Galaxy Health Insurance targets Rs 450-cr premium by FY'27, breakeven in 4 years

Kolkata, Sep 24 (PTI) Galaxy Health Insurance, the country’s youngest standalone health insurer, is eyeing a premium of Rs 450 crore by 2026-27 and expects to achieve breakeven in four years, its MD & CEO G Srinivasan said on Wednesday.

The company, backed by TVS Group’s Venu Srinivasan and the family of insurance veteran V Jagannathan, collected Rs 40 crore in premiums since April this year, and has set a target of Rs 200 crore for the 2025-26 fiscal.

“We are focused on market penetration with good products that ensure complete wellness, simplified claims and incentives for healthy behaviour. Nearly half of the healthcare spending in India is on OPD, and our OPD cover is designed to address this gap,” G Srinivasan told PTI.

"We are aiming to breakeven in 4 years," he said.

Galaxy Health Insurance currently offers eight products and two riders, and has settled around 700 claims in its first year “without any complaints,” Srinivasan said.

The company, which is deploying technology to enable smoother settlements, has so far covered 1.2 lakh lives, operating in eight states, including West Bengal, with a hospital network of 6,000.

In Bengal, where it launched a regional office in Kolkata on Wednesday, Galaxy Health Insurance plans to onboard 1,000 agents and cover 5,000 lives by FY’26. It operates through 71 offices across the country.

"The entry in the West Bengal market is both timely and purposeful, aiming to make health protection accessible for vulnerable families, especially those with limited exposure to formal financial systems. With deep penetration to cover the entire population, including rural areas, Galaxy seeks to bridge the protection gap," Srinivasan said.

Srinivasan said the GST rate cuts have reduced costs for customers, though insurers are bearing a part of the burden.

“Standardisation of treatment protocols will be a key reform for the industry going ahead,” he said.

At present, there are seven standalone health insurers and around 30 general insurers in India, offering health products. PTI BSM RBT