Q4 Con-call Highlights (FY24)
- The health insurance sector in India is growing, supported by government initiatives like the aim to enable insurance for all by 2047. This will have a positive impact on the insurance industry and TPAs like Medi Assist.
- Medi Assist’s total premiums under management grew by 30.7% YoY to Rs. 19,550 crores as of 31st March 2024. The group segment grew 30.4% and retail segment grew 33.2%.
- Medi Assist’s share of the industry’s health insurance premiums increased by 86 bps to 19.6%. For group business, it was 30.4% market share (up 299 bps) and for retail it was 5.5% (up 50 bps).
- Key financial highlights:
- Q4 FY24 total income grew 32.9% YoY
- FY24 total income grew 25.8% YoY
- FY24 operating revenue grew 25.7% YoY
- FY24 profit after tax (excl. exceptional item) grew 22.6% YoY to Rs. 92.3 crores
- The company maintained a high group policy retention rate of 94.7% in FY24.
- It processed 3.6 million outpatient claims in FY24, improving cash utilization.
- Medi Assist aims to integrate recent acquisitions and achieve pre-acquisition margins of 23-24% in the next few quarters.
- The company has a strong cash position of Rs. 245 crores despite acquisitions worth Rs. 135 crores during the year.
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