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

Annual Report: 2021

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Year: 2021

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Annual Report Summary

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.

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