Investor Presentation

Date: July 29, 2026 Place: Chennai Ref: SHAI/B & S/SE/59/2026-27 To, To, The Manager, The Manager, Listing Department, Listing Department, BSE Limited, National Stock Exchange of India Limited, Phiroze Jeejeebhoy Tower, Exchange Plaza, 5th Floor, Plot C/1, Dalal Street, G Block, Bandra-Kurla Complex, Mumbai – 400051, Mumbai – 400001, Maharashtra, India. Maharashtra, India. Scrip Code: 543412 Symbol: STARHEALTH Dear Sir/ Madam, Sub: Earnings Call Presentation- Q1 FY 2027 Further to our letter SHAI/B & S/SE/52/2026-27 dated July 16, 2026 regarding intimation of Q1 FY 2027 Earnings Call, please find enclosed the presentation on performance of the Company to be made to the Investors and Analysts on Thursday, July 30, 2026 at 8.30 A.M. IST for the quarter ended June 30, 2026. The above information is also being hosted on the Company's website at www.starhealth.in. Kindly take the same on record. For Star Health and Allied Insurance Company Limited Jayashree Sethuraman Company Secretary & Compliance Officer Encl.: As above INVESTOR PRESENTATION Q1 FY27 Executive Summary: Q1FY27 Strategic Priorities Key Measures 4,287 Cr 730 Cr Sustainable Growth Granular retail distribution built on Proprietary Channels Gross Written Premium Retail Fresh GWP(1) (Agency and Digital D2C) (Reported; 1/N Basis) (Reported; 1/N basis) +19% YoY +37% YoY 97.0% 111 Cr Core Underwriting Profitability Disciplined Portfolio Management across risk lifecycle CISR(2) Underwriting Result(3) Q1FY26: 98.7% Q1FY26: 16 Cr Customer Centricity 102% 65 Digital-first approach with technology-led engagement Persistency(4) Company NPS across consumer touchpoints Q1FY26: 99% Q1FY26: 53 (1) Retail Fresh GWP denotes Retail Health; (2) CISR (Combined Insurance Service Ratio) is defined as (Insurance Service Expenses + Net expenses from Reinsurance Contracts + Other expenses net of Other Income) divided by Insurance Revenue; (3) Underwriting Result is defined as Insurance Service Result plus Other Income net of (Insurance Finance Income/Expenses plus Other expenses); (4) Persistency measured on Premium-basis Contents Financial Performance Business landscape Capabilities & other updates Financial Performance Snapshot FY25 FY26 Q1 FY26 Q1 FY27 Combined Insurance Service Ratio (CISR) 100.7% 98.4% 98.7% 97.0% -151 198 16 111 Underwriting Result (₹ Cr) Investment Income (₹ Cr) 1,260 1,091 586 644 Investment Yield (Annualised) 7.6% 5.8% 13.1% 12.2% Profit After Tax (PAT) (₹ Cr) 787 911 438 550 Return On Equity (ROE; Annualised) 9.5% 10.0% 19.7% 22.3% Normalised PAT (₹ Cr) 840 1,222 267 386 Normalised ROE (Annualised) 10.1% 13.1% 12.2% 15.6% March 31, March 31, June 30, June 30, 2025 2026 2025 2026 Shareholder Net worth (₹ Cr) 8,667 9,578 9,110 10,144 Normalised Profit After Tax corresponds to PAT at normalised investment portfolio yield of 8% Progress on Key Business Metrics Gross Premium Trajectory on growth and profitability measures (Reported; 1/N basis) Figures in ₹Cr 18,606 16,716 15,254 5,968 3,476 3,597 4,287 4,337 4,417 3,790 4,624 5,113 FY24 FY25 FY26 Q1 Q2 Q3 Q4 Underwriting Result Figures in ₹Cr 362 Legend: 198 FY25 34 16 39 65 FY26 FY27 FY24 FY25 FY26 Q1 Q2 Q3 Q4 -151 -40 -74 -176 Normalised PAT Figures in ₹Cr 1,222 1,034 840 250 267 229 307 313 FY24 FY25 FY26 Q1 Q2 Q3 Q4 Normalised Profit After Tax corresponds to PAT at normalised investment portfolio yield of 8% Financials Figures in ₹ Crores Particulars Index FY25 FY26 YoY Q1 FY26 Q1 FY27 YoY Insurance Revenue (A) 15,943 17,999 13% 4,336 4,917 13% Insurance Service Expenses (B=i+ii) 14,871 16,514 11% 3,990 4,471 12% Claims (i) 11,134 12,274 10% 2,971 3,318 12% Acquisition Cost (ii) 3,737 4,240 13% 1,018 1,153 13% Net expenses from reinsurance contracts (C) 159 154 -3% 59 21 -65% Insurance Service Result (D=A-B-C) 913 1,330 46% 288 425 48% Investment Income (E) 1,260 1,091 -13% 586 644 10% Insurance Finance (Income)/Expenses (IFC) (F) 42 95 127% 42 39 -9% Net Finance Result (G=E-F) 1,218 996 -18% 544 605 11% Other income (H) 8 -0 -106% 0 8 - Other expenses (I) 1,030 1,037 1% 230 283 23% Other finance costs (J) 55 55 0% 14 13 -10% Other Income/Expenses (net) (K=H-I-J) -1,077 -1,092 - -244 -288 - Profit / (Loss) before tax (L=D+G+K) 1,054 1,234 17% 588 742 26% Profit/(loss) for the period (M) 787 911 16% 438 550 25% Loss Ratio (N=i/A) 69.8% 68.2% 68.5% 67.5% Expense Ratio (O=(ii+C+I-H)/A) 30.8% 30.2% 30.1% 29.5% Combined Insurance Service Ratio (CISR) (P=N+O) 100.7% 98.4% 98.7% 97.0% Underwriting Result (Q=D-F-I+H) -151 198 16 111 600% Combined Ratio (R=1-Q/A) 100.9% 98.9% 99.6% 97.7% ROE & its constituents Q1 FY26 Q1 FY27 Pre-tax ROE Normalised Pre-tax ROE Normalised Post-tax ROE Post-tax ROE 26.5% Post-tax ROE 30.1% Post-tax ROE 19.7% 22.3% 12.2% 15.6% (Annualised) (Annualised) (Annualised) (Annualised) (Annualised) (Annualised) Underwriting Investment Underwriting Investment Underwriting ROE Investment ROE Underwriting ROE Investment ROE 0.8% 25.7% 15.6% 4.6% 25.5% 16.8% Underwriting 0.4% Investment 13.1% 8% Underwriting 2.3% Investment 12.2% 8% Margin yield Margin yield Underwriting 1.95x Investment 1.95x Underwriting 1.99x Investment 2.09x Leverage leverage Leverage leverage At normalised At normalised investment yield investment yield of 8% of 8% ROE= PAT/ Average Net worth | Investment Leverage= Avg daily AUM (net of Sub-Debt) by Avg. Net worth | UW Leverage= Insurance Revenue by Avg. Net worth | Underwriting Margin= 1-Combined Ratio Investment Performance Total Investment Assets Investment Income Investment Yield ₹ Cr ₹ Cr (Annualised) 21,893 18,631 17,563 15,126 13.1% 12.2% 3,505 4,331 JUN 30, 2025 JUN 30, 2026 Q1 FY26 Q1 FY27 Q1 FY26 Q1 FY27 Fixed Income Equities & others Investment income includes MTM gain of 292 Cr for Q1FY26 Investment Yield: Investment Income divided by and MTM gain of 296 Cr for Q1FY27 Average AUM during the period Investment leverage 1.95x 2.09x BUSINESS LANDSCAPE Building a compounding distribution moat • Largest agency-led health distribution network built over two decades • Fast-growing Digital D2C extending proprietary capabilities online • Conscious risk-selection combining reach and portfolio quality Distribution Moat compounding with scale Granular Distribution Scaling D2C Play Largest Agency force among SAHIs with Profitable, fast-growing proprietary channel; 8.5 Lakh agents; 20K agent additions in Q1FY27 largest among insurers in retail health space Compounding Scale Engine First-time Buyer Engine Deep pan-India Footprint New-to-insurance mix: 94% of fresh business Non-metro geographies contributing 60%+ fresh in Q1 FY27 (Q1 FY26: 90%) business with growth momentum Sustainable Profitable Growth enabled by Disciplined Portfolio Management across risk lifecycle MARKET SELECTION PORTFOLIO MANAGEMENT Deliberate prioritisation of preferred products, Continuous segment-level surveillance with customer segments & geographies pro-active recalibration, wherever required Proprietary channel advantage with acquisition Risk-adjusted pricing discipline driven by and retention of such segments evolving experience SUSTAINABLE PROFITABLE GROWTH SOPHISTICATED DATA, ANALYTICS & UNDERWRITING ACTUARIAL DEPTH Dynamic rule engine for Structural information moat with 20 years of risk identification & early detection experience & in-house claims management Calibrated risk-acceptance framework AI/ML-powered analytical models and based on granular claims experience underlying Actuarial rigor in decision making 90%+ of Overall GWP emerging from Proprietary Channels Retail Retail Fresh Channel Mix for Q1 FY27 Agency • 26% Retail Fresh Growth YoY po • 85%Overall GWP Contribution eir Partnerships y • 142%Retail Fresh Growth YoY a 11% D2C n • 5.5%Overall GWP Contribution n D2C sl • 33%Retail Fresh Growth YoY Partnerships • 7%Overall GWP Contribution Agency • 2.5%Overall GWP Contribution Group • Focus on SME/MSME clients GWP numbers mentioned are on ‘1/N’ basis Largest, growing Proprietary Health Agency Network Agency Forc [Showing first 8,000 characters — download PDF for full document]