Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Medi Assist Healthcare Services Ltd (NSE: MEDIASSIST) Q4 2026 Earnings Call dated May. 11, 2026
Corporate Participants:
Satish Gidugu — CEO and Whole Time Director
Sandeep Daga — Chief Financial Officer
Analysts:
Cyril Paul — Analyst
Neil Govarikar — Analyst
Unidentified Participant
Unidentified Participant
Unidentified Participant
Unidentified Participant
Unidentified Participant
Presentation:
Operator
Ladies and Gentlemen, good day and welcome to the Medi Assist Healthcare Services Ltd. Q4 and FY26 earnings conference call hosted by Eny. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr.
Cyril Paul from ENY Investor Relations Services. Thank you and over to you sir.
Cyril Paul — Analyst
Thank you. Good morning everyone and welcome to the Q4 earnings call of Medic Assist Healthcare Services Ltd. The company published its results on 9 May and has uploaded the investor presentation of Excavis earlier today. I trust all of you have had the opportunity to go through the same before we start a disclaimer Some of the statements made in today’s earnings call may be forward looking in nature. Such forward looking statements are subject to risks and uncertainties which could cause actual results to differ from those anticipated.
Such statements are made based on management’s beliefs and assumptions made by information currently available to the management. Audience are cautioned not to place undue reliance on these forward looking statements while making their investment decisions. On that note, let me introduce you to the management participating in today’s conference call. We have with us Mr. Satish Pirgu, CEO and Whole Time Director, Mr. Sandeep Daga, CFO along with several members of the team. Without further ado, I’d like to hand up the call to Satish.
Thank you. And over to you Satish.
Satish Gidugu — CEO and Whole Time Director
Thank you sir. Good morning Dear investors, analysts and all participants joining us from India and around the world. Thank you for taking the time to join us today as we review MIDI Assist performance for the year ended FY26. FY26 was a milestone year for Mideassist as we combined strong growth and deep technology led transformation. Becoming debt free and net cash positive strengthens our ability to invest in the future while our AI powered platforms are now operating at unprecedented scale processing nearly 1 million claims every month with industry leading automation and fraud detection.
The rapid expansion of Matrix, successful integration of Paramount and our new global partnerships position us very strongly to build the next generation of intelligent borderless healthcare administration. I’m pleased to be joined by our CFO Sandeep Dagga and Cyril from EY who leads our Investor relations function. I’d first like to share some of the key operational highlights from FY26 and before we go in. We continue to improve the quality of disclosures. Every quarter we have further added more metrics for each of the segments that we operate in Group Retail, Government, International Benefits Administration, Technology Business and also try to give all of you a color on our technology platform and its evolution.
While we will not necessarily do a page turn, let me summarize some of the key operational highlights from earlier the total premium under management palm administered was 25,923 crores as on 31st of March 2026, a growth of 22.8%. And for someone who’s been with this business for this long, Personally for me 25,000 crores is a milestone number I’m happy to share with all of you Today the Group premiums were 23,000 plus crores, a growth of 25.6% year on year and our group premiums retention stood at a 93.2%.
And of course these are excluding acquisition numbers. The retail premiums in the TPM model were 2,818 crores, a growth of 4.2% year on year. The market share in terms of health insurance premium administered in group and retail of the total health premiums in India was 20.7% end of the year which demonstrated 115 basis points year on year growth. The group segment market share saw 340bps of YoY growth taking us to a 33.7%. The retail segment market share the traditional TPA model was 5% on 31st March 2026 and slightly lower than market share the previous year.
In line with our hybrid approach to retail. As we discussed in some of the calls earlier, we have reported the premiums managed by private insurers on the back of our core claims processing technology platform matrix and these premiums currently stand at over 18,000 crores which represents 32% of the industry. Retail premiums and While we were improving on the India business, we’ve also leveraged capabilities for delivering seamless global administration services through expanding partnerships. We’ve deepened Southeast Asia presence through a strategic partnership with Thailand’s leading insurance broker, giving us access to over 50 million USD of group premiums in that region expanded retail and travel portfolio and we’ve reported elsewhere in the slides the number of retail lives growth and the fact that we now have line of sight to about half of the global travel premiums that are being booked in India.
We also built some key global partnerships with Freedom Health, Himalayan Everest Insurance and Royal Insurance Corporation of Bhutan, expanding our ability to deliver outcomes for both inbound and outbound healthcare administration coming to Paramount TPA the integration is on track over 50% of pages Paramount Health Services claims volume has already migrated to Metrix and on track to becoming the primary processing engine before the Q2 of FY27. And we’ve been able to enable all of the AI capabilities for the Paramount clients that are migrating to this new stack.
And as disclosed earlier, we’ve executed a slump transfer of Paramount TPA’s TPA operations to Mediasys TPA effective 2-1-2026, thereby creating a single unified TPA business within the group and moving on to the technology Highlights Our tech revenues grew 91.9% year on year. There are multiple pilots underway with insurers in India and overseas. Mavenguard, our proprietary AI fraud detection platform, has found and prevented over 540 crores of health insurance frauds in the last financial year.
Raksha prime, our flagship offering for improving cashless experience, enabled over 322,000 patients to walk out of the hospitals before the bills got even generated and across 6,000 hospitals in FY26. All in all, we continue to be a technology first digitally integrated platform that delivers outcomes to all the key constituents of the industry, the payers, the providers and the members. And our AI investments are paying off in creating a unified interconnected intelligence platform that we believe is going to change the way all of these stakeholders experience healthcare in a service delivery.
I will now hand over the call to our CFO Sandeep who will take you through the financials for year FY26.
Sandeep Daga — Chief Financial Officer
Thank you Satish and a very warm welcome to all the participants. The financial highlights for FY26 total income was rupees 923.2 crore, a growth of 23.6%. Yoyo the revenue from contracts with customers excluding other income which we call as operating income was 904.8 crore, a growth of 25.1 percentage year on year. This time we are disclosing separate segments and their revenue contribution to the group as such, as a result of which the group segment contributes roughly around 69.5% of the total revenue calculating to 629.1 crore representing a 25.3% growth year.
On year, 10.6% of the total revenue came from the retail segment translating to 95.5 crore representing a 10.9% growth year. On year, 12.6% of the total revenue came from the government business translating to 113.6 crore representing a 42.6 percentage growth year on year 4.5% of the total revenue came from the International Business Administration business translating to 41.1 crore representing the 11.9 percentage growth year on year and the technology SaaS platform contributed to 2.5% of the total revenue translating to 21.7 crore representing a 91.9% growth year on year.
Coming to the margin profile, EBITDA excluding other income we call it as operating EBITDA was 174.6 crore. This translated our growth of 13.3% year on year and was equivalent to a margin of 19.3 percentage on operating revenue. We have seen a quarterly EBITDA expansion in the margin. The quarter 4 EBITDA profile was 19.9 percentage versus 18.6 percentage in Q3 and 17.1 percentage in Q2. The reported pact for the year was 89.3 crore. However once we exclude the exception items net of the tax impact digested PAT stands at 68.8 crore.
However, we have also shared in the investor presentation, the PAT bridge to steady state PAT and our commentary on the same which can be referred on slide number 13 and 14. Moving to few of the key highlights from the balance sheet and other operating matrices as on 31st of March 2026 the free cash flow position as on date was 260.5 crore. The net worth of the group stood at 852.4 crore. Contract liability 280.2 crore. Pleased to inform that the group has become debt free. During January 2026 the revenue per average headcount on the non government business was 13.1 lakhs.
With this I hand over the call back to the Khorus call team. Thank you.
Questions and Answers:
Operator
Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press Star and one on the Touchstone telephone. If you wish to withdraw yourself from the question queue, you may press Star and enter. Participants, you are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. A reminder to all you may press Star and one to ask a question. We have the first question from the line of Navit Virani from Batstream Research.
Please go ahead.
Satish Gidugu
Hello. Am I audible?
Operator
Yes sir, you’re audible.
Satish Gidugu
We can hear you. Yes, Good morning and thank you for your opportunity. I have two three questions. The first one is on the overall business. So if we look at the dominance and the market share that we have in the group business, that is kind of you know, missing in the retail part. Now, given the capabilities that Maddi Assist possesses as of date,
Neil Govarikar
How do you think this kind of dominance can be achieved in the retail business? So that’s the first question I have.
Satish Gidugu
Sure. Navi, this is Satish. I’ll attempt to answer that question. Retail has so group, I mean we don’t have to discuss, but in group, the policyholder typically is far more aware of the service they need, the complexity of the requirements that they want in the technology, the deployment, the networks and the importance to provide some kind of stability and continuity for their employees as they continue to expand benefits and potentially work with more than one insurer. Even so, that is what allowed us to establish our right to in the group business and significantly expand our market share.
Retail for a very long time was plain, if I were to put it plain vanilla catastrophic care, inpatient only with a very low incidence, very low frequency, low frequency and high value claims. And depending on the insurers and when they started their journey of building some of these capabilities, there was a time where the TPA industry was not ready and some of the other insurers that came in later followed a hybrid approach of building some capabilities inside and using TPAs and some other newer generations relying on TPAs for large scale dependencies such as network and physical presence, electronic distribution.
So I think depending on the insurer they’re at different stages of where they are in their evolution. But what we have seen, especially post Covid, is there are two or three areas where we’ve seen opportunities. One, where products are moving to say a high frequency low value claims, especially around outpatient and various benefit products, or where the insurers need it to supplement their desire to be the front end to their customers. But with significant back end capabilities such as a country wide network and superior fraud detection and sometimes even an entirely new claims processing system.
So retail has in our minds has evolved to be, for lack of better words, a hybrid approach across the country. And today we are able to deploy our TPA capabilities in the portfolios where we are hired as a tpa, which basically means that the insurer introduces us to the member saying medi assist will henceforth take care of you. And we have solutions today by teasing out all the technology capabilities in a plug and play model where the insurers are able to plug in the various capabilities that will make them more effective in delivering detailed services to their membership.
And that’s what we are beginning to sort of report as our technology revenues. And I think Navid, sorry, I know it was long winded. But I think the market is evolving and we have solutions for whatever be the scenario in which a retail insurer prefers to sort of evolve their approach. But we still probably deliver the best if we were to run end to end.
Sandeep Daga
Thank
Satish Gidugu
You for that elaborate answer. Just to follow up on that one. So we have, you know, it’s really helpful to see additional data points that you have introduced with which I am assuming is pertaining to the technology business. So I can now see that there is 18,100 crore kind of a premium which is, you know, being administered through the technologies that Medius has introduced. But how can I, let’s say, get a sense on the kind of earnings that Media Suites is, you know, generating on this piece of business?
Because if I look at the overall pum, you know, divided by revenue divided by overall pum, I can get a sense that there is a three and a half percent kind of index Medi Assist earns. But since this new data point has been introduced, is there a metric or is there a, you know, suggestion that you would give investors like us who can track the kind of realizations or earnings that we are generating on the technology part of the business? Thank you. I think we typically not disclosed some of these revenue metrics as in the past as it’s an evolving space.
But if you look at the TPA business today and look at the way some of the contractual obligations are around the headcounts that we deploy in terms of for fulfilling contractual obligations, I think it would be fair to say that a reasonable target state is the technology business, allowing us to capture the non headcount portions of our yields and hopefully be able to charge in some cases on outcomes and with a higher margin profile of maybe at least one and a half to two times the traditional EPA business is, I think directionally would be a fair way to look at it.
However, this is not a guidance and this is just to give you a perspective of the parameters that typically go into this evolution of a platform LED growth. But if I were to just take this a little further and look at what we are able to do in the international markets, we are able to deploy the same technology stack globally and that’s the pipeline that we’ve spent a lot of time building in FY26, for example, the contract that we recently signed in Thailand allows us to provide our front end technologies that are critical for memberships, digital experiences to a cohort that’s actually being serviced in that country.
So a lot of our international contracts are also on the back of how we are able to deploy our tech as is in those geographies. So given the wide variety of contracts and the deployment models, it will be hard for us to provide a guidance. But I think what I said earlier, I think would be a reasonable aspiration.
Sandeep Daga
That helps. That helps. Last question I have. If I look at the, you know, industry,
Satish Gidugu
Can you help us understand, let’s say if the industry premium under industry premium is 100 rupees, what is what portion of that is being administered via TPAs and what portion of the industry
Sandeep Daga
Premiums are not, you know, under the TPA purview as of now? If you can give some understanding on that, that would be helpful.
Satish Gidugu
There are no clearly reported numbers and one has to compile based on multiple disclosures across insurers and TPAs. But I think just from an order of magnitude perspective, best to think about it as a 5050 within the traditional DPA models are deployed and predominantly so in the group side of the business for reasons I mentioned earlier. The other 50 also for some regulatory reasons like for example the personal accident and others not in the scope of the TPA. But I think I would go with the 5050 for now just for you to get a sense of the size of the market.
Sandeep Daga
Thank you for answering all my questions. Wish you all the best. Thank you.
Satish Gidugu
Thank you so much Navid.
Operator
Thank you. Before we take the next question, ladies and gentlemen, in order to ensure that the management will be able to address all the questions from the participants in the question queue, we request you to kindly limit your questions to two per participant. If you have a follow up question, please rejoin the queue. Again we will take the next question from the line of Prithvish upal from. Please go ahead.
Neil Govarikar
Yeah, hi, thank you for taking my question. So my first one is a follow up on the earlier participants question in terms of getting a sense on the international segment specifically around, you know, what is our take rate or the pricing. So this 22 odd crore that we got in FY26 from the technology side, is it sort of fair to assume that of the premium managed on the platform model that would be essentially in a way a denominator that from which we can sort of get a sense on the take rate and then depending on the mix of, you know, Raksha prime or the mix of probably Matrix or Maven, you know, that pricing could probably evolve over time.
So that was just from our first question from our understanding perspective. So my second question was that if I looked at your retention, you know, compared to Last year. So exop paramount is about 93.2%. So just wanted to understand why, you know, that is slightly lower and if you can also give some color on the PSU allocation, you know, specifically around retail and group, you know, given the conversations how those are, you know, sort of evolving. And my third question would be be that if I look, if I was to assume Paramount growth, paramount contribution about 34,35 odd crore similar to last quarter, excluding that the growth is around 10, 11% which is excerpt Paramount.
So you know, what are the levers here for us, you know, the next kind, two years to probably accelerate, you know, this and what kind of mix and what is the kind of revenue, the growth aspiration that you know, you have going forward. So these would be broadly my questions.
Satish Gidugu
Thank you, that was a lot. But I will attempt to answer each one of them as much best of my abilities. So I think the first question, the reason we put the premiums out is think of this as an opportunity that exists, not necessarily the limiting factor on the current set of revenues. And obviously the revenues in FY26 are also because of the timing and how much the transition sort of has taken place of some of the core deliverables. But I think you are right, the way to look at it is that there is an opportunity basket that exists.
I think the more we are able to deliver in terms of incremental components and incremental capabilities, the incremental revenues from those premiums will continue to grow. At this point the revenues are only from the Pure SaaS platform which is the core banks engine Matrix. It currently does not have any of the AI LED features or outcome based pricing built in yet. Because in the past our AI engines were very tightly coupled to matrix because one had to first migrate to matrix in order to be able to use some of these services.
But as mentioned in the text and in rpr we’ve been able to now sort of tease these capabilities out and today mavenguard our fraud detection engine or Raksha Primar discharge experience and a few other interesting capabilities that are in the can now work on top of legacy or proprietary claims platform that the insurance companies might already be running and deliver some of these incremental values. So in summary, this is the opportunity of the pie that exists and the total revenues that we booked will be based on the value that we are able to create to the insurers that are on the platform.
On the retention side, on group side. Yes, it is marginally lower than our historical 94 plus percent. I think part of that is attributable to some of the delivery decisions that we took at the beginning of the year from a quality of revenue perspective. And of course part of that was a little bit of a transition in some of the operational changes, changes that we made to improve the overall experience. We will not discuss the Q1 and we see the 93% largely driven by what transpired in Q1 of last year.
And since then I think we’ve gotten back on track and hopefully as we move forward and we should get back to a slightly higher retention rates on the allocations of retail and so on, these are not in our control. Different insurers have different cycles and as and when there is an allocation that happens, I think we will continue to sort of participate and win based on merits. And especially if you look at the work that we are doing on retail. I’m just trying to find the page. There’s page number eight where we talked about the retail business.
While our revenue, the premiums that we managed grew just by about 4% in the ppm model we have delivered over 38% improvement in the fraud detection in our small portfolio of that size we’ve delivered experience to the membership in retail which is typically not not being seen in the market today. And as we continue to deliver and redefine how retail customers are serviced at par with the group customers and we believe that will continue to improve our right to win even in the standard T2 model.
Lastly, I think from a growth perspective you’re right. The consolidated growths are in the range that you spoke about by the end of the day for us, Paramount is an organic one the moment we sign the deal because the retention, responsibility and growth of that book is 100% our responsibility. So in some ways adding Paramount is an organic growth once we sign. But having said that, if you looked at the business segment reporting that we’ve done, this is the first time you speak, sort of called out the revenue contributions from each group.
And you also seen the outcomes that we are able to deliver to the insurers significantly supplementing from a growth perspective. And we expect the technology and international growth trends to sort of continue if not improve compared to a 5, 26. And on the core business we will, as we always said from an overall industry growth perspective, we will batch up better. And of course the translation to revenue is slightly slower because we don’t report on premiums, we report on a 12 month basis service.
That’s why most a lot of our revenue today sits in what we call as Contract liability, which is revenue that is committed but we haven’t yet booked into the P and L. And that’s an incremental 280 crores of unearned revenue that’s actually sitting in the balance sheet today.
Neil Govarikar
Got it. So sir, anything on the mix? Because as of now technology is contributing around two and a half percent. So maybe say 20, you know, couple of years forward. How do you see the contribution from this coming through? Because this, as you had mentioned, this two and a half percent is probably just from as of now the one product that we are monetizing. But we are developing capabilities across multiple, you know, sort of banks. So how much do you think, how big can this piece, you know, become over the next maybe say two, three years?
Satish Gidugu
Obviously we think that it’s a great opportunity especially if you put the international opportunities in the mix. Right now we are only reporting limited deployments in the Indian market with limited insurers. I think we’re comfortable to say that compared to 526, there were some very interesting growth rates you saw on the tech business. You’ve not seen a lot of the growth on the international business but a substantial amount of the work was done to build a very strong pipeline that will contribute to the international business.
I think we’re comfortable saying similar growth rates we should continue to see in these businesses. And of course we also hope that as India needs to buy more and more insurance that between the policy interventions and other opportunities that the health insurance market itself will start picking up the growth trends that were visible not too long ago. And then as the leading player in the market, we will continue to make the most of the health insurance growth trajectory in India.
Operator
Thank you. We will take the next question from the line of Jayesh Gandhi from Harshad Gandhi Securities Private Limited. Please go ahead.
Unidentified Participant
First of all, congrats to the management for becoming battery. Sir, I have one question which is on the government backed Lima Sudan and what, what impact can you, can you envision that it can have on our businesses
Satish Gidugu
That you know, I think let’s just take a step back and look at the whole objective and the vision of the government which is 2047 insurance for all by 2047, of course, which means health insurance for all. Everybody needs to be covered by some kind of health financing plan whether it is private or public sponsored in whichever be the template of course for a country of this size. One is to aspire that everybody has insurance. Two is how do you make that a reality? Both from people discovering products, participating in purchasing products and getting exceptional service in every nook and corner of this subcontinent.
Again, some of those are the core capabilities that we need to build as a country. So the government’s vision in some ways includes a multi pronged approach. One is how do you create a simplified marketplace where the citizens of this country can discover insurance and buy and that’s more on the distribution side. And of course the second and equally important aspect is the whole Ayushman Bharat digital mission which is the mothership for many other digital interventions, be it the standardization of the hospital records to electronic health records, to creating the equivalent of an account aggregator, but in the healthcare space to building the equivalent of UPI for health payments.
I think these are various initiatives that the government has kicked off between NHA and the IIDA and we are a very proud partner to many of these events, especially on the National Health Trends Exchange. We are deeply integrated. Multiple insurers use our integration today to integrate with nhcx. I think the only positive takeaway that I will take out of this raish is if all of these initiatives get us back to the CAGRs that are actually needed between now and 2047 for health insurance to reach 100% of the population and we will be there in whatever form and fashion that we can one support that initiative and to monetize the capabilities that we have a DPA or as a technology partner or even in the public health.
You’ve seen the work that we do across 13 states and 3 union territories today contributing over 113 crores of our revenue. I know it’s a long winded answer but I you know it’ll be unfair for me to limit this only to be masterful.
Unidentified Participant
I was specifically asking for our business in a sense claim filing and claim settlement is also part of this and we have government as our one of the biggest customers. So maybe not in say longer term, five, 10 years, but do you see this as a problem? I mean not a problem, but do you see it as a risk immediately for a couple of years maybe once it is launched and once it becomes acceptable.
Satish Gidugu
Industry is growing,
Unidentified Participant
So maybe, maybe we in a pretty long period of time it will be advantages to us as well. But stay in a short span, say two, three years.
Satish Gidugu
I do not expect any disruption on account of the most of them on what we do. At the end of the day every member, you know who buys a policy, policy is a promise and the claims have to be adjudicated and processed and network has to be delivered, service has to be delivered and unfortunately, sometimes we look at health insurance and dumb this down only to just processing a claim, you know, post facto. It’s about building networks, it’s about eliminating fraud based and abuse at source. It’s about guiding membership to find the right hospital within their financial outcomes today.
Over 60% of the membership today that uses our navigator, which is a predictive tool, actually adjust their room types and the hospital choices to optimize their out of pocket expenses today. And somebody needs to sort of demystify the insurance policies and so on and so forth. I think one the service gamut of health insurance is beyond just a post facto reaction to a claim that is actually filed. In fact, I would argue that the true measure of this country’s success would be 100% cashless and resulting in 100% payable health insurance products rather than those products that actually focus on deductions.
I think each of those will need distribution scale, network technology, manpower and integrations which we believe we have a combination of all of those that are required for us to be a very effective partner either in the National Health Claims Exchange or to be a backbone for any of the other initiatives.
Operator
Thank you. Before we take the next question, a reminder to all the participants. They request you to kindly limit your questions to two per participant time. We have the next question from the line of one Solanki from RSP Inventors. Please go ahead.
Unidentified Participant
Hello, good morning management. Hope I’m audible. So my question on the company is that the we are majorly based on AI and in the continuously client processing. Also we are continuously using the AI or metrics. So what is the error rate of AI and what is a chance that if the AI is so powerful and majorly like 99 of the client processing work will be done by the AI? And of course the insurance company also will know that we are using AI to cut our cost. So is there any chance that in Future maybe after 3, 4 years the normal take rate is continue about 3.5% in the industry which can be reduced to 2.5% or maybe lower.
Satish Gidugu
Thanks Vansh. I think there’s multiple nuances to your question. I’ll try to peel the layers first. You know, in countries like us and I think in fact in my past life in early 2000s I built ruling gyms that automated partly the health claims processing in markets like the us so first of all it’s not unusual that it is in the market for claims to be automatically processed. You are already seeing that in certain areas in India, especially like small value motor claims Right. You can upload a picture, you can click a picture and send it.
Because often it costs more to send a surveyor to assess the loss than just pay the claim. Today, of course you want assurance that even has actually taken place, there’s no fraud based or abuse, and that the reimbursements that you are paying to somebody are exactly as per the policy. So a substantial part of claims processing is actually a rule driven. Right. It would be unfair for us, even for me as a technologist to say that you need complex AI to automate a claim. What we lack today as a country are good quality data inputs, structured data to actually deliver an application of the rules.
It is no different from how you compute an income tax liability today from various income sources. You have well defined rules and the sequence of rules application in the. Eventually you’ll arrive at a tax number. Of course, one wouldn’t be happy if you came up with just a number and you couldn’t explain how you came up with the number or even if somebody told you you are plus R minus 5% within that. So right now take the crude parallel to health insurance claims. I think what where we have excellent so far is to build possibly the country’s largest codification of master data inputs and rules that are required for us to adjudicate each claim as per the promise of each policy, of each member and overlay that on each bill and each specific treatment and be able to completely independently explain how the system actually arrived at the final outcomes of a claim.
And that’s what we actually do today. Much as we would like to say AI will automate a claim. What we need AI for right now, urgently in the country is to make sure inputs are good enough for the rule engines and two, that nobody’s playing the system rest is largely rule driven. And I think that’s the combination today we deploy and that’s how we are able to deliver value that is absolutely measurable to the insurers like fraud savings over 540 crores. We deliver network discounts over 1,300 crores last year.
I think that’s where we are. One, and this space will evolve and I hope that we actually are able to automate 70 to 80% of all health insurance claims in a manner that citizens of this country rebuild their trust or build their trust in health insurance, which actually allows us to really run towards this 100% coverage by 2047. And then that day comes. Yield is a smaller problem and opportunity is the larger problem.
Unidentified Participant
Okay, and you didn’t give answer to the rate part that whether there is a chance because IRD also, you know, continuously pessarizing insurance companies to lower the insurance premium. So is there a chance that our take rate can also decrease from like, like from five years from now to 3.5% to 2.5% or so because it’s already decreased from 5%, you know, last five years.
Satish Gidugu
I think it’s very hard for me to forecast what will happen, you know, five years later. But you know, much of the group yield changes, to be honest, is also because of the introduction of a variety of low ticket size benefits that some of the employees and their families actually opt in for which are not fully priced. It doesn’t mean that we’re getting necessarily paid lesser for the same work compared to before. But it is also the nature of benefits that are changing. Somebody could actually pay incremental 1% premium and potentially get a room rent deduction waiver or a copay waiver.
And then not everybody participates in these small ticket size opportunities. You know, on the whole it might look like the yields are compressing, but our internal metrics, we track more on the effort versus the life level remuneration and those have been fairly healthy or improving from our side. So I think it will be very hard for me to answer that question specifically. But we’ll continue to improve our disclosures so that you have a fair sense of where the world is headed.
Operator
Thank you. We will take the next question from the line of Manjit Bhuaria from Samya Advices llp. Please go ahead.
Unidentified Participant
Good morning and thank you for taking the question. I had two questions. The first one is slightly longer, so please bear with me on the technology side of our business. If we start pricing them in fixed price contracts versus outcome based pricing, won’t it become very difficult to move them to outcome based pricing later? Because typically I don’t see B2B contracts sort of being revised once established. And why I’m trying to understand that is if we really have great technology and let’s say it’s saving 500,000 crores in FWA over time for our customers, why don’t we charge about 10% of that?
Because there’s no other option to get that savings either way. So we should be happy to pay for it. So that was question one and the second question was what is the volume growth or growth in light sour which is required in our core group business for us to be able to grow that business in the 10 12% range organically? And this is in context of most Large corporates in India, IT companies, banks, et cetera, which are literally seeing no net additional employees. So I’m just curious as to what will keep that organization at 10 12% without that.
Thanks. Those are the two questions.
Satish Gidugu
Thank you Manjit. I think like I clarified right now that the current tech revenues that we are reporting are only for the core SaaS platform which is a foundational end to end claims processing engine. Currently none of the AI capabilities are contributing to that revenue number. And of course we like to believe that the world, especially the AI led world, should eventually move to outcomes based pricing because the cost of running that is non trivial. Right? So I think that’s sort of directionally our view as well.
And I think that is a fair way to go back to the insurers saying here are the outcomes that I can deliver and if I deliver the outcomes, you pay for the outcome from a technology and AI and the model perspective. And in fact I believe that a lot of the AI will eventually move to that model. So currently we don’t have a contract where it’s a fixed price contract for where we can potentially deliver outcomes. Secondly, on the organic growth side, historically when the health insurance industry was growing at 1819 percent Cagres until about three years ago, group sort of led a little bit.
Group was growing at about 1819% post Covid. There was exuberance both in terms of the number of positions that were created, employees hired and also the expansion of benefits to cater to hybrid remote different kinds of networks, different kinds of benefits. So we saw over the last five years the highest same store growth on an annual renewal of even 20% 25% to compare to the pre Covid standard growth rates that we used to see on same store growth on 13 to 14%. So if you retained 5, if your churn is 5, which means 100 became 95 on the new ones on 95 we had a 1314 tailwinds which sort of provided that natural same store growth.
Before we organically added like new business, we continue to add a lot of new business organically. In fact last year we added over 2000 crores of new group premiums organically. And of course they reflect depending on the time of the year at which the account is added. So coming back to your question on the growth, so from the highs of 25 odd percent post Covid to we saw a decline to 1815 closer to 1213 now tracking to maybe 8 to 10% on the same sort of blended I think that’s what we are currently seeing and it’s fair to ask that with the itits slowdown and some of the large enterprises slowdown, what’s actually happening?
It is not that the other industries are not picking up. From a life’s perspective, other industries are definitely picking up. In fact we have over 25 industries in our book today. The reason why it ID stands out is one is the sheer number and two is the wallet, the size of the benefit. Right. And the per unit or per employee benefit of the ticket size is fairly high in the IT and the ITS business. So you need many more of say manufacturing jobs to match the ticket size. But we’re seeing some very interesting growth trends for example in oil and gas to chemical to some of the other industries and some amount of the manufacturing that we’ve been able to take our services to are reasonably augmenting from a life’s growth perspective.
The reason you don’t see the translate into premiums right now is the differences in the ticket sizes. But we think that the lives growth is reasonably secular across the if you combine all of the groups together.
Unidentified Participant
Got it. Thanks. And satish, just one more question was, you know you mentioned something called headcount based contracts in one of the responses. I just wanted to understand how does this headcount based contract really play out and to your other contention that AI does not really impact this piece on automation etc, the long answer would be very helpful. But you know, typically where they count these sort of contracts savings on that because we are typically asked that by customers. So I’m just confused about those two data.
Satish Gidugu
Very fair points. I think if you look at our business today, I would first split this into where the contractually we are supposed to deploy headcount which is like the public health of the government business today. Right. Nearly a third of our headcount today is contractually obligated and deployed at the remotest corners of the country serving you know, 27 crores of members through public health schemes today. And there is no technology, there’s no AI. It’s our duty as a leader to participate and deliver services and of course we continue to be careful about the quality of revenue and various other aspects.
And that’s why we continue to be a material player but not actually have that business create any kind of a drag for us in the overall margin profile. I think the way I was saying that some of it is headcount driven today in the core TPF business, it’s also because the existing expectations of the workflows of the industry. Right. So the workflows of the industry today. Expect that a doctor and their registration number and there’s a seal and signature. Then you send a claim file to an insurance company today or you have corporates today because they don’t yet have a fully integrated digital experience.
Expect that an account manager sits out of their office and delivers service today. So there are some aspects of the core business that are still driven by headcount. But if you look at our employee benefits cost that we report as a percentage of revenue, I think last year was among the highest as the integration process started. But otherwise typically we’ve been around 45%. And even if I unwound some of the other services that potentially could be treated as EB will not be more than 50%. And most episodes that we acquired at headcount costs in the range of say 65 to 75% of revenues.
So that’s what our technology is already enabling us to differentiate. I think the limited point that I made that AI for AI to make impact it is the quality of inputs and your ability to sort of standardize homogenized inputs and flag of outliers is way more important than just deploying guessing through AI on the outcome of a claim because claim is significantly a rule driven that we already sorted out within the platform.
Operator
Thank you. We will take the next question from the line of Tarang Agarwal from Old Brunch. Please go ahead.
Unidentified Participant
Hi, am I audible?
Operator
No, Tarang, you’re not audible. Kindly use the handset mode.
Unidentified Participant
Just give me a second.
Unidentified Participant
Hello, Am I audible now?
Operator
Yes please.
Unidentified Participant
Wonderful. Good morning team and congrats for a strong set of numbers. A couple of questions actually. One, when do we expect the Paramount acquisition to integrate and for you to get your desired synergies? I mean do you have a sort of a visibility on which quarter should that sort of start panning out?
Satish Gidugu
We’ve always said for every integration, the risk of sounding repetitive that that four to five quarters is what it takes. Given the nature of the 12 month long contracts and mandatory annual renewals. The 3/4 down and I think our quarterly margins in Q4 also went up by another 130bps compared to Q3. I think we still track to it being 1/2 at the most from a Paramount perspective. Yeah, that simple answer.
Unidentified Participant
Okay, thank you and these disclosures. Much appreciate the disclosures. Really helpful. Thank you so much.
Satish Gidugu
Thank you.
Operator
Thank you. We will take the next question from the line of Neel Kovarikar from LFC Securities. Please go ahead.
Satish Gidugu
Hi, thank you for the opportunity and very good morning to you all. I had two questions. First question is regarding the in the past quarter we had an exceptional item. What’s the update on the recovery? And the second question I had is on the nature of international business where we are in impact because of the Middle east conflicts. So have we seen any impact because
Sandeep Daga
Of it? And
Satish Gidugu
What
Sandeep Daga
Kind of quarter lag are we likely to see in the revenues because of it?
Satish Gidugu
I’ll take the international question, but you know, let me just take a shot at it. If you need more details, Sandeep can chime in. I think those exceptional items that we’ve provided, they still continue to be open items, including insurance claims to the claims to sell off item continue to be open and we will of course, you know, carry that each quarter until it comes to a logical conclusion. And they are part of the disclosures in the financial accounts and the notes on the Middle east conflict.
We have no real exposure to Middle east today. Our revenues will be significantly operate in continental Europe, Australia, New Zealand, Southeast Asia and inbound and outbound from India with some amount of work in the US So we have little or no exposure today to what’s happening from a conflict perspective. I think the only slowdown that we saw in the international business was on the group segment where like the IT companies reducing, you know, headcounts in India, there have been also some amount of patterns that have changed in terms of medium and long term deployments of their employees abroad.
And the portion that is in fact in some ways I wouldn’t say negatively impacted, but because the premiums are going up, we serve some of the seafarers across the globe today. So there is some operational challenges there. But we currently don’t see from revenue and any kind of a negative impact perspective.
Neil Govarikar
Okay, thank you. That answers my question in terms of this international business though, is there any specific region that we are focusing
Satish Gidugu
On our targeting like we’ve just opened up in Thailand that way? Is there any specific area that we’re looking to target in the coming future? Let’s
Sandeep Daga
Say not a broad term target in that sense.
Satish Gidugu
On international, we have fairly clear that we are not trying to replicate what we do in India. We are predominantly taking our technology and other capabilities to those markets. And at this point I think we see markets like regions like Southeast Asia having the most similar workflows and processes and sort of quicker deployment cycles for the technology stack that we have available.
Sandeep Daga
Okay, fine. Thank you very much.
Satish Gidugu
Thank you,
Operator
Thank you very much, ladies and gentlemen. We will take that as a last question. I now hand the conference back to Mr. Satish for closing comments.
Satish Gidugu
Well, thank you. Thank you all for joining us early this morning and thank you for all the insightful questions. Truly appreciate your partnership and feedback. As a company that has no peer or a comparable in the markets, we will strive to improve our disclosures and strive to improve the explanation of how we run our business, what the opportunities are. And thanks again for shaping some of the narratives with your insightful questions. And I think as we close we are truly excited, as Medea says, that we are able to deliver a technology platform that’s typically not seen in most markets.
There’s most solutions Today target one of the stakeholders. You build solutions for insurances, build solutions for hospitals, to build solutions and digital journeys for members. We are in a unique place where tens of millions of members and millions of claims transactions allowing us to create truly interconnected intelligence platforms that are connecting all of the stakeholders in any market and very seamlessly enabling experiences that can be enabled only when all three SQL are connected extremely well.
So we’re excited about the opportunity, we are excited about the time and space we are in. We are excited about our growth prospects both in India and outside. Thank you again for your continued partnership. Thank you.
Operator
Thank you members of the management, on behalf of eny. That concludes this conference. Thank you all for joining us and you may now disconnect your lines. Thank you.