Care Health Insurance is a specialized health insurer offering products in the retail segment for Health Insurance, Top-up Coverage, Personal Accident, Maternity, International Travel Insurance and Critical Illness along with Group Health Insurance and Group Personal Accident Insurance for Corporates, Micro Insurance Products for the Rural Market and a Comprehensive Set of Wellness Services. Company plans to focus on increasing its distribution footprint through various Channels such as Agency, Banks, Brokers, Digital, Online etc. and shall emphasize distribution in all these channels through digital properties.
BUSINESS PERFORMANCE:
In the financial year ended March 2021, Gross Domestic Premium Income (GDPI) rose to ₹2,559.75 Crores from ₹1,975.97 Crores, (excluding Ayushman Bharat) registering a growth of 29.5 % over financial year 19-20 . Including Ayushman Bharat, these figures were ₹2,559.75 Crores, Rs. 2,388.99 Crores and 7.1% respectively. Profit After Tax for the year increased to ₹102.23 Crores, registering a growth of 55.7 %. Solvency ratio was at 2.45, one of the highest in the industry and significantly above the minimum regulatory requirement of 1.50x. The combined ratio as on March 31, 2021 is 93%. The Networth of the Company at the end of financial year March 31, 2021 is Rs. 1,037.16 Crores.
Total Asset under management as on 31st March, 2021 stands at ₹ 2,636.71 Crores excluding fair value change account. Further, the total investment portfolio of ₹2,636.71 Crores has been bifurcated between Shareholders portfolio of ₹911.82 Crores and Policyholders portfolio of ₹1,724.89 Crores. The return generated in Shareholder portfolio was 6.80% and in Policyholder portfolio return was 7.28%. Overall 32.19% of the portfolio has been invested in Sovereign securities.