Star Health Q2 FY27: Normalised PAT ₹390 Cr (up 70% YoY), Underwriting Profit ₹99 Cr
Star Health reported Q2 FY27 Normalised PAT of ₹390 Crores, up 70% YoY. Underwriting Profit turned positive at ₹99 Crores (vs. ₹40 Cr loss YoY). GWP grew 19% to ₹5,275 Crores. For H1 FY27, Normalised PAT was ₹775 Crores (up 56% YoY), and Underwriting Profit was ₹210 Crores. NPS improved to 65.
The announcement details strong financial performance with substantial profit growth and improved underwriting results, which are key indicators for the insurance sector. Significant improvements in GWP and customer-centric metrics also point to a high impact.
The company has shown significant year-on-year growth in Normalised PAT and a strong turnaround in Underwriting Profit from loss to profit. Key business and customer metrics like GWP, persistency, and NPS have also shown positive trends.
Star Health and Allied Insurance Company Limited announced its financial results for the quarter and half-year ended September 30, 2026. The company reported a Normalised Profit After Tax (PAT) of ₹390 Crores for Q2 FY27, marking a 70% year-on-year increase. This quarter also represents the fifth successive quarter of underwriting profit improvement.
The Underwriting Profit for Q2 FY27 swung to a profit of ₹99 Crores, a significant improvement from a loss of ₹40 Crores in Q2 FY26. For the half-year ended H1 FY27, the Underwriting Profit was ₹210 Crores, compared to a loss of ₹24 Crores in H1 FY26. This H1 FY27 underwriting profit surpassed the full FY26 underwriting profit of ₹198 Crores.
Gross Written Premium (GWP) on a reported 1/N basis increased by 19% YoY to ₹5,275 Crores in Q2 FY27. Retail Health fresh GWP saw a substantial 35% YoY increase. The Combined Insurance Service Ratio (CISR) improved to 98.0% in Q2 FY27 from 100.9% in Q2 FY26.
For H1 FY27, GWP increased by 19% YoY to ₹9,562 Crores, with Retail Health fresh GWP growing by 36% YoY. The Normalised PAT for H1 FY27 stood at ₹775 Crores, a 56% YoY growth. The PAT for H1 FY27 was ₹815 Crores, up 57% YoY. The CISR for H1 FY27 improved to 97.9% from 100.3% in H1 FY26.
The company's Normalised PAT framework aims to provide a view of underlying profitability by normalizing the annual investment yield at 8%. Claims settlement saw 22.5 lakh claims settled in H1 FY27, with the Retail Claims Settlement Ratio improving to 92.4%. Persistency improved by 4% YoY to 102%, and the Net Promoter Score (NPS) increased by 4 points to 65.
Star Health's digital initiatives continue to drive growth, with its proprietary Digital D2C channel showing 137% YoY growth in H1 FY27. 97% of fresh policies were sourced digitally. The company has upgraded its CRM platform to Salesforce and scaled AI-powered bots. The Star Health Customer App has exceeded 17 million downloads. 96% of claims are now processed on the new AI-enabled platform.
Distribution strength remains a key factor, with Agency and Digital D2C contributing over 90% of GWP in H1 FY27. The agency force has grown to 8.7 lakh agents, with agent productivity rising 19% YoY. 93% of fresh business comes from first-time buyers, and over 65% of fresh business originates from non-metro geographies.
Mr. Anand Roy, CEO & Managing Director, highlighted the focus on customer trust, evidenced by improved persistency and NPS. He noted the fifth successive quarter of underwriting profit improvement and the company's commitment to building a resilient business for customers and shareholders.
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Star Health and Allied Insurance Company Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Star Health and Allied Insurance Company Limited. Read the original for the full detail.