Star Health and Allied Insurance Co. Ltd., has posted a standalone net profit of ₹102 crore for the quarter ended March 2023 against a net loss of ₹82 crore for the year-ago period.
During the period under review, Gross Written Premium (GWP) increased by 14% to ₹4,199 crore. It reported a solvency ratio of 2.14 against the minimum requirement of 1.5, said the leading standalone health insurer in a regulatory filing.
The retail health premium sector grew by 18% to ₹11,948 crore. while its market share stood at 34% in the Indian general insurance industry.
Star Health announced Anand Roy as its new CEO & MD from May 5, while V. Jagannathan will assume the role of non-executive chairman.
“Retail health insurance will remain our primary focus for the years ahead. We continue to invest heavily in enhancing our customer experience through product innovation and digitalization,” Mr. Roy said.
“When Star Health insurance was started, the concept of stand-alone health insurance was unheard of and health insurance penetration was extremely low,” said Mr. Jagannathan adding that they have achieved this objective directly and indirectly.
