Care Health (Religare Health) Insurance Limited Unlisted Shares
CARE HEALTH INSURANCE LTD. (RELIGARE HEALTH INSURANCE CO. LTD.)
Care Health Insurance Ltd. (Religare Health Insurance Company Limited) is an Indian health insurance firm and was established in June 2012 by Religare enterprise limited. It provides health insurance products and offers financial services, healthcare delivery, and preventive health solutions. Currently, it has three major shareholders – Religare enterprise limited, Union Bank of India and Corporation Bank.
The organization has been adjudged the ‘Best Health Insurance Company’ at the ABP News- BFSI Awards & ‘Best Claims Service Leader of the Year – Insurance India Summit & Awards. Religare Health Insurance has also received the ‘Editor’s Choice Award for Best Product Innovation’ at Finnoviti and was conferred the ‘Best Medical Insurance Product Award’ at The FICCI Healthcare Awards.
- Care Health Insurance Ltd. Annual Report 2020-21
- Care Health Insurance Ltd. Annual Report 2019-20
- Religare Health Insurance Co Ltd Annual Report 2018-19
Business Performance
1. In the financial year ended March 2021, Care Health Gross Domestic Premium Income (GDPI) rose to Rs. 2,559 Crores from Rs. 1,975 Crores, (excluding Ayushman Bharat) registering a growth of 29.5 % over financial year 19-20.
2. Profit After Tax (PAT) for the year increased to Rs. 102 Crores, registering a growth of 55.7 %.
3. Solvency ratio was at 2.45, one of the highest in the industry and significantly above the minimum regulatory requirement of 1.50x. This shows that company is well capitalised.
4. The Company has launched a few new products, namely, Care Advantage, Arogya Sanjeevani, Corona Kavach, Covid Care, Group Care 360, Care Shield Add- on, Explore V2.
5. During the last year 4 new branches were opened and total count of branches is 158. There are around 9,904 permanent employees in the Company. The agent strength, which is back bone of any insurance company has increased from 1,32,474 to 1,69,183 as compared to last financial year.
6. Care Health Insurance has tied up with more than 16,000 healthcare network providers to facilitate cashless services to its customers.
Raises funds in FY20-21
1. Care Health has raised Rs. 337 Crores by allotting 7,98,67,980 Equity Shares of Rs. 10 each on preferential allotment/ private placement basis to M/s Trishikhar Ventures LLP and a few other shareholders at a premium of Rs. 27.89/- per equity share.
2. Care Health has also issued 3.32 Crores of ESOPs.
Financial Results of FY20-21
| Particulars (Cr) | March-21 | March-20 |
| Revenue- from Operation | 262 | 256 |
| Revenue- from Investment | 56 | 21 |
| Other Income | 0.8 | 3.5 |
| Total Revenue | 322 | 278 |
| Total Expenses | 247 | 213 |
| PAT | 102 | 65 |
Valuation of Care-Health Insurance
Care-health Unlisted Share Price = 200
Total Shares Outstanding = 84.1 Crores
Mcap = ~19763 Crores
The valuation looks very stretched.
Care Health (Previously Religare Health) Insurance Company Limited Unlisted Shares Details:
| Total Available Shares: | 500 |
| Face Value: | ₹ 10 Per Equity Share |
| ISIN: | INE119J01011 |
| Lot Size: | 250 Shares |
| Current Unlisted Share Price: | ₹ Best in industry Per Equity Share |
Shareholding Pattern:
Financials of Care Health (Previously Religare Health) Insurance Company Limited Unlisted Shares:
| Year | Revenue(cr) | Expense(Cr) | PAT(cr) | Equity(Cr) | EPS |
| 2019-20 | 278 | 213 | 65 | 72.7 | 0.89 |
| 2020-21 | 322 | 247 | 102 | 84.8 | 1.21 |
Gross Earned Premium is the most important metric in the Insurance sector. The companies are valued based upon this factor.
| Year | Gross Earned Premium (Cr.) | Total | |||
| Q1 | Q2 | Q3 | Q4 | ||
| 2017-18 | 188 | 202 | 217 | 296 | 903 |
| 2018-19 | 280 | 342 | 447 | 445 | 1514 |
| 2019-20 | 423 | 719 | 588 | 594 | 2325 |
| 2020-21 | 413 | 727 | 615 | 804 | 2550 |
| Particulars (In Crore) | 6 Months Ending | |
| Sep-21 | Sep-20 | |
| Premium Earned (Net) | 1,094 | 743 |
| Profit/Loss on Sale of Investment | 2 | 0 |
| Interest, Dividend & Rent | 60 | 50 |
| Total | 1,156 | 793 |
| Claim Incurred (Net) | 869 | 448 |
| Commission | 25 | -6 |
| Operating Exp Related to Insurance Business | 453 | 326 |
| Premium Deficency | -86 | 20 |
| Total | 1,265 | 789 |
| Operating Profit From Micellaneous Business | -105 | 4 |
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