Bengaluru ,India : Medi Assist Healthcare Services Ltd is a leading health benefits administrator in India, collaborating with insurers, group/retail policyholders, beneficiaries of government schemes, and healthcare providers, both in-patient and out-patient, across India and globally. With a significant presence in the health insurance ecosystem, backed by proprietary technology platforms and a nationwide cashless hospital network, Medi Assist achieved a milestone by completing its IPO in January 2024, becoming the first listed company in India with a Third-Party Administrator (TPA) business. The company has also disclosed its unaudited financial results for the quarter and nine months ending December 31st, 2023, today.
Medi Assist Healthcare Services Ltd Operational Highlights for nine months ended 31st December’ 2023:
– The total premiums under management for the Company amounted to INR 14,163 crores, marking a growth of 35.7% compared to the same period of the previous year.
– Within the Group segment, the premiums under management for the Company reached INR 12,352 crores, reflecting a growth of 34.5% over the corresponding period of the previous year.
– For the Retail segment, the premiums under management for the Company totaled INR 1,811 crores, indicating a growth of 45% compared to the corresponding period of the previous year.
– The Company’s share of the total industry health insurance premiums in both the Group and Retail segments stood at 20.0%, representing an increase of 230 basis points over the corresponding period of the previous year.
– Regarding the Group segment, the Company’s share of industry health insurance premiums reached 29.3%, showing a growth of 300 basis points over the corresponding period of the previous year.
– However, in the Retail segment, the Company’s share of industry health insurance premiums decreased to 6.3%, reflecting a reduction of 110 basis points compared to the corresponding period of the previous year.
Medi Assist Healthcare Services Ltd Business Highlights for nine months ended 31st December’ 2023:
– The wholly-owned subsidiary of the Company, Medi Assist TPA (“MATPA”), achieved the following milestones in Q3:
– Acquired one new Stand-alone Health Insurance Company as a customer for the Group segment.
– Initiated collaboration with a prestigious Life Insurance Company to cater to their health-rider policies.
– Mayfair We Care (“Mayfair”), another subsidiary of the Company, strengthened its relationship by extending services to manage overseas benefits for a Group account.
– Medvantage TPA’s Corporate accounts, post-acquisition, were retained at a rate exceeding 90%, with no significant losses.
– Raksha TPA, also a subsidiary of the Company, smoothly transitioned its claims operations to the Medi Assist technology platform.
– There’s a continued emphasis on expanding the network, with a specific focus on increasing cashless penetration nationwide.
– Business performance in the government segment remained consistent with expectations.
– The revenue per average headcount (excluding the government segment) for entities/businesses owned throughout the entire financial year amounted to INR 1.03 million for the period.
Medi Assist Healthcare Services Ltd Financial Highlights for quarter ended 31st December’ 2023:
– The Total Income amounted to INR 169.8 crores, demonstrating a growth of 29.2% compared to the corresponding quarter of the previous year.
– Revenue from contracts with customers, termed as “Operating Revenue,” reached INR 165.9 crores, marking a growth of 32.3% over the corresponding quarter of the previous year.
– The Adjusted Earnings Before Interest Taxes Depreciation and Amortization excluding Other Income, referred to as “Operating EBITDA,” stood at INR 33.9 crores, indicating a growth of 10.4% over the corresponding quarter of the previous year.
– The EBITDA margin, calculated as Operating EBITDA divided by Operating Revenue, was 20.4% for the quarter.
– Profit for the period remained constant at INR 21.3 crores compared to the corresponding period of the previous year.
– The Profit margin as a percentage of Total Income was 12.5%.