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

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

Care Health Insurance Limited (CHIL) public disclosures for the financial year 2023-2024 present a detailed overview of the company's financial performance, operational metrics, and key ratios. **Revenue Account (Form NL-1-B-RA):** * Premiums Earned: Net premiums earned for the quarter ended March 31st, 2024, stood at ₹1,59,711 Lakhs and for the year ended March 31st, 2024 were ₹5,32,867 Lakhs. * Interest, Dividend & Rent: Gross interest, dividend, and rent for the quarter ended March 31st, 2024 were ₹7,391 Lakhs and for the year ended March 31st, 2024 were ₹25,519 Lakhs. * Total Income (A): The total income for the quarter ended March 31st, 2024 was ₹1,75,557 Lakhs, and for the year ended March 31st, 2024, it was ₹5,67,748 Lakhs. * Claims Incurred: Net claims incurred for the quarter ended March 31st, 2024, were ₹83,270 Lakhs, and for the year ended March 31st, 2024, they amounted to ₹3,07,427 Lakhs. * Commission: Commission expenses for the quarter ended March 31st, 2024, were ₹37,035 Lakhs, and for the year ended March 31st, 2024, they totaled ₹1,07,024 Lakhs. * Operating Expenses: Operating expenses related to the insurance business for the quarter ended March 31st, 2024, were ₹30,604 Lakhs, and for the year ended March 31st, 2024, they were ₹1,17,695 Lakhs. * Total Expenditure (B): Total expenditure for the quarter ended March 31st, 2024 was ₹1,50,909 Lakhs, and for the year ended March 31st, 2024, it was ₹5,32,146 Lakhs. * Operating Profit/Loss: The operating profit for the quarter ended March 31st, 2024, was ₹24,648 Lakhs, and for the year ended March 31st, 2024, it was ₹35,602 Lakhs. * Appropriations: Appropriations for the quarter ended March 31st, 2024, and for the year ended March 31st, 2024, included transfer to shareholders account. The Total Appropriations was ₹24,648 Lakhs and ₹35,602 Lakhs for the Quarter and Year ended March 31st, 2024 respectively. **Profit and Loss Account (Form NL-2-B-PL):** * Operating Profit/(Loss): The operating profit was ₹24,648 Lakhs for the quarter ended March 31st, 2024, and ₹35,602 Lakhs for the year ended March 31st, 2024. * Income from Investments: Interest, dividend, and rent income totaled ₹3,551 Lakhs for the quarter ended March 31st, 2024, and ₹13,925 Lakhs for the year ended March 31st, 2024. * Total Income (A): Total income amounted to ₹28,357 Lakhs for the quarter ended March 31st, 2024, and ₹49,890 Lakhs for the year ended March 31st, 2024. * Other Expenses: Other expenses, including expenses not related to the insurance business, amounted to ₹156 Lakhs for the quarter ended March 31st, 2024, and ₹438 Lakhs for the year ended March 31st, 2024. The expenses also included contributions to Policyholders' A/c towards excess expenses of management. * Total Expenditure (B): Total expenditure for the quarter ended March 31st, 2024, was ₹8,375 Lakhs, and for the year ended March 31st, 2024, it was ₹8,883 Lakhs. * Profit/Loss Before Tax: Profit before tax was ₹19,982 Lakhs for the quarter ended March 31st, 2024, and ₹41,007 Lakhs for the year ended March 31st, 2024. * Profit/Loss After Tax: Profit after tax was ₹14,915 Lakhs for the quarter ended March 31st, 2024, and ₹30,490 Lakhs for the year ended March 31st, 2024. * Balance Carried Forward: The balance carried forward to Reserves and Surplus/Balance Sheet was ₹46,891 Lakhs. **Balance Sheet (Form NL-3-B-BS):** * Share Capital: Share capital as of March 31st, 2024, was ₹97,204 Lakhs. * Reserves and Surplus: Reserves and surplus amounted to ₹1,19,778 Lakhs as of March 31st, 2024. * Total Funds: Total funds available were ₹2,19,774 Lakhs. * Investments: Investments in shareholders' funds were ₹2,13,035 Lakhs, and in policyholders' funds, they were ₹4,50,257 Lakhs. * Fixed Assets: Fixed assets amounted to ₹4,190 Lakhs. * Current Assets: Cash and bank balances were ₹9,584 Lakhs, and advances and other assets were ₹30,108 Lakhs. * Current Liabilities: Current liabilities were ₹2,00,256 Lakhs, and provisions were ₹2,91,267 Lakhs. * Total Liabilities: ₹4,91,523 Lakhs * Total Investment Assets: Total Investment Assets was ₹6,63,292 Lakhs. * Contingent Liabilities: Contingent liabilities totaled ₹7,972 Lakhs, primarily related to statutory demands/liabilities in dispute. **Premium Schedule (Form NL-4):** * Gross Direct Premium: ₹2,03,732 Lakhs and ₹6,86,446 Lakhs for the Quarter ended and Year ended March 31st, 2024 respectively. * Net Earned Premium: ₹1,59,711 Lakhs and ₹5,32,867 Lakhs for the Quarter ended and Year ended March 31st, 2024 respectively. **Claims Schedule (Form NL-5):** * Net Incurred Claims: ₹83,270 Lakhs and ₹3,07,427 Lakhs for the Quarter ended and Year ended March 31st, 2024 respectively. **Commission Schedule (Form NL-6):** * Total Commission: ₹45,389 Lakhs and ₹1,36,094 Lakhs for the Quarter ended and Year ended March 31st, 2024 respectively. **Operating Expenses Schedule (Form NL-7):** * Total Operating Expenses: ₹30,604 Lakhs and ₹1,17,695 Lakhs for the Quarter ended and Year ended March 31st, 2024 respectively. **Share Capital Schedule (Form NL-8):** * Authorized Capital: ₹1,30,000 Lakhs * Subscribed Capital: ₹97,204 Lakhs * Paid up Capital: ₹97,204 Lakhs **Pattern of Shareholding (Form NL-9):** * Promoters (Indian): 84.1% * Others: 15.9% **Reserves and Surplus Schedule (Form NL-10):** * Share Premium: ₹64,160 Lakhs * Balance of Profit in Profit & Loss Account: ₹46,891 Lakhs * Total: ₹1,19,778 Lakhs **Loans Schedule (Form NL-13):** * Total Loans: - **Fixed Assets Schedule (Form NL-14):** * Total: ₹4,190 Lakhs **Cash and Bank Balance Schedule (Form NL-15):** * Total: ₹9,584 Lakhs **Advances and Other Assets Schedule (Form NL-16):** * Total: ₹30,108 Lakhs **Current Liabilities Schedule (Form NL-17):** * Total: ₹2,00,256 Lakhs **Provisions Schedule (Form NL-18):** * Total: ₹2,91,267 Lakhs **Miscellaneous Expenditure Schedule (Form NL-19):** * Total: - **Analytical Ratios Schedule (Form NL-20):** Key financial ratios are reported, including the Gross Direct Premium Growth Rate, Net Commission Ratio, Operating Profit Ratio, and Solvency Margin Ratio. For the quarter ended March 31st, 2024, the Available Solvency margin Ratio to Required Solvency Margin Ratio was ₹1.74. **Related Party Transactions (Form NL-21):** Details are disclosed on transactions with related parties, including Religare Enterprises Limited. **Receipt and Payments Schedule (Form NL-22):** The net increase in cash and cash equivalents was (₹397) Lakhs. **Solvency Margin (Form NL-23, NL-24, NL-25, NL-26):** * Total Admissible Assets: ₹7,01,117 Lakhs * Total Reserves for Technical Liabilities: ₹3,60,556 Lakhs * Required Solvency Margin: ₹1,20,933 Lakhs * Solvency Ratio: 1.74 **Products Information (Form NL-27):** New products introduced during the quarter included Extra Care, Group Care 360 Plus, and Care Advantage. **Business Acquisition Through Different Channels (Form NL-36):** Details the channels and premiums. **Claims Data (Form NL-37):** Presents claims paid and details on those payments. **Ageing of Claims (Form NL-39):** Provides the ageing analysis of claims paid. **Offices Information (Form NL-41):** * Number of offices at the end of the year: 262 * Number of Employees: 11,052 * Number of Insurance Agents and Intermediaries: 3,36,982 **Board of Directors & Key Management Persons (Form NL-42):** Provides details of the board and key management personnel. **Rural and Social Obligations (Form NL-43):** Details the rural and social obligations met by the business. **Grievance Disposal (Form NL-45):** There were 6501 customer complaints this year. **Voting Activity Disclosure (Form NL-46):** States that there was no activity to report. **Disclosure on Quantitative and Qualitative Parameters of Health Services Rendered (Form NL-48):** Lists the TPAs used by Care Health Insurance Limited. This comprehensive summary encapsulates the financial standing, operational performance, regulatory compliance, and business strategies of Care Health Insurance Limited for the financial year 2023-2024.

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

Care Health Insurance Limited - Public Disclosures for the Financial Year 2022-2023 Summary: **Overview:** This document contains the public disclosures for Care Health Insurance Limited for the financial year 2022-2023. It includes detailed financial statements like the Revenue Account, Profit and Loss Account, and Balance Sheet, along with various schedules providing a breakdown of key financial figures and operational metrics. The report also covers aspects related to shareholding, investments, claim settlements, commission, expenses, solvency margin, and business acquisition channels, along with qualitative and quantitative information regarding health services. **Key Financial Performance:** * **Revenue Account (NL-1-B-RA):** Premiums earned (Net) were ₹393.204 Lakhs for the year ended 31st March 2023, compared to ₹251.084 Lakhs for the year ended 31st March 2022. Operating Profit was ₹64,372 Lakhs, up from ₹28,297 Lakhs in the previous year. * **Profit and Loss Account (NL-2-B-PL):** Operating Profit was ₹64,372 Lakhs. Total income was ₹74,878 Lakhs. The profit after tax was ₹24,584 Lakhs compared to ₹1,150 Lakhs the previous year. * **Balance Sheet (NL-3-B-BS):** Share Capital stood at ₹94,223 Lakhs. Reserves and Surplus were ₹80,694 Lakhs. Total Assets were ₹174,351 Lakhs. Investments - Shareholders were ₹192,116 Lakhs, and Investments - Policyholders were ₹315,513 Lakhs. **Premium and Claims:** * **Premium Earned (Net) (NL-4):** Net Earned Premium for the year ended March 31, 2023, was ₹393,204 Lakhs, compared to ₹251,084 Lakhs for the year ended March 31, 2022. * **Claims Incurred (Net) (NL-5):** Net Claims Incurred for the year ended March 31, 2023, were ₹211,618 Lakhs compared to ₹163,373 Lakhs for the year ended March 31, 2022. **Investments:** * **Investment Schedule (NL-12 & NL-12A):** Total investments amounted to ₹507,629 Lakhs as of March 31, 2023, divided between shareholders (₹192,116 Lakhs) and policyholders (₹315,513 Lakhs). A substantial portion is in Government Securities and other approved securities. **Expenses and Commissions:** * **Commission Schedule (NL-6):** Net Commission expenses for the year ended March 31, 2023, totaled ₹44,271 Lakhs. * **Operating Expenses (NL-7):** Operating expenses related to insurance business were ₹132,271 Lakhs for the year. A large portion was attributed to employee remuneration and welfare benefits (₹72,960 Lakhs) and advertisement and publicity (₹39,855 Lakhs). **Shareholding Pattern:** * **Share Capital Schedule (NL-8):** The authorized capital is ₹130,000 Lakhs. Issued, Subscribed, and Called-up Capital is ₹94,223 Lakhs. * **Pattern of Shareholding (NL-9/NL-9A):** As of March 31, 2023, promoters held 86.8% of the shares, while others held 13.2%. Religare Enterprises Limited and Trishikhar Ventures LLP are major shareholders. **Solvency Margin:** * **Solvency Margin (NL-23, NL-24, NL-25, NL-26):** Total Admissible Assets for solvency (excluding liabilities and provisions) were ₹544,108 Lakhs. The total reserves for technical liabilities are ₹280,522 Lakhs. The solvency ratio (Total ASM/Total RSM) is 1.82. Required Solvency Margin based on net premium and net incurred claims: ₹91,818 Lakhs. **Key Ratios and Analytical Data:** * **Analytical Ratios (NL-20):** The combined ratio was 0.92. The operating profit ratio was 0.06. Available Solvency margin Ratio to Required Solvency Margin Ratio was 1.82. Book value per share: ₹18.56. **Business Performance and Operations:** * **Business Acquisition Channels (NL-36):** A significant portion of business was acquired through individual agents and corporate agents, with online channels also contributing. * **Products Information (NL-27):** The company introduced Care Advantage, Instant Care, and Protect Plus during the reported period. * **Rural and Social Obligations (NL-43):** Specific data on the number of policies issued and premium collected in rural and social sectors. * **Offices Information (NL-41):** The company had 248 branches at the end of the period. **Claims and Grievances:** * **Claims Data (NL-37):** Claims O/S at the beginning of the period were 18,100. Claims settled during the period were 711,440. Claims repudiated during the period were 78,756. * **Grievance Disposal (NL-45):** The company had 22 complaints outstanding at the beginning of the quarter. Total complaints received: 1471. Total number of complaints closed: 733. **Related Party Transactions (NL-21):** Reimbursement of expenses from Religare Enterprises Limited: ₹19,241 Lakhs **Additional Notes:** * The report includes details on non-performing assets, reinsurance arrangements, and geographical distribution of business. * The document refers to various IRDAI (Insurance Regulatory and Development Authority of India) regulations, indicating compliance with regulatory standards. This comprehensive summary encapsulates the key aspects of Care Health Insurance Limited's financial performance, operational metrics, and regulatory compliance for the financial year 2022-2023.

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

The Care Health Insurance Limited document, dated 31st March 2022, presents a comprehensive overview of the company's financial performance, operational metrics, and compliance with regulatory requirements. It covers various aspects including revenue, profit and loss, balance sheet, analytical ratios, and detailed schedules for premiums, claims, commissions, and expenses. The company's IRDA registration number is 148 dated 26 April, 2012. **Revenue Account:** The company reported net premiums earned of Rs. 76,915 Lakhs for the quarter ended 31st March 2022, and Rs. 251,084 Lakhs for the year ended 31st March 2022. Interest, dividend, and rent totaled Rs. 3,633 Lakhs for the quarter and Rs. 12,861 Lakhs for the year. The operating profit was Rs. 40,683 Lakhs for the quarter and Rs. 28,297 Lakhs for the year. **Profit and Loss Account:** Operating profit for the quarter was Rs 40,683 Lakhs with a corresponding year-end figure of Rs. 28,297 Lakhs. Income from investments for the quarter was Rs. 1,500 Lakhs and Rs. 6,303 Lakhs for the year. Total income (A) was Rs. 41,912 Lakhs for the quarter and Rs. 34,137 Lakhs for the year. Total expenses (B) were Rs. 32,079 Lakhs for the quarter and Rs. 32,582 Lakhs for the year. The profit after tax was Rs. 7,164 Lakhs for the quarter and Rs. 1,150 Lakhs for the year. **Balance Sheet:** As of 31st March 2022, the share capital was Rs. 90,857 Lakhs. Reserves and surplus amounted to Rs. 38,063 Lakhs. Total borrowings were NIL. Total investments for shareholders were Rs. 110,564 Lakhs and for policyholders, Rs. 246,044 Lakhs. The net current assets were negative, at Rs. (245,419) Lakhs. **Premium Schedule:** Gross direct premium amounted to Rs. 123,150 Lakhs for the quarter and Rs. 388,091 Lakhs for the year. Net earned premium was Rs. 76,915 Lakhs for the quarter and Rs. 251,084 Lakhs for the year. **Claims Schedule:** Net incurred claims were Rs. 33,074 Lakhs for the quarter and Rs. 163,373 Lakhs for the year. Estimates of IBNR (Incurred But Not Reported) and IBNER (Incurred But Not Enough Reported) at the end of the period stood at Rs. 19,540 Lakhs. **Commission Schedule:** Net commission was Rs. 4,443 Lakhs for the quarter and Rs. 11,017 Lakhs for the year. **Operating Expenses Schedule:** Total operating expenses related to insurance business were Rs. 34,274 Lakhs for the quarter and Rs. 107,080 Lakhs for the year. **Share Capital Schedule:** The authorized capital was Rs. 130,000 Lakhs, with issued and subscribed capital at Rs. 90,857 Lakhs. **Shareholding Pattern Schedule:** Promoters held 87.6% of the shares, while other investors held 12.4%. **Solvency Margin:** Total Admissible Assets for solvency were Rs. 382,800 Lakhs, and total reserves for technical liabilities stood at Rs. 260,736 Lakhs. The Solvency Ratio (Total ASM/Total RSM) was 1.85. **Analytical Ratios:** The Gross Direct Premium Growth Rate was 0.53 for the quarter and 0.52 for the year. The Net Incurred Claims to Net Earned Premium ratio was 0.43 for the quarter and 0.65 for the year. Expense of management to Gross Direct Premium Ratio was 0.40 for the quarter and 0.40 for the year. **Related Party Transactions:** Transactions with Religare Enterprises Limited include reimbursement of expenses. **Receipts and Payments Schedule:** Premium received from policyholders was Rs 469,590 Lakhs, while payments of claims were Rs. (207,318) Lakhs, resulting in net cash flow from operating activities of Rs. 66,751 Lakhs. The company's cash and cash equivalents at the end of the year amounted to Rs. 7,869 Lakhs. **Product Information:** A new product "Care" was introduced, with IRDAI UIN CHIHLIP22184V062122, categorized as Health Insurance- Individual, with effective date of 25-Nov-21. **Quantitative and Qualitative Parameters of Health Services Rendered** Most services were provided with the help of a TPA (Third Party Administrator). The number of policies and lives services was 1,767,504 and 3,436,600, respectively for Individual and 16,132 and 17,348,051 for Group insurance. **Ageing of Claims:** The claims status is provided on the length of time in progress along with the number of claims and associated values. **Rural and Social Obligations:** Information on the obligations is provided along with the numbers for policies issued, the premium collected, and the total amount assured. **Grievance Redressal:** Total number of complaints was 841, with majority resolved in less than three months. 1.90 complaints per 10,000 policy issued.

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

Care Health Insurance Limited (formerly known as Religare Health Insurance Company Limited) provides financial results for the year ended March 31st, 2021. **Profit and Loss Account:** * **Operating Profit/(Loss):** The company's operating profit for the year ended March 2021 was ₹2,706,521,000, compared to ₹2,562,054,000 for the year ended March 2020. * **Income from Investments:** Income from investments for the year ended March 2021 was ₹568,426,000 (₹151,444,000 for the quarter ended March 2021), compared to ₹219,060,000 for the year ended March 2020 (₹66,734,000 for the quarter ended March 2020). * **Other Income:** The company also had other income of ₹8,232,000 for the year ended March 2021 and ₹2,255,000 for the year ended March 2020. * **Total Income (A):** Total income for the year ended March 2021 was ₹3,228,553,000, compared to ₹2,789,974,000 for the year ended March 2020. * **Other Expenses:** Other expenses, including those related to insurance business, bad debts, foreign exchange loss/gain, CSR expenses, and sandbox related expenses, amounted to ₹45,571,000 (₹8,145,000 for expenses other than those related to Insurance Business) for the year ended March 2021, compared to ₹56,474,000 for the year ended March 2020 (₹13,156,000 for expenses other than those related to Insurance Business). The company also contributed ₹2,402,144,000 to the Policyholders' Fund towards Excess EoM (Expense in excess of the limit allowed as per regulation on expenses of management charged to shareholder's account). * **Total Expenses (B):** Total expenses for the year ended March 2021 were ₹2,473,702,000, compared to ₹2,131,067,000 for the year ended March 2020. * **Profit/(Loss) Before Tax:** Profit before tax for the year ended March 2021 was ₹754,851,000, compared to ₹658,907,000 for the year ended March 2020. * **Provision for Taxation:** After accounting for taxation and deferred tax credits, the profit after tax for the year ended March 2021 was ₹1,022,290,000 compared to ₹656,540,000 for the year ended March 2020. * **Balance Carried Forward:** The balance carried forward to the balance sheet is ₹(1,955,580,000). **Revenue Account:** * **Premiums Earned:** Net premiums earned for the year ended March 2021 were ₹17,294,695,000, compared to ₹15,084,507,000 for the year ended March 2020. * **Other Income:** Includes profit/loss on sale/redemption of investments, contribution from the shareholders' account towards Excess EoM (₹2,402,144,000), and interest, dividend & rent. * **Total Income (A):** Total income for the year ended March 2021 was ₹20,756,327,000, compared to ₹18,110,722,000 for the year ended March 2020. * **Expenses:** Expenses include claims incurred (₹9,538,163,000), commission (₹266,087,000), operating expenses related to insurance business (₹7,210,418,000), and premium deficiency (₹1,114,220,000). * **Total Expenses (B):** Total expenses for the year ended March 2021 were ₹18,128,888,000, compared to ₹15,548,668,000 for the year ended March 2020. * **Operating Profit/(Loss):** Operating profit from Miscellaneous business C= (A - B) for the year ended March 2021 was ₹2,627,439,000, compared to ₹2,562,054,000 for the year ended March 2020. **Balance Sheet:** * **Sources of Funds:** Share capital was ₹8,410,422,000 (NL-8), and reserves and surplus were ₹2,911,469,000 (NL-10). The company had borrowings of ₹2,798,000 (NL-11). * **Application of Funds:** Investments in shareholders (NL-12) were ₹9,098,394,000, and investments in policyholders (NL-12A) were ₹17,251,666,000. Fixed assets (NL-14) were ₹489,986,000. Cash and bank balances (NL-15) were ₹456,800,000, and advances and other assets (NL-16) were ₹2,102,815,000. * **Current Liabilities and Provisions:** Current liabilities (NL-17) amounted to ₹8,472,864,000, and provisions (NL-18) were ₹10,976,833,000. * **Net Current Assets:** The net current assets (C) = (A - B) were ₹(16,890,082,000). * **Total Equity and Liabilities:** The total equity and liabilities were ₹11,304,853,000. * **Debit Balance:** The debit balance in the Profit and Loss account was ₹933,289,000.