July 20, 2024

Star Health and Allied Insurance registers a Gross Written Premium of Rs.8,753 crore for the nine months ended December 31, 2022

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Chennai, 06 February 2023: Star Health and Allied Insurance, one of the leading health insurers in the country, registered a Gross Written Premium (GWP) of Rs. 8,753 crore in nine months as on December 31, 2022 for FY 2022-23, a growth of 13% over the same period a year ago.

With a clear focus on retail insurance to cater to the needs of its customers from metros to hinterlands, the company’s retail health premium grew by 19% to Rs. 8,046 crore in the 9 months ending December 31, 2022 over the same period last year.

Star Health’s profit after tax stood at Rs 210 crore for the quarter ended December 31, 2022 and Rs 517 crores for the period ended 31st December 2022

The company’s solvency ratio continues to remain robust at 2.17x as on December 31, 2022, higher than the minimum regulatory requirement of 1.5x.

The company has a diversified distribution network of trained insurance professionals comprising of strong bancassurance channel, agency channel, other corporate agents, brokers, Point of sale persons (POS), insurance marketing firms, web aggregators and direct business.

With an aim to provide increased access to cashless healthcare facilities to its customers, Star Health expanded its partnership with hospitals and saw its network grow to 13,844 hospitals pan India. The company increased its branch office presence across the country by an additional 15 offices during the quarter, strengthening its presence to 830 branch offices pan India

Mr. Anand Roy, Managing Director of Star Health and Allied Insurance Company Limited, said, “In the last quarter, we’ve consistently invested in growing our customer base, with a focus on service excellence, lowering operating expenses while also expanding our associations with our channel partners. Our agent strength has increased over the last quarter and now stands at 6.1 lakh. We continue to see strengthening relations with our bancassurance and insurtech partners, contributing to our robust growth. We’ve laid a strong engineering foundation to take leap in the digital space, which has enabled us to leverage technology across every function starting with customer acquisition, engagement and claim settlements.”

Operating Performance Review                                                                                            (₹ crore)

Financial

Indicators

Q3

FY2022

Q3

FY2023

Change

%

9M FY2022 9M

FY2023

Change

%

FY2022
GWP 2,705 3,097 14% 7,774 8,753 13% 11,463
PBT (768) 282 n.m. (1,281) 690 n.m. (1,397)
PAT (578) 210 n.m. (959) 517 n.m. (1,041)
AUM 10,441 12,079 16% 10,441 12,079 16% 11,373

Combined Ratio

Q3

FY2022

Q3

FY2023

9M

FY2022

9M

FY2023

FY2022
135.7% 94.8% 125.0% 96.9% 117.9%

“We continue to invest heavily in product innovation and have launched new products that cater to the changing needs of customers. Given our strong performance, customer focus and our commitment to further increase insurance penetration in the country, we are focused on a sustainable profitable growth”, said Dr. S Prakash, Managing Director, Star Health and Allied Insurance Company Limited.

Star Health has a retail health market share of 33% in the Indian General Insurance Industry as of 31st December 2022.