Star Health and Allied Insurance Company (Star Health Insurance), India’s largest retail health insurance provider, revealed its financial results for the first quarter of FY25.
In a press statement on Thursday, the company reported an impressive 18 per cent increase in Gross Written Premium (GWP), reaching Rs 3,476 crore, up from Rs 2,949 crore in the same period last year. Profit After Tax (PAT) also grew by 11 per cent year-over-year, amounting to Rs 319 crore.
Anand Roy, MD & CEO of Star Health Insurance, remarked, “In line with our stated strategy, we've witnessed a strong growth trajectory in Q1FY25, resulting in 18 per cent GWP growth. Our robust underwriting, expanded agent network, strengthened bancassurance collaborations, innovative digital channels, and new initiatives like home health care underscore our commitment to accessible, quality healthcare across India. As we transition from ‘Illness to Wellness,’ our preventive health check-ups, vaccinations, and wellness programs have grown exponentially and will be the cornerstone of our customer-centric approach. Our focus on customer-centricity and innovation has allowed us to offer comprehensive, tailored solutions, address the specific needs of our diverse customers across India. We continue to build momentum beyond the tier 1 India market to extend into tier 2 and tier 3 Bharat markets.”
Star Health Insurance now commands a 42 per cent market share in the standalone health insurance sector, with an overall share of 4.8 per cent among all general insurance companies, a 20 basis point increase from the previous year. This growth has been driven by strong new business across channels, a wider distribution network, an innovative product portfolio, and digitisation initiatives.
Investment assets saw a 19 per cent year-over-year growth, reaching Rs 15,802 crore, with an investment income of Rs 295 crore, reflecting an 18 per cent increase from Q1FY24. The combined ratio for Q1FY25 was 99.2 per cent, compared to 97.8 per cent in Q1FY24. The company made an Underwriting Profit of Rs 140 crore in Q1FY25. Star Health Insurance’s solvency ratio remains robust at 2.29 times, well above the regulatory requirement of 1.5 times, the statement from the company stated.
_20241220145628_original_image_22.webp)
