India, 2024: Star Health and Allied Insurance, India's leading standalone Health Insurance Company has recorded robust growth in both Gross Written Premium (GWP) and Profit After Tax (PAT) in the third quarter of FY2024 as compared to a year ago.
Gross written premium grew by 16% in Q3, FY23-24 to Rs. 3606 crore versus Rs.3097 crore in Q3 FY22-23. The company posted a 38% growth in PAT to Rs. 290 crore in Q3FY24, compared to a profit of Rs. 210 crore recorded in the corresponding period last year.
The company’s solvency ratio continues to remain strong at 2.23x as on December 31, 2023, higher than the minimum regulatory requirement of 1.5x
Commenting on the performance of the company, Anand Roy, MD & CEO, Star Health and Allied Insurance Co. Ltd. said, “Our results for the quarter and 9M ended December 2023 bear testimony to the fact that we continue to focus on sustainable and long-term profitable growth, while ensuring highest quality of services to our customers. Our claims management digitization and increased automation has led to better turnaround times benefiting our customers. Value added service initiatives like ‘everywhere cashless’ and ‘home healthcare solutions’ are examples of our customer centric approach.”
Star Health is not merely an insurance players but a valued partner to customers, ensuring their holistic wellbeing. The company has a team of expert doctors who provide personalized wellness and telemedicine services to support customers in their healthcare needs. In Q3FY2024, 16030 policyholders and non-policyholders have benefitted from the Star Health’s free telemedicine facility.
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