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

Financial Year: 2022

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Financial Year: 2022

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Financial Report Summary

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.

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