Care Health Insurance delivered exceptional financial performance in September, recording a 44% year-on-year growth in Gross Direct Premium Income (GDPI) to ₹1,042 crore compared to ₹723 crore in the same period last year, according to the General Insurance Council (India) data. This growth significantly outpaced the industry average of 27% recorded by standalone health insurers during the same period. On a cumulative basis for H1 FY27, the company reported 42% year-on-year growth in GDPI to ₹6,193 crore against ₹4,354 crore in H1 FY26. The strong performance contributed to the overall non-life insurance industry's 6% year-on-year rise in GDPI to ₹32,951 crore in September, with standalone health insurers leading the growth at 27%. Latest data from ETBFSI shows that excluding specialised insurers, the industry's premium growth was significantly stronger at 11.74%, with gross direct premium rising to ₹1.76 lakh crore from ₹1.58 lakh crore in the corresponding period last year.
Care Health Insurance's strong performance has significantly enhanced its market position, with overall market share increasing by 81 basis points to 3.45% from 2.64% in H1 FY26, making it India's second-largest standalone health insurer. The health insurance segment's overall market share also expanded to 14.24% from 11.87% during the period, demonstrating the growing importance of health insurance in India's insurance landscape. The company operates through an extensive network of 288 branches, over 1,455 network locations, and approximately 22,040 hospital tie-ups as of Q1 FY27. Among other standalone health insurers, Aditya Birla Health Insurance grew 36.14% to ₹3,703 crore, while Niva Bupa Health Insurance reported 33.35% growth to ₹4,634 crore. Star Health & Allied Insurance, the largest standalone health insurer, recorded 19.31% growth to ₹9,562 crore.
The company continued its aggressive expansion strategy with 37% year-on-year growth in gross written premiums to ₹3,247 crore in Q1 FY27, while simultaneously growing its investment book to ₹11,751 crore. Care Health Insurance strengthened its financial position through strategic capital raising initiatives, including ₹150 crore raised through a rights issue in Q1 FY27, followed by ₹200 crore tier-II capital raise in August. The insurer operates alongside other standalone health insurers including Star Health and Allied Insurance, Niva Bupa Health Insurance, and Aditya Birla Health Insurance, as well as the newly formed Prudential HCL Health Insurance. Among private general insurers, SBI General recorded 21.34% growth in cumulative premium to ₹8,739 crore, while HDFC ERGO grew 26.61% to ₹9,348 crore. Tata AIG reported 25.52% growth to ₹12,187 crore, and IFFCO-Tokio grew 19.52% to ₹5,224 crore.
