Star Health Insurance

WestBridge Capital purchased shares worth $12 million in Star Health and Allied Insurance in the first half of the financial year, rebuilding its position after partially exiting during the company's 2021 IPO. The private equity firm, which manages over $8 billion in India-focused assets, originally backed Star Health more than a decade ago. WestBridge is also preparing to launch a new general insurance venture called Kiwi with Neelesh Garg. The Insurance Regulatory and Development Authority of India approved Kiwi's R1 application in July 2025, marking the first step in the licensing process for new general insurers. WestBridge disclosed its Star Health investment to the regulator during Kiwi's licensing process and addressed all regulatory queries.

Niva Bupa Health Insurance reported 22.9% year-over-year premium growth. The company aims to achieve sustained premium growth through digital distribution channels, the launch of Reassure 3.0, and increased retail penetration. Niva Bupa seeks to capture double-digit market share while maintaining consistent underwriting profitability.

Star Health and Allied Insurance Company reported a 21% year-on-year increase in profit after tax to Rs. 518 crore for H1 FY2026. The company achieved gross written premium of Rs. 8,809 crore, representing 12% growth, with retail health GWP rising 17% to Rs. 8,332 crore. Net incurred claim ratio improved to 70.6% from 70.9% in the previous year, with Q2 showing significant improvement at 71.8% versus 73.7% last year. The company maintained strong renewal persistency of 98% on value in retail health business. Star Health successfully exited unprofitable group employer-employee portfolios and repriced high-claims Banca Group books. The expense ratio improved to 29.7% from 31.1% in H1 FY2025. Digital channel emerged as the fastest growing segment with 47% fresh premium growth, contributing 20% of overall fresh business. The company benefited from GST exemption on retail health indemnity policies, reporting 50% growth in fresh business in October. Investment yield stood at 8.3% for H1 FY2026. Combined ratio on IFRS basis was 100.3%, representing a 170 basis points decrease over the previous year. The company maintained its retail health market share at 32% and added over 30,000 new agents in the first half.