Star Health and Allied Insurance is India's largest standalone retail health insurer, and its Q2 FY 2026-2027 print lands in the seasonally heaviest claims quarter of the year. The key things the results will speak to are the magnitude of seasonal loss-ratio deterioration against the 67.5%-68% retail range, and whether insurance revenue growth closes the gap to management's guided 15-16% path after Q1 FY27's 13.39%.
| Results date | October 27, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter GWP | Rs. 4,287 Cr (1/N basis), +19% YoY |
| Previous quarter PAT | Rs. 549.73 Cr, +25.46% YoY |
| Previous quarter CISR | 97.0% vs 98.7% in Q1 FY26 |
| Market cap | Rs. 31,768.09 Cr |
| CMP | Rs. 539.7 |
Per the board-meeting intimation, the board will meet on October 27, 2026 to approve the standalone unaudited Q2 and half-year financial results for the period ended September 30, 2026.
The Q2 & H1 FY27 earnings call is scheduled for October 28, 2026 at 08:30 AM IST. Speakers include MD & CEO Anand Roy, ED & COO Amitabh Jain, ED & CMO Himanshu Walia, and CFO Nilesh Kambli.
The main test this quarter is whether the underwriting-improvement narrative — four straight quarters of underwriting-result improvement into Q1 FY27's Rs. 111 Cr — survives the seasonally heaviest claims quarter, with management explicitly flagging that Q2 FY27 will "follow the trend of higher loss ratios". The demand backdrop stayed firm through the window: Star's August 2026 premium grew 19.9% YoY to Rs. 1,708.5 Cr, tracking its Q1 FY27 GWP pace of +19%, while standalone health insurers industry-wide grew 30.4% in August. Medical inflation at the corroborated 12-15% cluster, in line with management's "above 12-13%" expectation, keeps claims severity a headwind, and the September 23 IRDAI consultation paper on distribution economics — an EoM benchmark shift toward 20% of GDPI over five years and first-year health commissions proposed at ~15% vs 20% — lands on the company's 30-40 bps annual expense-ratio improvement commitment, though it remains a proposal. The investment line is the swing factor: with the 10-year G-Sec par yield hardening to 7.37% by the latest RBI fortnightly reading and midcap equities falling 7.1% in September, the mark-to-market line enters the print with a September headwind — the same mechanism that produced the Rs. 558 Cr MTM loss in Q4 FY26 — acting on a Rs. 20,012 Cr investment book. The open-ended guided path — mid-to-high-teen ROE, insurance revenue "towards 15-16%", and 1 million agents in two years against 8.5 lakh at Q1 FY27 — remains the yardstick, with the promised FY28 guidance refresh still outstanding as of the last call.
Seasonal loss ratio and CISR deterioration: Management has explicitly warned Q2 carries higher loss ratios.
Insurance revenue growth vs the 15-16% guided path
Expense ratio and the IRDAI distribution paper
Investment MTM swing and normalised ROE
Guidance refresh, agents and pending disclosures
Management stated the retail loss ratio is in the 67.5%-68% range, while group business is now down to about 2.5% of GWP after the full exit from the unprofitable group employer-employee portfolio. The overall loss ratio is therefore described as more representative of the retail book.
Management has guided to a "mid- to high-teen ROE" on a steady-state basis, without giving a specific number. In Q1 FY27, annualised ROE was 22.3% and normalised ROE was 15.6%.
Management acknowledged a 100 bps enhancement as a "work-in-progress" with improvement hoped "as we go forward", and noted that price-increase impacts take 18-24 months to reflect in loss ratio and earned premium. No numeric loss-ratio guidance has been given.
The CFO said the company is "well on course" on its FY28 targets, possibly to the extent of the group business reduction, and that refreshed guidance would be issued. The FY28 guidance refresh was still outstanding as of the last call.
Yes — Q1 FY27 GWP was Rs. 4,287 Cr, up 19% YoY on a 1/N basis, and August 2026 premium grew 19.9% YoY to Rs. 1,708.5 Cr. Total insurance revenue grew 13.39% YoY in Q1 FY27, against a guided path of "towards 15-16%".