Star Health and Allied Insurance Company, India’s leading retail health insurance provider, has disclosed its financial performance for the first quarter of FY25 in a recent press statement. The company reported a notable 18% rise in Gross Written Premium (GWP), reaching Rs 3,476 crore compared to Rs 2,949 crore in the corresponding period last year. Profit After Tax (PAT) also showed a healthy growth of 11% year-over-year, totaling Rs 319 crore.
Anand Roy, MD & CEO of Star Health Insurance, highlighted the company’s strategic achievements, stating, “We are pleased to announce a robust 18% growth in GWP in Q1FY25, driven by our strong underwriting practices, expanded agent network, enhanced bancassurance partnerships, and innovative digital initiatives.” Roy emphasized the company’s commitment to accessible healthcare in India, noting advancements in home health care services and a focus on preventive health measures such as health check-ups and wellness programs.
Roy further commented on the company’s market performance, noting that Star Health Insurance now holds a commanding 42% share in the standalone health insurance sector and a 4.8% share among all general insurance companies, marking a 20 basis point increase from the previous year. This growth has been supported by robust new business acquisition across various distribution channels, a widened network, an innovative product lineup, and digital transformation efforts.
Financially, Star Health reported a 19% year-over-year growth in investment assets, amounting to Rs 15,802 crore, with an investment income of Rs 295 crore, up 18% from Q1FY24. The combined ratio for Q1FY25 stood at 99.2%, compared to 97.8% in the same period last year, while the company achieved an Underwriting Profit of Rs 140 crore. The solvency ratio remains strong at 2.29 times, well above the regulatory requirement of 1.5 times, ensuring financial stability and security for policyholders.
In conclusion, Star Health Insurance’s Q1FY25 results underscore its robust growth trajectory, driven by strategic initiatives, customer-centric innovations, and an expanding market presence across tier 1, tier 2, and tier 3 cities in India.
Related topics:
