Star Health Insurance Reports Strong Q1FY25 Growth with 18% Rise in GWP

On 30 July 2024, Star Health and Allied Insurance Company Ltd. (Star Health Insurance), India’s largest retail health insurance provider, announced its Q1FY25 financial results.

The company reported a significant 18% increase in Gross Written Premium (GWP), reaching ₹3,476 crore, compared to ₹2,949 crore in the same period last year. Additionally, their Profit After Tax (PAT) grew by 11% year-over-year, standing at ₹319 crore.

Star Health Insurance now holds a 42% market share in the standalone health insurance sector and a 4.8% overall share among all general insurance companies, up 20 basis points from last year. Growth is driven by strong new business across channels, a wider distribution network, innovative products, and digitisation initiatives.

Investment assets grew by 19% year-over-year to ₹15,802 crore, with investment income increasing by 18% from Q1FY24 to ₹295 crore. The combined ratio for Q1FY25 was 99.2%, up from 97.8% in Q1FY24. The company made an underwriting profit of ₹140 crore in Q1FY25.

Star Health Insurance’s solvency ratio is 2.29 times, well above the regulatory requirement of 1.5 times.

Commenting on the results, Anand Roy, MD and 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.”

He further added, “As we transition 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 to address our diverse customers’ specific needs across India. We continue to build momentum beyond the tier1 India market to extend into tier2 and tier3 Bharat markets.”

About Star Health and Allied Insurance

Star Health and Allied Insurance Co. Ltd is a leading standalone health insurance provider in India. Established in 2006 as India’s first standalone health insurance company, Star Health offers a range of products, including health, personal accident, and travel insurance. Star Health has become one of India’s preferred private health insurance companies, being the first to settle over 1 crore claims.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.