Star Health Registers 35% Jump In PAT In Q2FY24

Star Health and Allied Insurance posted a 35 per cent growth in profit after tax (PAT) to Rs 125 crore in Q2 FY24, compared to a profit of Rs 93 crore in the same period a year ago.

Gross Written Premium(GWP) grew by 17 per cent to Rs 3,732 crore as against Rs 3,193 crore in Q2 of the previous fiscal.

The company's retail health premium witnessed impressive growth, reaching Rs 3,430 crore in the second quarter of the financial year which is 17 per cent growth as compared to the same period last year. 

The operating expense to GWP ratio was at 16.0 per cent in Q2 FY24 as against 15.8 per cent in Q2 FY23. The solvency ratio continues to remain at 2.1 times in the second quarter, higher than the minimum regulatory requirement of 1.5 times.

In the first half of FY24, Star Health saw 38 per cent growth in fresh digital business, over the same period last year. 

Also the company registered a 57 per cent fresh banca growth in H1 FY24.

As of 30 September 2023, Star Health has 14,230 network hospitals and a presence of 869 branches offices spread across 25 states and 5 union territories in India.

"We've witnessed strong growth in the second quarter of FY24 in line with our strategy, resulting in a 17 per cent increase in our Gross Written Premium (GWP). In addition, we closely examined our partnerships with network hospitals during the quarter, working collaboratively to ensure that our policyholders receive high-quality medical care at reasonable prices. We also initiated new bancassurance partnerships to expand access to health insurance for individuals nationwide," said Anand Roy, MD and CEO of Star Health and Allied Insurance.