One of India’s main medical health insurance firm, registered a Gross Written Premium (GWP) of Rs. 12,952 crore in FY23, a development of 13% over the identical interval a 12 months in the past interval at ₹11,463.47 Cr. Whereas its GWP was Rs 4199.23 cr throughout Q4FY23 as in opposition to Rs 3096.68 Cr within the year-ago quarter.

One of India’s main medical health insurance firm, registered a Gross Written Premium (GWP) of Rs. 12,952 crore in FY23, a development of 13% over the identical interval a 12 months in the past interval at ₹11,463.47 Cr. Whereas its GWP was Rs 4199.23 cr throughout Q4FY23 as in opposition to Rs 3096.68 Cr within the year-ago quarter.

Star Health’s revenue after tax (PAT) stood at Rs. 619 crore for the monetary 12 months ended March 31, 2023, in opposition to a lack of Rs. 1,041 crore in FY22. During the quarter ended March 2023, the corporate’s internet revenue reached ₹101.79 cr as in opposition to a internet lack of ₹82.04 Cr throughout Q4FY22.

Star Health’s revenue after tax (PAT) stood at Rs. 619 crore for the monetary 12 months ended March 31, 2023, in opposition to a lack of Rs. 1,041 crore in FY22. During the quarter ended March 2023, the corporate’s internet revenue reached ₹101.79 cr as in opposition to a internet lack of ₹82.04 Cr throughout Q4FY22.

The Board of Directors right now appointed Mr. Anand Roy because the Chief Executive Officer and Managing Director of the corporate and Mr. V Jagannathan because the non-executive Chairman of the board.

The Board of Directors right now appointed Mr. Anand Roy because the Chief Executive Officer and Managing Director of the corporate and Mr. V Jagannathan because the non-executive Chairman of the board.

“I’m pleased to announce that I’ve determined to take a non-executive position within the firm, as I’ve accomplished 5 many years within the insurance coverage trade. It has been a coronary heart fulfilling journey in constructing this firm to what it’s right now. When Star Health insurance coverage was began, the idea of stand-alone medical health insurance was extraordinary and medical health insurance penetration was extraordinarily low. We felt a have to create consciousness amongst individuals on the significance of medical health insurance, the necessity to keep protected and the necessity to defend their well being and monetary wellbeing. Today, I’m capable of see, that we’ve got achieved this goal to some extent, as Star Health Insurance continues to develop. I’m very pleased to handover the mantel to Anand to hold ahead this noble job. I’m positive Star Health Insurance is properly poised to develop to larger heights within the coming days underneath the management of Mr. Anand Roy. Today I can proudly say that I’ve achieved this goal immediately and not directly.” said Mr. V Jagannathan. 

“I am happy to announce that I have decided to take a non-executive role in the company, as I have completed five decades in the insurance industry. It has been a heart fulfilling journey in building this company to what it is today. When Star Health insurance was started, the concept of stand-alone health insurance was unheard of and health insurance penetration was extremely low. We felt a need to create awareness among people on the importance of health insurance, the need to stay protected and the need to protect their health and financial wellbeing. Today, I’m able to see, that we have achieved this objective to some extent, as Star Health Insurance continues to grow. I am very happy to handover the mantel to Anand to carry forward this noble task. I am sure Star Health Insurance is well poised to grow to greater heights in the coming days under the leadership of Mr. Anand Roy. Today I can proudly say that I have achieved this objective directly and indirectly.” mentioned Mr. V Jagannathan. 

Mr. Anand Roy, newly appointed Chief Executive Officer and Managing Director of Star Health and Allied Insurance Company Limited mentioned, “I’m extraordinarily humbled and likewise enthusiastic about my new position at Star Health. It is certainly a privilege and honour to guide this nice organisation into its subsequent section of success. FY 22-23 has been a great 12 months for us the place we noticed regular development q-o-q. We targeted on enhancing our retail market share, reducing our mixed working ratio, rising our channel companions and agent community. The 12 months noticed us launch a few modern merchandise which have been properly obtained by clients throughout the nation. Our development technique additionally targeted on strengthening our presence via branches and growing our community hospital presence for higher customer support. Our mixed ratio for FY23 improved to 95.3% versus 117.9% for FY22.” 

Mr. Anand Roy, newly appointed Chief Executive Officer and Managing Director of Star Health and Allied Insurance Company Limited said, “I am extremely humbled and also excited about my new role at Star Health. It is indeed a privilege and honour to lead this great organisation into its next phase of success. FY 22-23 has been a good year for us where we saw steady growth q-o-q. We focused on improving our retail market share, lowering our combined operating ratio, growing our channel partners and agent network. The year saw us launch a couple of innovative products which were well received by customers across the country. Our growth strategy also focused on strengthening our presence through branches and increasing our network hospital presence for better customer service. Our combined ratio for FY23 improved to 95.3% versus 117.9% for FY22.” 

“Retail medical health insurance will stay our main focus for the years forward. We proceed to take a position closely in enhancing our buyer expertise via product innovation and digitalization. The model of Star Health is properly entrenched in all components of our nation. We will maintain figuring out new alternatives for development and growth and contribute to growing the penetration of medical health insurance in India”, added Mr. Roy. 

“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. The brand of Star Health is well entrenched in all parts of our country. We will keep identifying new opportunities for growth and expansion and contribute to increasing the penetration of health insurance in India”, added Mr. Roy. 

In FY23, Star Health reported retail well being premiums of Rs. 11,948 crore, an increase of 18% over FY22. As of the tip of March 2023, Star Health has a 34% share of the retail medical health insurance trade in India. In FY23 in comparison with FY22, the Operating expenditure to GWP ratio was a good 15.9%. The firm’s solvency ratio for the 12 months was 2.14x, which was increased than the minimal statutory threshold of 1.5x. 

In FY23, Star Health reported retail well being premiums of Rs. 11,948 crore, an increase of 18% over FY22. As of the tip of March 2023, Star Health has a 34% share of the retail medical health insurance trade in India. In FY23 in comparison with FY22, the Operating expenditure to GWP ratio was a good 15.9%. The firm’s solvency ratio for the 12 months was 2.14x, which was increased than the minimal statutory threshold of 1.5x. 

In India, Star Health’s community now contains 14,203 hospitals because of the growth of its hospital partnerships. In FY23, the agency expanded its attain throughout India to 835 department workplaces.

In India, Star Health’s community now contains 14,203 hospitals because of the growth of its hospital partnerships. In FY23, the agency expanded its attain throughout India to 835 department workplaces.

The shares of Star Health and Allied Insurance Company closed right now on the NSE at ₹592.55 apiece, up by 0.83% from the earlier shut of ₹587.70.

The shares of Star Health and Allied Insurance Company closed right now on the NSE at ₹592.55 apiece, up by 0.83% from the earlier shut of ₹587.70.