Galaxy Health Insurance — Financial Performance
Galaxy Health Insurance's combined ratio was 153.0% for Q1 FY26-27, as reported in IRDAI form NL-20-ANALYTICAL-RATIOS.
Quarterly financial ratios — Q1 FY25-26 to Q1 FY26-27
| Metric | Q1 FY26-27 | Q4 FY25-26 | Q3 FY25-26 | Q2 FY25-26 | Q1 FY25-26 |
|---|---|---|---|---|---|
| incurred claims ratio | 59.8%+36.5 pts | 35.7% | 39.5% | 28.2% | 23.3% |
| net commission ratio | 13.7%−6.3 pts | 17.7% | 18.6% | 13.8% | 20.1% |
| expense ratio to gross premium | 89.5%−183.4 pts | 62.6% | 86.7% | 67.0% | 272.9% |
| combined ratio | 153.0%−157.6 pts | 100.6% | 129.7% | 97.9% | 310.5% |
| solvency ratio | 3.95× | 4.64×−0.06× | 3.18×−2.03× | 3.73×+3.73× | Not disclosed |
| profit before tax | ₹-35 crore−41.8% | ₹-28 crore | ₹-27 crore | ₹-24 crore | ₹-25 crore |
| profit after tax | ₹-35 crore−41.8% | ₹-28 crore | ₹-27 crore | ₹-24 crore | ₹-25 crore |
The small figure under each number is the change from the same quarter a year earlier — in percentage points for ratios, as a percentage change for profit before/after tax. Shown only where this insurer has a filing from exactly that quarter a year ago; no figure means that comparison isn't available, not that nothing changed.
Expense ratio shown on a gross-direct-premium basis (GDP), per IRDAI's 2021 reform — not directly comparable to an insurer's net-written-premium (NWP) basis figure if quoted elsewhere. "Not disclosed" means this insurer's filing for that quarter didn't include this figure — not an estimate.
Full-year financial ratios
These are the insurer's own full-year figures, as filed with IRDAI for the whole fiscal year — not the same as adding up four quarters, since each quarter's own number above is a standalone snapshot for that quarter alone.
| Metric | FY25-26 |
|---|---|
| incurred claims ratio | 34.3% |
| net commission ratio | 17.3% |
| expense ratio to gross premium | 116.7% |
| combined ratio | 156.2% |
| profit before tax | ₹-103 crore |
| profit after tax | ₹-103 crore |
Provenance (combined ratio, latest quarter)
- Reported by
- Galaxy Health Insurance
- Regulatory form
- NL-20-ANALYTICAL-RATIOS · what this form contains
- Reporting period
- Q1 FY26-27
- Source document
- textplor-vendor-2026-27-Q1.xlsx · Galaxy Health Insurance's disclosure page
- Extracted by
- EverythingInsurance Research (vendor-compiled dataset, textplor.com, offline 2026-10-26)
- Last verified
- 2026-10-26
- Note
- Vendor-aggregated dataset, not pulled directly from insurer's own public disclosure page. Gap-fill only (no existing value for this insurer/metric/period). Cross-check against insurer's own source queued separately -- see project-log/quarterly-update-runbook.md.