Star Health sees strong growth: Q4 profit up 40% to ₹142 Crore
Upstox
2 min read • Updated: April 30, 2024, 1:27 PM
Summary
Star Health Insurance reported a net profit of ₹102 crore during the same quarter of the previous year. The company also expanded its agent network to over 7 lakh, further solidifying its market position.
Star Health and Allied Insurance on Tuesday reported a 40% increase in net profit to ₹142 crore for the fourth quarter ended March 2024. The standalone health insurer posted a net profit of ₹102 crore during the same quarter of the previous year.
The company's gross written premium during the quarter rose to ₹4,968 crore against ₹4,199 crore in the year-ago period, Start Health said in a regulatory filing. At the same time, the net premium also increased to ₹4,570 crore as compared to ₹3,993 crore in the same quarter a year ago.
The company posted a lower expense of management ratio of 30.7%, against the regulatory requirement of 35%, which offers an opportunity for growth, it said. Underwriting profits grew robustly on the back of strong underwriting and risk management, the company said in a statement.
Star Health Insurance's market share was up 22 bps among general insurance companies to 5.26%; while it continued to maintain its leadership in the retail health insurance sector with a 33% market share, it said. Cashless claims pay-out improved to 87% of total claims in FY24 against 80% in FY23, it said.
The company has further strengthened its distribution network with an addition of 16,000 agents in Q4FY24 and 75,000 agents in FY24, taking the overall number of agents servicing customers to 7,01,000.
At 1:15 PM, shares of Star health insurance traded 1.53% higher at ₹570.10 on NSE on 30 April, 2024.