Star Health and Allied Insurance Co. Ltd.’s (Star Health Insurance) standalone net profit for the quarter ended March rose 40% YoY to ₹142 crore.
Gross written premium increased 18% to ₹4,968 crore due to strong demand in retail health insurance sector. Underwriting profits grew robustly on the back of strong underwriting and risk management, the standalone health insurer said in a statement.
Combined ratio was 96.7% against 92.7%, while claim ratio rose to 66.5% from 65%.
Star Health posted a lower expense of management ratio of 30.7%, against the regulatory requirement of 35%.
Star Health Insurance’s market share was up 22 bps among general insurance companies at 5.26%, while it continued to maintain leadership in the retail health insurance sector with a 33% market share.
Cashless claims payout improved to 87% of total claims in FY24 against 80%. The company strengthened its distribution network with an addition of 16,000 agents, taking the overall number of agents to over seven lakh.
“We delivered robust growth across all our channels, including agency, bancassurance and digital. This positions us well to rapidly scale up our business towards a sustained accelerated growth trajectory,” said MD & CEO Anand Roy.
