Star Health and Allied Insurance Company announced FY23 results:
Registers a net profit of Rs 619 crore for FY23
Company delivers combined ratio of 95.3% for FY23
Gross Written Premium of Rs 12,952 crore in FY23
Appoints Anand Roy as the Chief Executive Officer and Managing Director
Anand Roy, newly appointed Chief Executive Officer and Managing Director of Star Health and Allied Insurance Company 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 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.
Star Health and Allied Insurance Company Limited was incorporated on 17 June, 2005 at Chennai. The Company was granted its Certificate for Commencement of Business on 09 December, 2005 by the RoC. Star Health is India`s first Standalone Health Insurance provider, which has widened its coverage to Health, Personal Accident and Overseas Travel Insurance. It provides policies customised around the needs of individuals, families and companies. These services are provided through a distribution network comprising agents, brokers and the online format. The Company is also prominently engaged in bancassurance on basis of long-standing relationships with banks.
Star Health is one of India`s biggest private health insurers with a market share of 15.35% in FY2021-22. The Company has one of the largest health insurance hospital networks in India comprising more than 12,820 hospitals as of 31 March, 2022.
The Company offers a range of flexible and comprehensive coverage options for the following insurance types:i. Retail health insurance, which is paid for by private individuals or families, generally through out-ofpocket expenses or private insurance,ii. Group health insurance, which is paid for by employers typically in the form of company health insurance plans that could involve co-payments by the employee,iii. Government health insurance, which is paid for by the government, typically in the form of central or state government health insurance programmes,iv. The Company also offers personal accident and travel insurance, paid for by individuals or families or employers.
During the month of December 2021,the company came out with an Rs 6400-crore public issue which comprised of Rs 2000 crore of fresh issue and Rs 4400 crore of offer for sale.The IPO shares were allotted at the price of Rs 900 per share including a premium of Rs 890 per share.The allotted shares were listed on the BSE Ltd and National Stock Exchange of India Ltd(NSE) on 10 December 2021.
In FY 2021-22, the Company increased branch offices and rural branch offices by 20 and 50 respectively, enhancing customer proximity.
As of 31st March, 2022, there was a growth in distribution network to 807 health insurance branches across 26 states and 4 Union Territories in India.
In 2022-23, the Company`s distribution network reached 835 branches across 25 States and 5 Union Territories. The business added 20 branch offices and 8 rural branches.
Star Health and Allied Insurance Company Limited was incorporated on 17 June, 2005 at Chennai. The Company was granted its Certificate for Commencement of Business on 09 December, 2005 by the RoC. Star Health is India`s first Standalone Health Insurance provider, which has widened its coverage to Health, Personal Accident and Overseas Travel Insurance. It provides policies customised around the needs of individuals, families and companies. These services are provided through a distribution network comprising agents, brokers and the online format. The Company is also prominently engaged in bancassurance on basis of long-standing relationships with banks.
Star Health is one of India`s biggest private health insurers with a market share of 15.35% in FY2021-22. The Company has one of the largest health insurance hospital networks in India comprising more than 12,820 hospitals as of 31 March, 2022.
The Company offers a range of flexible and comprehensive coverage options for the following insurance types:i. Retail health insurance, which is paid for by private individuals or families, generally through out-ofpocket expenses or private insurance,ii. Group health insurance, which is paid for by employers typically in the form of company health insurance plans that could involve co-payments by the employee,iii. Government health insurance, which is paid for by the government, typically in the form of central or state government health insurance programmes,iv. The Company also offers personal accident and travel insurance, paid for by individuals or families or employers.
During the month of December 2021,the company came out with an Rs 6400-crore public issue which comprised of Rs 2000 crore of fresh issue and Rs 4400 crore of offer for sale.The IPO shares were allotted at the price of Rs 900 per share including a premium of Rs 890 per share.The allotted shares were listed on the BSE Ltd and National Stock Exchange of India Ltd(NSE) on 10 December 2021.
In FY 2021-22, the Company increased branch offices and rural branch offices by 20 and 50 respectively, enhancing customer proximity.
As of 31st March, 2022, there was a growth in distribution network to 807 health insurance branches across 26 states and 4 Union Territories in India.
In 2022-23, the Company`s distribution network reached 835 branches across 25 States and 5 Union Territories. The business added 20 branch offices and 8 rural branches.
Star Health & Allied Insurance Company share price as on 25 Apr 2024 is Rs. 563.7. Over the past 6 months, the Star Health & Allied Insurance Company share price has decreased by 3.89% and in the last one year, it has decreased by 6.45%. The 52-week low for Star Health & Allied Insurance Company share price was Rs. 454.8 and 52-week high was Rs. 675.
You can buy Star Health & Allied Insurance Company Ltd shares through a brokerage firm. ICICIdirect is a registered broker through which you can place orders to buy Star Health & Allied Insurance Company Ltd Share.
Company share prices and volatile and keep changing according to the market conditions. As of Apr 25, 2024 03:32 PM the closing price of Star Health & Allied Insurance Company Ltd was ₹ 563.70.
Market capitalization or market cap is determined by multiplying the current market price of a company’s shares with the total number of shares outstanding. As of Apr 25, 2024 03:32 PM, the market cap of Star Health & Allied Insurance Company Ltd stood at ₹ 32,992.40.