At the end of 9 months of FY 2022-23, the retail premium income is Rs. 8,046 crore—net profit for the third quarter of fiscal 2022-23 at Rs. 210 crores
Chennai, Star Health & Allied Insurance, one of the leading health insurers in the country, has reported a net profit of Rs. 8,753 crore gross returned premium (GWP), a growth of 13 per cent over the same period of the previous year.
Star Health and Allied Insurance registers a Gross Written Premium of Rs.8,753 crore for the nine months ended December 31, 2022
The company has a clear focus on retail insurance to meet the needs of its customers from metro to rural areas. Along with this, the company’s retail health premium for the nine months ended December 31, 2022 increased by 19 percent over the same period last year to Rs. 8,046 crores.
Star Health’s profit after tax for the quarter ended December 31, 2022 was Rs. 210 crore and for the nine months ended December 31, 2022 Rs. 517 crores.
The company’s solvency ratio remains high at 2.17x as on December 31, 2022, which is above the minimum regulatory requirement of 1.5x.
The company has a diverse distribution network of trained insurance businesses including a strong bancassurance channel, agency channel, other corporate agents, brokers, point of sale persons (POS), insurance marketing companies, web aggregators and direct business.
Star Health aims to provide greater accessibility to cashless healthcare facilities to its customers, for which the company increased its tie-up with hospitals and increased its hospital network to 13,844 across India. The company increased its number of branch offices across the country by adding 15 offices during the quarter, taking the total number of branch offices across India to 830.
Mr. Anand Roy, Managing Director, Star Health & Allied Insurance Company LimitedIt was said that “Over the past quarter we have continued to invest in growing our customer base, focusing on superior service, lower operating costs, as well as increasing our engagement with our channel partners. Our number of agents has increased in the last quarter and now the total number of agents is 6.1 lakh. We have maintained strong relationships with our bancassurance and insurtech partners, which have contributed to our high growth. We have laid a solid foundation to thrive in the digital space, enabling us to leverage technology in every function from customer acquisition, management and claims settlement.“
Operational Performance Review (in ₹ Crores)
|Financial criteria||Third quarter of financial year 2021-22||Third quarter of financial year 2022-23||Change%in||9 months of the financial year 2021-22||9 months of the financial year 2022-23||Change%in||Financial Year 2021-22|
|GWP (Gross Return Premium)||2,705||3,097||14%||7,774||8,753||13%||11,463|
|PBT (Profit Before Payment of Tax)||(768)||282||nm||(1,281)||690||nm||(1,397)|
|PAT (Profit After Payment of Tax)||(578)||210||nm||(959)||517||nm||(1,041)|
|AUM (Asset Under Management)||10,441||12,079||16%||10,441||12,079||16%||11,373|
|Third quarter of financial year 2021-22||Third quarter of financial year 2022-23||9 months of the financial year 2021-22||9 months of the financial year 2022-23||Financial Year 2021-22|
S Prakash, Managing Director of Star Health and Allied Insurance Company Limited said that “We continue to invest heavily in product innovation and introduce new products to meet the changing needs of customers. Our strong performance, customer focus and our commitment to further increase insurance penetration in the country have us focused on sustainable profitable growth.“
Star Health has a 33 percent share of the retail health market in the Indian general insurance industry as on December 31, 2022.