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An analysis done by Cafemutual of financial disclosures reveals that standalone health insurers recorded a combined net profit or profit after tax of Rs.460 crore in FY 2023.
The industry recorded massive growth of 125% in terms of net profit. In FY 2022, the industry saw net loss of Rs.1800 crore, shows the analysis.
Among standalone health insurers, Star Health, Care Health and Niva Bupa were the most profitable companies in FY 2023.
Further, Star Health led the list with net profit of Rs.619 crore. Its net profit went up sharply from the loss of Rs.1660 crore in FY 2022.
Care Health and Niva Bupa booked net profit of Rs. 246 crore and Rs.13 crore, respectively.
The other two standalone health insurers - ManipalCigna and Aditya Birla saw loss in their business.
Let us look at the table to know more:
|
Health insurers |
Profit after tax FY23 |
Profit after tax FY22 |
Change |
Change% |
|
Star Health |
619 |
-1041 |
1,660 |
159% |
|
Care Health |
246 |
12 |
234 |
1950% |
|
Niva Bupa |
13 |
-197 |
210 |
-93% |
|
ManipalCigna |
-201 |
-256 |
55 |
-21% |
|
Aditya Birla Health |
-219 |
-311 |
92 |
-30% |
|
Total |
458 |
-1793 |
-1,335 |
-126% |