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

Financial Year: 2024

Financial Year: 2024

Financial Report Summary

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.

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