817,731,392 representing 86.8% of the holding. * **Others:** The number of shares held by others was 124,499,218 representing 13.2% of the holding. **Detailed Schedules:** * **Premium Schedule (NL-4):** Gross direct premium was ₹469,764 Lakhs. Net earned premium was ₹393,204 Lakhs. * **Claims Schedule (NL-5):** Net incurred claims were ₹211,618 Lakhs. * **Commission Schedule (NL-6):** Net commission expense was ₹44,271 Lakhs. * **Operating Expenses Schedule (NL-7):** Total operating expenses related to insurance business were ₹132,271 Lakhs. Employee remuneration and welfare benefits constituted a significant portion (₹72,960 Lakhs). * **Share Capital Schedule (NL-8):** Authorised Capital amounted to ₹130,000 Lakhs, with Issued, Subscribed and Called-up Capital standing at ₹94,223 Lakhs. * **Reserves and Surplus Schedule (NL-10):** Share Premium was ₹37,692 Lakhs, with General Reserves at ₹26,468 Lakhs, and Balance of Profit in Profit & Loss Account ₹16,401 Lakhs. * **Borrowings Schedule (NL-11):** There were no entries for borrowings. * **Investment Schedule (NL-12 & 12A):** The total of Investments for shareholders was ₹192,116 Lakhs and ₹315,513 Lakhs for policyholders. * **Provisions Schedule (NL-18):** Reserve for Unexpired Risk was ₹217,570 Lakhs. * **Cash and Bank Balance Schedule (NL-15):** Cash and Bank Balances totaled ₹9,981 Lakhs. **Solvency Margin:** * Total Admissible assets for Solvency (excl. current liabilities and provisions) were ₹544,108 Lakhs. The statement of liabilities included a Reserve for Unexpired Premium of ₹217,570 Lakhs and a total Reserve for Technical Liabilities of ₹280,522 Lakhs. * The Solvency Ratio was 1.82. **Products Information:** * The document lists Care Advantage, Instant Care and Protect Plus as products that were introduced during the quarter. **Other Disclosures:** * The document includes disclosures related to related party transactions, including transactions with Religare Enterprises Limited. * Geographical distribution of business, providing a breakdown of gross direct premium underwritten by state and union territory is included in the document. * More information about board of directors and their designation were provided * Information related to number of complaints made by the customers and Intermediaries were disclosed. The public disclosures provide a comprehensive overview of Care Health Insurance Limited's financial performance, solvency position, and operational activities for the financial year 2022-2023.

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

Care Health Insurance Limited Annual Report 2021-22 Summary: **Overview:** Care Health Insurance Limited (CHI), formerly known as Religare Health Insurance Company Limited, is celebrating its 10th year of operations. The company focuses on technological evolution, customer satisfaction, quality service, and capital adequacy. CHI offers over 30 products across group, travel, fixed benefit, and indemnity categories. **Financial Performance (FY22):** * Gross Written Premium: Rs 3,947 cr (53% growth). * Post-Tax Profit: Rs 11.5 crore. * Solvency Ratio: 1.85. * Combined Ratio: 103%. * Net Worth: Rs. 1,207.37 Crores. * Investments: Total Assets under management as on 31st March, 2022 stands at Rs. 3,566.54 Crores. **Operational Highlights:** * The health insurance sector grew 26%, with a market size exceeding Rs. 80,000 cr. * CHI is the second-largest standalone health insurer in India. * Network of over 18,900 healthcare providers across 1,385+ locations. * Distribution network expanded to 207 branches. * Settled over 30 lakh claims. * Launched new products including Care Advantage, Arogya Sanjeevani, Corona Kavach, Covid Care, Group Care 360, Care Shield Add-on, and Explore V2. * Opened 50 new branches in the last year. * Increased permanent employees to around 14311. * Increased agent strength from 1,69,183 to 1,97,806. * Transferred Rs. 29.80 crores to Securities Premium against the exercise of shares. **Products:** The company offers a range of health insurance products, including: * Retail Health Indemnity Products: Care, Care Advantage, Care Freedom, Care Heart, Super Mediclaim, Care Plus, Care Classic, and Joy. * Group Health Products: Group Care, Group Care 360°, Group Global Care, and Grameen Care. * Travel Products: Explore and Student Explore. * Fixed Benefit Products: Secure, Assure, and Group Secure. * Saral Suraksha Bima **Investments and Reserves:** * Investment portfolio bifurcated into Shareholders portfolio of Rs. 1,106.21 Crores and Policyholders portfolio of Rs. 2,460.33 Crores. * Return generated in Shareholder portfolio was 6.1% and in Policyholder portfolio return was 6.7%. * Overall 31.52 % of the portfolio has been invested in Sovereign securities. * 99.57% of the portfolio is rated AAA and A1+. * Company has created a reserve for employee stock option expenses amounting to Rs. 3.85 Crores. **Corporate Social Responsibility:** * The company invested in two education-centric projects: a primary school in Nandgaon, Mathura, and Prem Mahavidyalaya, Mathura. * Spent approximately Rs. 0.49 crore (including GST) towards renovation, upgradation and maintenance of a primary school in Nandgaon, Dist. Mathura, Uttar Pradesh. * Modified existing plan to spend Rs. 0.83 crore (including GST) toward renovation, upgradation and maintenance of Prem Mahavidyalaya, Mathura, Uttar Pradesh. **Governance and Compliance:** * Board consists of 11 directors, including a Managing Director & CEO, Non-Executive Directors, a Nominee Director, and Non-Executive Independent Directors. * Board Committees: Audit Committee, Investment Committee, Risk Management Committee, Policyholder's Protection Committee, Nomination & Remuneration Committee, Corporate Social Responsibility Committee, Allotment Committee, Initial Public Offering Committee, and Stakeholders Relationship Committee. * The company complied with IRDAI regulations on Rural and Social Sector obligations. * The company has complied with the revised Secretarial Standards issued by ICSI. * The company has also formulated a whistle blower policy and a policy on prevention of sexual harassment at the workplace. * The internal control system of the Company is adequate and in place. * The company is preparing for an IPO, selecting underwriters and counsel, and preparing a registration statement. **Future Outlook:** The awareness of health insurance has increased due to the COVID-19 pandemic. The company plans to increase its distribution footprint through agencies, banks, brokers, and digital channels, intensified by efficient technology application.

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

Here is a comprehensive summary of the Care Health Insurance Limited 14th Annual Report for 2020-21, capturing key details from the document. **Overview:** The report highlights Care Health Insurance's (formerly Religare Health Insurance Company Limited) performance during fiscal year 2021, noting the impact of the COVID-19 pandemic and the company's strategic initiatives. The company acknowledges the healthcare crisis but recognizes it also led to increased awareness and adoption of personal health insurance. **Financial Performance:** * Gross Written Premium grew to Rs. 2,588.02 crores, marking a 35% growth in the retail health business, excluding a one-time Ayushman Bharat program premium from FY20. * Profit After Tax (PAT) increased by 55.7% to Rs. 102.23 crores. * The Solvency Ratio was 2.45 as of March 31, 2021, exceeding the minimum regulatory requirement. * The combined ratio was 93% as of March 31, 2021. * Networth of the Company at the end of FY21 was Rs. 1,037.16 Crores. * Investment portfolio of Rs. 2,636.71 Crores was bifurcated between Shareholders portfolio (Rs. 911.82 Crores) and Policyholders portfolio (Rs. 1,724.89 Crores). Shareholder portfolio return was 6.80%, Policyholder portfolio return was 7.28%. 98.42% of the portfolio is rated AAA and A1+. * Foreign Exchange earnings were Rs. 21.20 Crores, and outgo was Rs. 20.32 Crores. **Insurance Products:** The company offers a range of retail health indemnity products including Care, Care Advantage, Care Freedom, Care Heart, Super Mediclaim, Joy, Enhance, Domestic Staff Add-on, and Care Shield, as well as Arogya Sanjeevani Policy-Care Health Insurance, and Corona Kavach Policy-Care Health Insurance. Group Health Products include Group Care, Group Care 360, Group Global Care, Grameen Care, Group Credit Protection Product, and Group Arogya Sanjeevani policy- Care Health Insurance. Travel Products include Explore and Student Explore. Fixed Benefit Products include Secure and Assure, and Group Secure. New products launched include Care Advantage, Arogya Sanjeevani, Corona Kavach, Covid Care, Group Care 360, Care Shield Add-on, Explore V2. **Business Strategies & Outlook:** * Focus on continuous strengthening of distribution footprint through multi-level distribution partnerships and branches. * Emphasis on digital mediums for communication and distribution. * Plans to increase distribution footprint through various channels, including agency, banks, brokers, digital, and online platforms. * The company intends to maintain Premium Deficiency Reserve (PDR) of Rs. 135.88 Crores. **Capital & Shareholding:** * Received significant capital investment from Kedaara Capital (Rs. 567 crores). * Authorized share capital as on March 31, 2021 was Rs. 1300,00,00,000. * Raised Rs. 3,37,59,22,464.20 during FY21. * Paid-up equity share capital as on March 31, 2021 was Rs. 8,41,04,21,960. * The share premium amount in Share premium account as on March 31, 2021 is Rs. 24,362,96,918. * 795,835,614 Equity Shares (94.6%) by promoters, 45,206,582 Equity Shares (5.4%) by Others **Corporate Social Responsibility (CSR):** * Spent Rs. 71.10 Lakhs (including GST) on a COVID vaccination awareness program. **Corporate Governance:** * The Board consists of 9 Directors: a Managing Director & CEO, 3 Non-Executive Directors, and 5 Non-Executive Independent Directors. Dr. Rashmi Saluja is the Non-Executive Chairperson. Anuj Gulati was re-appointed as Managing Director & CEO. * Key Committees: Audit Committee, Investment Committee, Risk Management Committee, Policyholder's Protection Committee, Nomination & Remuneration Committee, Corporate Social Responsibility Committee, Allotment Committee, and Initial Public Offering Committee. * The company has various committees to ensure governance and compliance with regulations. * The company has an internal policy to address sexual harassment. There was one complaint received and disposed of during the year. **Compliance & Other Matters:** * Complied with IRDAI Regulations on Rural and Social Sector obligations. * Did not declare a dividend for FY21. * No material changes or commitments affecting the financial position of the company. * Maintained tie-ups with over 16,000 healthcare network providers. * No material fraud was reported by the Auditors. * Maintains adequate internal controls. * Complies with Corporate Governance Guidelines issued by IRDAI. * The Whistle Blower Policy is in place. * No application made neither any proceeding is pending under the Insolvency and Bankrupcy Code, 2016 for the FY 2020-2021 **Employees Stock Option Scheme:** * Details of the Employees Stock Option Scheme of the Company are as under for the financial year ended March 31, 2021. The total no. of shares arising as a result of exercise of option is 3,32,25,147. **Acknowledgements** * The Board acknowledged the support from shareholders, IRDAI, auditors, banks, government authorities, distribution partners, and employees.