The company’s Profit After Tax (PAT) stood at Rs319 crore, marking a 11% year-over-year growth.
FinTech BizNews Service
Mumbai, July 30, 2024: Star Health and Allied Insurance Company Ltd. (Star Health Insurance), India’s largest retail health insurance company, today announced Q1FY25 financial results. Star Health Insurance reported a significant increase in its Gross Written Premium (GWP) for Q1FY25, growing by 18% to ₹3,476 crore, up from ₹2,949 crore in the same period last year. The company’s Profit After Tax (PAT) stood at ₹319 crore, marking a 11% year-over-year growth.
Commenting on the results Anand Roy, MD & CEO of Star Health Insurance said, “In line with our stated strategy, we've witnessed a strong growth trajectory in Q1FY25, resulting in 18% 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 transverse 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, addressing the specific needs of our diverse customers across India. We continue to build momentum beyond the tier1 India market to extend into tier2 and tier3 Bharat markets.”
Star Health Insurance now holds a 42% market share in the standalone health insurance sector, with an overall share of 4.8% among all general insurance companies, an increase of 20 basis points from the previous year. The factors driving growth are strong fresh business across channels, a wider distribution network, innovative product portfolio and digitization initiatives.
Investment assets grew by 19% year-over-year to ₹15,802 crore, with an investment income of ₹295 crore, reflecting an 18% increase from Q1FY24. The combined ratio for Q1FY25 was 99.2%, compared to 97.8% in Q1FY24. The Company made an Underwriting Profit of ₹140 crores in Q1FY25. The company's solvency ratio stands strong at 2.29 times, well above the regulatory requirement of 1.5 times.
