Factuary

Galaxy Health Insurance Insurance Data

healthRegistration number unverified

New standalone health insurer.

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IRDAI Disclosures ↗
Provenance note: The IRDAI registration number for this insurer is not yet verified from the official IRDAI registry. Data is published as filed, but treat with care for regulatory comparisons.

Galaxy Health Insurance is a health insurance company licensed by IRDAI. Its solvency ratio of 3.95× as of Q1 FY26-27 exceeds the IRDAI mandatory minimum of 1.5×, ranking 1st among 7 health insurers. The company reported gross written premium of ₹17 crore in FY24-25, ranking 6th by premium among 7 health insurers. Its incurred claim ratio of 59.8% in Q1 FY26-27 is below the health insurer median of 78.8%, ranking 1st among 7 health insurers. Its combined ratio of 153.0% in Q1 FY26-27 is above 100%.

Peer rank among health insurers with data for that metric. Not shown when fewer than 3 peers have data.

A snapshot, not a time series — see Underwriting Performance, Revenue Mix and Distribution Mix for how these move quarter to quarter.

How to read this page

GWP — Gross Written Premium: total premium underwritten, including any reinsurance accepted.
GDPI — Gross Direct Premium Income: premium from direct business only. Insurers disclose both; they are not the same number.
ICR — Incurred Claims Ratio: net incurred claims ÷ net earned premium.
Commission ratio — net commission paid ÷ net written premium.
Combined ratio — (incurred claims + expenses + commission) ÷ net earned premium. Below 100% means an underwriting profit, before investment income.
Solvency ratio — available solvency margin ÷ required solvency margin. IRDAI's regulatory minimum is 1.50×.

This page shows figures in ₹ crore; the detail pages it links to (Underwriting Performance, Distribution Mix) show the same facts in ₹ lakh as filed. Where a filing for a given period couldn't be located, this site says "Not disclosed" rather than estimating.

GWP, FY24-25
₹17 cr
GDPI, Q1 FY26-27
₹61 cr
Gross Direct Premium Income

Galaxy Health Insurance: Hybrid business — Health, Personal Accident and Travel together — made up 100.0% of gross direct premium in Q1 FY26-27; Agents/POSP carried 54.6% of premium in Q1 FY26-27.

Line of business — Q1 FY26-27 (₹ crore, % of GDPI)

Retail: bought directly by an individual (Motor). Hybrid: designed for individuals but sold in a group structure (Health, Personal Accident, Travel). Commercial: the end beneficiary is a business (Fire, Marine, Engineering, Liability, Aviation, Crop, Credit and other specialty lines).

SegmentGross direct premiumShare
Hybrid₹61 cr100.0%
Grand total₹61 cr100%

Retail/Hybrid/Commercial is this site's own classification of IRDAI's filed segments, not an IRDAI-defined category — see Underwriting Performance for the full per-segment detail this rolls up from.

Channel mix — Q1 FY26-27 (₹ crore, % of premium)

ChannelPremiumShare
Agents/POSP₹25 cr54.6%
Brokers₹20 cr43.9%
Corporate Agents₹0 cr1.0%
Others₹0 cr0.5%
Total₹46 cr100%

Regrouped from IRDAI Form NL-36's finer channel list — Agents/POSP = Individual agents + Point of Sales Persons; Others = Micro agents, Common Service Centres, Insurance Marketing Firms, MISP, Web aggregators and Referral arrangements. See Distribution Mix for the full unrounded breakdown.

Full data, every metric

Premium

gross written premium₹17 croreFY24-25Statement-7

Solvency

solvency ratio3.95×Q1 FY26-27NL-26-SOLVENCY-MARGIN

Solvency Margin

available solvency margin₹19,766 lakhQ1 FY26-27NL-26-SOLVENCY-MARGIN
required solvency margin₹5,000 lakhQ1 FY26-27NL-26-SOLVENCY-MARGIN

Claim Settlement

claim settlement ratio66.7%FY24-25Handbook-Table-53

Incurred Claims

incurred claims ratio59.8%Q1 FY26-27NL-20-ANALYTICAL-RATIOS

Combined Ratio

combined ratio153.0%Q1 FY26-27NL-20-ANALYTICAL-RATIOS

Expense Ratio

expense ratio93.1%Q1 FY26-27NL-20-ANALYTICAL-RATIOS
expense ratio to gross premium89.5%Q1 FY26-27NL-20-ANALYTICAL-RATIOS

Financial Position

profit after tax₹-35 croreQ1 FY26-27NL-2-B-PL
profit before tax₹-35 croreQ1 FY26-27NL-2-B-PL

Underwriting

net commission ratio13.7%Q1 FY26-27NL-20-ANALYTICAL-RATIOS
investment income ratio1.8%Q1 FY26-27NL-20-ANALYTICAL-RATIOS
net retention ratio95.4%Q1 FY26-27NL-20-ANALYTICAL-RATIOS
operating profit ratio-106.7%Q1 FY26-27NL-20-ANALYTICAL-RATIOS
underwriting balance ratio-112.7%Q1 FY26-27NL-20-ANALYTICAL-RATIOS
net earning ratio-40.2%Q4 FY25-26NL-20-ANALYTICAL-RATIOS
gross direct premium to net worth ratio30.00×Q1 FY26-27NL-20-ANALYTICAL-RATIOS

Growth

gross direct premium growth rate398.0%Q1 FY26-27NL-20-ANALYTICAL-RATIOS
net worth growth rate-6.2%Q1 FY26-27NL-20-ANALYTICAL-RATIOS

Distribution by Channel

Brokers premium₹2,027 lakhQ1 FY26-27NL-36-BUSINESS-CHANNELS
Web Aggregators policies66Q1 FY26-27NL-36-BUSINESS-CHANNELS
Point of Sales Person (Direct) premium₹41 lakhQ1 FY26-27NL-36-BUSINESS-CHANNELS
Insurance Marketing Firm policies-2Q1 FY26-27NL-36-BUSINESS-CHANNELS
Individual Agents premium₹2,484 lakhQ1 FY26-27NL-36-BUSINESS-CHANNELS
Brokers policies86,247Q1 FY26-27NL-36-BUSINESS-CHANNELS
Web Aggregators premium₹13 lakhQ1 FY26-27NL-36-BUSINESS-CHANNELS
Corporate Agents – Others policies3,519Q1 FY26-27NL-36-BUSINESS-CHANNELS
Point of Sales Person (Direct) policies339Q1 FY26-27NL-36-BUSINESS-CHANNELS
Individual Agents policies17,164Q1 FY26-27NL-36-BUSINESS-CHANNELS
Corporate Agents – Others premium₹48 lakhQ1 FY26-27NL-36-BUSINESS-CHANNELS
Insurance Marketing Firm premium₹8 lakhQ1 FY26-27NL-36-BUSINESS-CHANNELS
Common Service Centres (CSC) policies14,125Q3 FY25-26NL-36-BUSINESS-CHANNELS
Common Service Centres (CSC) premium₹2,731 lakhQ3 FY25-26NL-36-BUSINESS-CHANNELS

Investment Mix

mutual funds646 INR_lakhsQ1 FY26-27NL-12-INVESTMENT-SCHEDULE
infrastructure & housing7,841 INR_lakhsQ1 FY26-27NL-12-INVESTMENT-SCHEDULE
government securities15,146 INR_lakhsQ1 FY26-27NL-12-INVESTMENT-SCHEDULE
debentures & bonds6,348 INR_lakhsQ1 FY26-27NL-12-INVESTMENT-SCHEDULE
other investments600 INR_lakhsQ1 FY26-27NL-12-INVESTMENT-SCHEDULE

Investment Exposure Norms

central govt. securities39.2%Q1 FY26-27NL-28B-EXPOSURE-NORMS
housing & infrastructure25.6%Q1 FY26-27NL-28B-EXPOSURE-NORMS
govt + approved securities49.5%Q1 FY26-27NL-28B-EXPOSURE-NORMS

Investment NPA

npa provision coverage0.0%Q1 FY26-27NL-30-NON-PERFORMING-ASSETS
gross npa (amount)0 INR_lakhsQ1 FY26-27NL-30-NON-PERFORMING-ASSETS

Investment Yield

gross yield (quarterly)1.75%Q1 FY26-27NL-31-INVESTMENT-INCOME
net yield (quarterly)1.31%Q1 FY26-27NL-31-INVESTMENT-INCOME
gross yield (annualized)7.91%Q4 FY25-26NL-31-INVESTMENT-INCOME
net yield (annualized)5.92%Q4 FY25-26NL-31-INVESTMENT-INCOME

Revenue Mix by Segment

health segment premium₹5,795 lakhQ1 FY26-27NL-4-PREMIUM-SCHEDULE
personal accident segment premium₹325 lakhQ1 FY26-27NL-4-PREMIUM-SCHEDULE

Other Claims

claims repudiation ratio17.33%FY24-25Handbook-Table-53
claims paid to provisioned ratio93.0%Q1 FY26-27NL-20-ANALYTICAL-RATIOS

Per Share

earnings per share₹-3.42Q4 FY25-26NL-20-ANALYTICAL-RATIOS
book value per share₹5.95Q4 FY25-26NL-20-ANALYTICAL-RATIOS

Balance Sheet

technical reserves to premium ratio1.8%Q1 FY26-27NL-20-ANALYTICAL-RATIOS

Other

health combined ratio155.2%Q1 FY26-27NL-20-ANALYTICAL-RATIOS
personal accident combined ratio110.0%Q1 FY26-27NL-20-ANALYTICAL-RATIOS
personal accident incurred claims ratio18.8%Q1 FY26-27NL-20-ANALYTICAL-RATIOS
health incurred claims ratio62.0%Q1 FY26-27NL-20-ANALYTICAL-RATIOS

Data from IRDAI public disclosures. Click a metric name for full history and provenance.

Compare & Reports

Galaxy Health Insurance financial performance — quarterly ratios →

Galaxy Health Insurance distribution mix — by channel →

Compare Galaxy Health Insurance against another health insurer →

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