Analysts/Institutional Investor Meet/Con. Call Updates

Date: August 05, 2026 Place: Chennai Ref: SHAI/B & S/SE/71/2026-27 To, To, The Manager The Manager Listing Department Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, 5th Floor, Plot C/1, Dalal Street G Block, Bandra-Kurla Complex Mumbai – 400001 Mumbai – 400051 Maharashtra, India Maharashtra, India Scrip Code: 543412 Symbol: STARHEALTH Dear Sir/ Madam, Sub: Earnings Call Transcript – Q1 FY 2027 Further to the Company’s letter SHAI/B & S/SE/52/2026-27 dated July 16, 2026 regarding intimation of Q1 FY 2027 - Earnings Call, please find attached transcript of the call dated July 30, 2026 for your information and records. The above information is being hosted on the Company's website at www.starhealth.in Thanking You, For Star Health and Allied Insurance Company Limited Jayashree Sethuraman Company Secretary & Compliance Officer Encl: as above. Star Health and Allied Insurance Company Limited Q1 FY2027 Earnings Conference Call July 30, 2026 Management: Mr. Anand Roy – Managing Director and Chief Executive Officer Mr. Amitabh Jain – Executive Director & Chief Operating Officer Mr. Himanshu Walia – Executive Director & Chief Marketing Officer Mr. Nilesh Kambli – Chief Financial Officer Mr. Aneesh Srivastava – Chief Investment Officer Mr. Sombit Bhattacharyya – Head Investor Relations Page 1 of 16 Moderator: Ladies and gentlemen, good day and welcome to Star Health and Allied Insurance Company Limited Q1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing “*” then “0” on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Devyanshi Dave from Adfactors PR, Investor Relations Team. Thank you and over to you, Ms. Dave. Devyanshi Dave: Good morning, everyone. From the Senior Management, we have with us Mr. Anand Roy – Managing Director and Chief Executive Officer, Mr. Amitabh Jain – Executive Director and Chief Operating Officer, Mr. Himanshu Walia – Executive Director and Chief Marketing Officer, Mr. Nilesh Kambli – Chief Financial Officer, Mr. Aneesh Srivastava – Chief Investment Officer, and Mr. Sombit Bhattacharyya – Head Investor Relations. Before we begin the conference call, I would like to mention that some of the statements made during today's call may be forward-looking in nature, including those related to the future financial and operational performance, benefits and synergies of the company's strategies, future opportunities and growth of the market of the company services. Further, I would like to mention that some of the statements made in today's call may involve risks and uncertainties. Thank you and over to you, Mr. Roy. Anand Roy: Thank you very much and a very good morning to all of you. Thank you for joining the Star Health Earnings Call for the 1st Quarter of the Financial Year 2026-27. Before we get into our quarterly performance highlights, let me acknowledge a very significant milestone in the journey of Star Health. On 18th May 2026, we completed two decades of service, helping more than 2.8 crore lives during these last 20 years navigate their health challenges with confidence and financial security. The work of evangelizing the concept of retail health insurance has not been easy, but also immensely fulfilling for the Star Health team. I would like to take this opportunity to thank my team members of ~19,000 employees for their sincerity and hard work over the last 20 years. Star Health is probably also the largest employer in the entire General Insurance space, even while counting public sector companies. We have a very dedicated and committed team. When we started, retail health insurance was neither an established product nor a market. Page 2 of 16 In the last 20 years, through the hard work of the team members, we are the country's largest retail health insurer. As a category leader, we regard deepening health insurance penetration as both a responsibility and of course a multi-decadal growth opportunity. The operating environment for retail health growth remains conducive. Health insurance is the fastest growing segment within the non-life space, supported by structural drivers and policy initiatives. The impact of enhanced affordability due to the GST waiver is very evident through category growth, with majority of our fresh business emerging from first-time buyers. We report our statutory financials on Ind AS basis, following the regulator's guidelines on Ind AS transition. We have been reporting on this basis voluntarily for several quarters and have consistently maintained it to be the appropriate economic lens for the health insurance franchise and aligned to the global best practices. Coming to the quarterly performance highlights: On the operating performance, as we have communicated last quarter, we will state our business numbers on both reported 1/N and also on N basis. Following are the highlights of our performance for Q1 FY27:  On a 1/N basis, the gross return premium increased 19% YoY to Rs. 4,287 crore.  On N basis, the gross return premium was Rs. 4,672 crore, an increase of 19% YoY.  Fresh Retail Health GWP increased 37% YoY to Rs. 730 crore. On N basis, the Fresh Retail Health GWP was Rs. 1,039 crore, an increase of 35% YoY.  Our new-to-insurance mix was 94% on Fresh Retail Business compared to 90% in Q1 FY26.  The Underwriting Result of the company for Q1 was Rs. 111 crore compared to Rs. 16 crore in Q1 FY26. This marks the fourth successive quarter of improvement in core underwriting profitability, underscoring the consistency of performance.  Combined Insurance Service Ratio, CISR, improved by 1.7% from 98.7% in Q1 FY26 to 97% in current quarter Q1 FY27.  The investment income for the quarter increased 10% YoY to Rs. 644 crore. The profit after tax for the quarter increased 25% YoY to Rs. 550 crore. For the right perspective on profitability insulated from short-term mark-to-market volatility, we introduced the concept of ‘normalised PAT’ from last quarter, pegged at a normalised annual investment yield of 8%. Under Page 3 of 16 the normalised framework, our profit after tax increased 44% year-on-year to Rs. 386 crore with an annualised ROE increasing from 12.2% in Q1 FY26 to 15.6% in Q1 FY27. On the business side of things, we continued to build a diversified and granular retail franchise. We remained focused on disciplined and prudent risk selection in geographies, segments, channels and products that meet our defined ROE thresholds. Our retail market share was 29% in Q1 FY27 compared to 31% in Q1 of last fiscal. This is partly impacted by a share of long-term policies and consequent reporting implications on an N and 1/N basis, and clean like-for-like comparability will be restored only by FY28. More meaningfully, it also reflects our strategy: a very disciplined focus on preferred segments, prudent underwriting and an avoidance of riskier pools. An update on the distribution network. Our proprietary channels, which is the agency and digital D2C, contributed 90% plus of overall retail business. This proprietary distribution gives us leverage over customer selection, quality of sales and economics of acquisition. We continue to scale our industry-leading agency network, adding around 20,000 new agents during this quarter to take the overall count to 8.5 lakh agents along with 19% YoY improvement in agent productivity. Agency is deepening penetration where it matters the most. Fresh business growth from non-metro geographies is 3.5 times that of growth in the metro geographies. Digital D2C continues to be our fastest growing profitable channel. Within overall digital business, 74% of the fresh business now originates from our own D2C platform [Showing first 8,000 characters — download PDF for full document]