Star Health’s Net Jumps 38%, Gross Written Premium 16% Up YoY
Star Health and Allied Insurance Company, a health insurance provider, has reported a 37.6 per cent year-on-year (YoY) increase in net profit for the third quarter that ended on December 31, 2023 (Q3 FY24). The company's net profit for the corresponding quarter last year was Rs 210.5 crore, while this year it rose to Rs 289.6 crore.
According to a regulatory filing, the operating profit also increased from Rs 241 crore to Rs 277 crore. However, the underwriting profit was lower in Q3 of this fiscal at Rs 114 crore, compared to Rs 125 crore in the December 2022 quarter. The retail health premium for this period rose by 16 per cent to Rs 3,106 crore.
Retail health's segmental operating profit increased to Rs 257 crore from Rs 224 crore. The solvency ratio, which measures the company's ability to meet financial obligations, improved to 2.23 from 2.17 in Q3 of FY23, exceeding the regulatory requirement of 1.50. The combined ratio, which represents the total expenses for management and claims, rose to 97.83 per cent from 94.81 per cent.
The company's total income grew to Rs 3,456 crore from Rs 2,983 crore. During the third quarter, the company's gross written premium increased by 16.4 per cent to Rs 3,605.8 crore compared to Rs 3,096.7 crore a year ago. Meanwhile, the net premium earned by the company in December increased by 7.1 per cent to Rs 3,151.9 crore from Rs 2,943.4 crore in the same period last year.
