Care (Religare) Health Insurance Limited Unlisted Shares

religare health insurance-co ltd vadodara health insurance unlisted shares

(i) Care Health (Previously Religare Health) Insurance, the health insurance arm of Religare Enterprises Limited (REL), is a specialized Health Insurer offering health insurance services to employees of corporates, individual customers, and financial inclusion as well. RHI commenced business in 2012 and currently has three major shareholders – Religare Enterprises Limited, Union Bank of India, and Corporation Bank.

(ii) Care Health (Previously Religare Health) Insurance currently offers products in the retail segment for Health Insurance, Critical Illness, Personal Accident, Top-up Coverage, International Travel Insurance and Maternity along with Group Health Insurance and Group Personal Accident Insurance for corporates.

Health Insurance Sector:

(i) The total size of Health Insurance in India stands at 50,891 Crores in FY 18-19, up by 18.3% from last year. There are three categories of health insurance providers in India.

  1. a) Public Sector Institutions (53% market share)
  2. b) Private Institutions (~23.5% market share )
  3. c) Stand-alone insurers (~23.5% market share )

However, in terms of retail policies, Stand Alone Health Insurance Companies (SAHI) have the biggest share of 44%. and Religare Health Insurance falls under this category.

(ii) Care Health (Previously Religare Health) Insurance is a SAHI and ranks number 6 overall and number 3 in GDP.

(iii) Care Health (Previously Religare Health) Insurance is servicing over 700 locations across the country with a network of 110 plus branches and 9,450 plus hospitals. It has a product bouquet of 18 products encompassing group, travel, and fixed benefits to serve varied customers.

(iv) The company is highly customer-centric with a low grievance rate of two complaints per 10,000 policies and has a claim settlement ratio of 93%. The combined ratio of the company stands at 97%. RHI has also won various awards like – ‘Best Claims Service Provider of the Year’, ‘Bancassurance Leader of the Year 2018’ by Insurance India Summit & Awards 2018, ‘India’s Most Preferred Travel Insurance’ by IMP Travel Brand Awards 2018, etc.

(v) Care Health (Previously Religare Health) Insurance is marketed by a team behind the hospital chain known as Fortis Health Care. It is one of six standalone health insurers in India.

Big Announcement by ICICI Securities (30 April 2019):

ICICI Securities, one of India’s leading financial products distributors, announced that it has partnered with Religare Health Insurance to distribute the latter’s health insurance products. The products would be distributed on ICICI Securities award-winning platform I- Sec. Further, the company’s 200+ retail outlets spread across the country would also be involved in distributing the products. This is the first pure-play health insurance company with which ICICI Securities have tied up.

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 the company is well-capitalized.
  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 the total count of branches is 158. There are around 9,904 permanent employees in the Company. The agent strength, which is the backbone of any insurance company has increased from 1,32,474 to 1,69,183 as compared to the 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

  1. 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 = 235

    Total Shares Outstanding = 84.1 Crores

    Mcap = ~19763 Crores

    The valuation looks very stretched.

Care (Religare) Health Insurance LimitedUnlisted Shares Price
Click Here To Know The Price

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:

  1. Religare Enterprise Limited – 61,73,92,749 (88.46%)
  2. Union Bank of India – 2,44, 28,900 (3.50%)
  3. Corporation Bank – 1,97,77,087 (2.834%)
  4. Private Corporate Bodies – 8,889,536 (1.27%)
  5. NRI – 2,69,50,152(3.86%)
  6. Individual – 4,38,190

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.

Care (Religare) Health Insurance Limited Share Price

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