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

Annual Report Summary

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.