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

Financial Year: 2021

Financial Year: 2021

Financial Report Summary

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.

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