Aditya Birla Health Insurance Aims To Break-even By FY23

Aditya Birla Health Insurance Co Ltd (ABHI), a standalone health insurer, is eyeing break-even in financial year 2022-23, a top company official said.

“Typically it takes six to seven years for a standalone health insurer to break-even. We are on track to break-even in 2022-23,” Mayank Bathwal, Chief Executive Officer, ABHI, told BusinessLine.

ABHI, which started operations in October 2016, is a 51:49 joint venture between Aditya Birla Group and MMI Holdings, a diversified financial services company in South Africa.

Bathwal said ABHI wants to position itself as a “health influencer” and “health partner” and not as a pure play health financing company.

For the nine months period ended December 31, 2018, ABHI recorded a gross written premium of ₹316 crore, up 83 per cent over ₹172 crore GWP recorded in same period last year.

The health insurer has bancasurance tie-ups with nine banks, and is open to bring more on board, Bathwal added. Banca tie-ups are with HDFC Bank, DCB, RBL Bank , Deutsche Bank, AU Bank, KVB, SVC, and AB Payments Bank.

The health insurer adopts a multi channel distribution approach. Retail now accounts for 66 per cent of its portfolio.