- 01 Aug 2022
- ICICIdirect Research
Star Health reports modest numbersSTARHEALTH - 553 Change: 0.00 (0.00 %)
News: Star Health reported modest numbers on business growth front as GWP was up by 12.7% YoY (down 33% QoQ due to seasonality) to Rs2463 crore. This growth was slower than total industry growth of 22.5% and SAHI players growth of 27.9%. Net written premium (NWP) was up by 14.4% YoY while earned premium growth was higher at 19.8% YoY to Rs2687 crore, indicating higher flow from previously written policies. Market share in retail health segment for the company stood at 31.6% as against 29.2% YoY. Claims ratio for the quarter came in at 66.28% vs 68.09% in Q4FY22 and 91.01% in Q1FY22. Management expense ratio increased from 29.2% to 31.4% YoY. Combined ratio came in at 98.2% vs 121.4% YoY and the insurer posted an underwriting profit of Rs156.8 crore. Thus, Star Health posted a net profit of Rs213 crore vs a loss of Rs209 crore YoY.
Views: Star Health is expected to maintain its leadership in retail health segment with sustainable long term growth opportunity. Outlook remains steady.