Financial Results Overview

Quarterly Performance (Q2 FY27)

  • Insurance Revenue: ₹5,073.77 crore (compared to ₹4,856.61 crore in Q1 FY27 and ₹4,395.78 crore in Q2 FY26)
  • Insurance Service Expenses: ₹4,666.30 crore
  • Net Expenses from Reinsurance Contracts: ₹24.38 crore
  • Insurance Service Result: ₹383.09 crore
  • Investment Income: ₹267.57 crore (compared to ₹643.69 crore in Q1 FY27 and ₹165.08 crore in Q2 FY26)
  • Other Revenue/Expenses (net): ₹(299.02) crore
  • Profit Before Exceptional Items: ₹351.64 crore
  • Profit Before Tax: ₹351.64 crore
  • Tax Expense: ₹86.83 crore (Current tax: ₹250.46 crore; Deferred tax: ₹(163.63) crore)
  • Net Profit: ₹264.81 crore
  • Earnings Per Share (Basic): ₹4.50
  • Earnings Per Share (Diluted): ₹4.49

Half-Yearly Performance (H1 FY27)

  • Insurance Revenue: ₹9,930.38 crore (compared to ₹8,640.85 crore in H1 FY26)
  • Insurance Service Expenses: ₹9,118.58 crore
  • Net Expenses from Reinsurance Contracts: ₹42.42 crore
  • Insurance Service Result: ₹769.38 crore
  • Investment Income: ₹911.26 crore (compared to ₹751.52 crore in H1 FY26)
  • Other Revenue/Expenses (net): ₹(587.30) crore
  • Profit Before Exceptional Items: ₹1,093.34 crore
  • Profit Before Tax: ₹1,093.34 crore
  • Tax Expense: ₹278.80 crore (Current tax: ₹380.62 crore; Deferred tax: ₹(101.82) crore)
  • Net Profit: ₹814.54 crore
  • Earnings Per Share (Basic): ₹13.84
  • Earnings Per Share (Diluted): ₹13.81

Segmental Performance (Q2 FY27)

Health Insurance Segment

  • Total Segment Income: ₹5,347.49 crore
  • Insurance Service Result: ₹195.35 crore
  • Segment Profit: ₹565.27 crore

Personal Accident Segment

  • Total Segment Income: ₹45.11 crore
  • Insurance Service Result: ₹8.33 crore
  • Segment Profit: ₹1.73 crore

Travel Insurance Segment

  • Total Segment Income: ₹1.98 crore
  • Insurance Service Result: ₹0.03 crore
  • Segment Profit: ₹0.17 crore

Analytical Ratios (Q2 FY27)

  • Insurance Service Margin: 8.03%
  • Insurance Finance Margin: 0.00%
  • Net Insurance Margin: 12.82%
  • Claims Ratio: 68.95%
  • Expense Ratio: 23.01%
  • Combined Operating Ratio: 91.97%
  • Solvency Ratio: 2.05
  • Return on Equity (RoE): 2.57%
  • Gross Written Premium (GWP): ₹5,274.96 crore

Balance Sheet Position (as at September 30, 2026)

  • Total Assets: ₹24,292.55 crore
  • Investments: ₹22,490.85 crore (Policyholder: ₹14,337.53 crore; Shareholder: ₹8,153.31 crore)
  • Insurance Contract Assets: ₹52.895 crore
  • Other Assets: ₹127.275 crore
  • Total Liabilities: ₹13,856.82 crore
  • Insurance Contract Liabilities: ₹11,788.97 crore
  • Other Liabilities: ₹206.785 crore
  • Total Equity: ₹10,435.73 crore
  • Share Capital: ₹588.62 crore
  • Other Equity: ₹9,847.11 crore

Other Disclosures

  • ESOP Grants: 26,22,023 options granted during Q2 FY27; total compensation cost of ₹23.58 crore for the quarter and ₹36.07 crore for H1 FY27
  • Share Capital Changes: 46,710 equity shares allotted during Q2 FY27 pursuant to ESOP 2019 exercise
  • Debt Redemption: Redeemed ₹40,000 lakhs Non-Convertible Debentures (NCDs) during the quarter
  • Accounting Transition: Financial results prepared under Ind AS with transition date of April 1, 2025
  • Shareholder Complaints: Zero investor complaints pending at the beginning or end of the quarter
  • Debt Ratios:
  • Debt Equity Ratio: 0.01
  • Debt Service Coverage Ratio: 0.88
  • Interest Service Coverage Ratio: 35.23

Notes

  • The company adopted Indian Accounting Standards (Ind AS) effective FY2026-27
  • Figures for previous periods have been restated to conform to Ind AS presentation
  • Due to industry seasonality, quarterly results may not be indicative of full-year performance
  • Health insurance typically experiences higher claims during monsoon season and higher premium income toward fiscal year-end