Assessing Financial Performance of Indian Stand-alone Health Insurance Companies using Grey Relational Analysis (GRA)

Using a total of 9 financial ratio indicators, the financial performance of five standalone Indian health insurance companies for the years 2017–2018 to 2021–2022 is studied. The GRA approach is used to rate the performance indicators, and a higher relationship grade indicates greater financial performance while a lower score indicates room for improvement. The results rank the insurance companies according to their financial performance in which Star stood first with a score of 0.78, followed by Care, Niva, Manipal and Aditya respectively. The score of Care, Niva, Manipal and Aditya are 0.64, 0.61, 0.52 and 0.40. respectively. This result shows that all the financial ratios have a high impact on the financial performance of the standalone health insurance companies.