Report
EUR 88.49
For Business Accounts Only
SHAI insured 20.5m people in FY21. SHAI primarily offers retail health insurance which accounted for 87.9% of its FY21 GWP. Individual agents accounted for 97% of its FY21 GWP.
Its GWP has grown by 72.6% over FY19-21 on the back of 58.6% growth in agents and 62.5% growth in the number of policies. In FY21, SHAI had a market share of 15.8% in the Indian health insurance market and 31.3% in the retail health insurance market.
Along with growing fast, SHAI has also managed to remain profitable since FY16 with its claims ratio remaining below 67% in most years. Although, the company recorded a loss in FY21 and 1H22 on the back of higher claims due to COVID-19 and reinsurance related adjustments.
We have covered the main aspects of the deal in our earlier notes, Star Health Insurance Pre-IPO - Leading the retail healthcare insurance space and Star Health Insurance IPO - Mixed updates. Good but expensive.
In this note we will talk about the subscription levels and trading dynamics.
Star Health Insurance IPO Trading
Star Health and Allied Insurance (SHAI), the largest private health and retail health insurance company in India, raised around US$851m in its India IPO. Below its target of US$979m.SHAI insured 20.5m people in FY21. SHAI primarily offers retail health insurance which accounted for 87.9% of its FY21 GWP. Individual agents accounted for 97% of its FY21 GWP.
Its GWP has grown by 72.6% over FY19-21 on the back of 58.6% growth in agents and 62.5% growth in the number of policies. In FY21, SHAI had a market share of 15.8% in the Indian health insurance market and 31.3% in the retail health insurance market.
Along with growing fast, SHAI has also managed to remain profitable since FY16 with its claims ratio remaining below 67% in most years. Although, the company recorded a loss in FY21 and 1H22 on the back of higher claims due to COVID-19 and reinsurance related adjustments.
We have covered the main aspects of the deal in our earlier notes, Star Health Insurance Pre-IPO - Leading the retail healthcare insurance space and Star Health Insurance IPO - Mixed updates. Good but expensive.
In this note we will talk about the subscription levels and trading dynamics.
Underlying
Star Health & Allied Insurance Co Ltd
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Sumeet Singh
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