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Medi Assist Healthcare Services Limited (“Medi Assist” or the “Company”), India’s leading technology-driven health benefits administrator serving insurers, group and retail policyholders, and beneficiaries of government schemes in India and globally, today announced its financial results for the quarter and full year ended 31st March 2025 (“Q4-FY25” and “FY2025”).
Operational Highlights: FY2025
Total Premium under Management (“PUM”) administered was INR 21,108 crore as on 31st March’2025, a growth of 14.3% y-o-y
Group PUM was INR 18,401 cr, a growth of 12.4% y-o-y
Retail PUM was INR 2,706 cr, a growth of 29.4% y-o-y
Market share in terms of health insurance premium administered (Group + Retail), of the total health premium in India, was 19.5% as on 31st Mar’2025, as against 19.0% as on 31st Mar’2024
Group segment market share was 30.3% as against 29.8% as on 31st Mar’ 2024
Retail segment market share was 5.7%, as against 5.0% as on 31st Mar’ 2024
Note: Raksha’s PUM for the previous year is taken as proportionate to the corresponding revenue consolidated for the period
Business Highlights: FY2025
Share of Private / SAHI insurers in the total portfolio of PUM administered increased to 28.1% for FY2025, a growth of 444 bps y-o-y over share of portfolio in FY2024
Sustained leadership position in the Group segment:
PUM administered for Private / SAHI insurers grew by 42.1% y-o-y, as against industry growth of 12.6% y-o-y in the Group segment
Achieved a retention rate of ~95% for group accounts across corporate
Enhanced penetration in the Retail segment:
PUM administered grew by 29.4% y-o-y, as against industry growth of 12.2% y-o-y in Retail segment
Onboarded 3 new private insurance partners to manage their retail health portfolios
Retained the majority of the retail PUM of Raksha TPA following the merger
Strengthening our network proposition for the ecosystem:
Medi Assist network adopted exclusively by 19 insurers in FY2025, up from 15 in FY2024
Average claim size growth for Medi Assist continues to be substantially lower as against industry Medical inflation
Mayfair We Care (MWC), UK, our international benefits business, continues to drive growth initiatives
Senior leadership talent added in India and International locations, to drive growth in existing business and new segments
o +60% policies moved to the new MAven Global IPMI platform, enabling higher efficiency and improved member experience
Medi Assist Insurance TPA Pvt. Ltd., a wholly owned subsidiary, has received in-principle approval from IRDAI to proceed with the acquisition of 100% equity stake in Paramount Health Services & Insurance TPA Pvt. Ltd. The acquisition, from the Shah family and Fairfax Asia, marks a significant milestone and will be consummated in line with standard closing conditions
Technology Highlights: FY2025
Elevating customer and member experience
Raksha Prime, which enables patients to check out of the hospitals with zero wait time, reached the milestone of 100,000+ discharges since launch, showcasing its scalability and potential to transform discharge experiences
Achieved +90% proactive communication on claim decisions through ‘consent’ feature, with less than 5% customer disagreement, an industry first which enables policyholders to provide feedback on their claim adjudication, prior to final approval
Our self-service channels, including IVR, Chatbot, and WhatsApp, now resolve 41% of all inbound queries
Driving cost containment via enhanced AI/ML-based Fraud detection
Through significant upgrades to our fraud detection engine, Medi Assist enabled ~ ₹400
Cr in savings for insurers
Significantly improved hit rates from investigations by over 1.5x on a y-o-y basis
Facilitating regulatory compliance across the ecosystem
Enabled insurance partners to successfully transition to the National Health Claim Exchange (NHCX) framework, ensuring seamless compliance and digital claims processing in line with industry standards
At the forefront of enabling compliance of insurers with the master circular, including 1hr pre-authorisation and 3hr discharges
Leading Industry awards have recognised Medi Assist’s Innovations and best-in-class technology
Won Best Use of Predictive Analysis for Fraud Detection, 2024, By Quantic India
Won the company of the year for Innovative Use of AI at the Dine with DevOps, 2024 Awards
Won the Best Data-Driven Insights for Delivering Business Value (InsurTech)" award at the 2nd Edition Data Analytics & AI Show 2025
Financial Highlights: Q4-FY2025
Total Income was INR 196.6 crore, a growth of 14.9% over the corresponding period of the previous year
Revenue from contracts with customers, excluding other income (“Operating Revenue”) was
INR 188.9 cr, a growth of 13.2% over the corresponding period of the previous year
Revenue from contracts with customers included:
13.2% from Government business
5.7% from the International benefits business
EBITDA excluding Other Income (“Operating EBITDA”) was INR 40.7 cr:
a growth of 10.1% y-o-y
a margin of 21.6% on Operating Revenue
Profit for the period (“PAT”) was INR 21.6 cr:
a reduction of 15.9% on reported PAT y-o-y, on account of ETR benefit in previous year;
Profit before tax (PBT) for FY25 was a growth of 6.3% on reported PBT y-o-y
a margin of 11.0% on Total Income
Financial Highlights: FY2025
Total Income was INR 747.1 crore, a growth of 14.4% over the corresponding period of the previous year
Revenue from contracts with customers, excluding other income (“Operating Revenue”) was INR
723.3 cr, a growth of 14.0% over the corresponding period of the previous year
Revenue from contracts with customers included:
11.0% from Government business
5.1% from the International benefits business
EBITDA excluding Other Income (“Operating EBITDA”) was INR 154.1 cr:
a growth of 15.6% y-o-y
a margin of 21.3% on Operating Revenue
Profit for the period (“PAT”) was INR 91.6 cr:
a growth of 28.5% on reported PAT y-o-y
a margin of 12.3% on Total Income
Key Balance sheet and operating metrics as on 31st Mar’ 2025 were as follows:
Net cash balance in the books was INR 312.2 cr
Net Worth was INR 552.2 cr; Return on Net Worth was 16.6%
Return on Capital Employed was 18.7%
Revenue per average headcount (on non-government contracts) was INR 14.2 lakh annualised
Satish Gidugu, CEO, said, "We are pleased to report strong FY2025 performance, demonstrating resilience amidst a challenging macroeconomic environment. Through strategic investments in AI and a steadfast commitment to operational excellence, we are strengthening our partnerships with insurers and enabling superior outcomes to the policyholders. As the health insurance ecosystem continues to evolve, we remain dedicated to leveraging technology to streamline health benefits, improve efficiency, and deliver enhanced value. We are also excited to welcome the Paramount TPA team, which will further strengthen our pan- India presence.”