Star Health registers highest ever PAT since inception and a Gross Written Premium of Rs. 12,952 crore in FY2023.Star Health and Allied Insurance Co. Ltd., one of India’s leading health insurance company, registered a Gross Written Premium (GWP) of Rs. 12,952 crore in FY23, a growth of 13% over the same period a year ago. Star Health’s profit after tax (PAT) stood at Rs. 619 crore for the year ended March 31, 2023, versus a loss of Rs. 1,041 crore in FY22.
The Board of Directors today appointed Mr. Anand Roy as the Chief Executive Officer and Managing Director of the company. Mr. Roy has over two decades of experience in the Indian insurance and banking sector and has been associated with Star Health since inception in 2006. He held several leadership positions in the organization including Managing Director, Executive Director and Chief Marketing Officer.
The board also appointed Mr. V Jagannathan as the non-executive Chairman of the board.
“I am happy to announce that I have decided to take a non-executive role in the company, as I have completed five decades in the insurance industry. It has been a heartful, filling journey in building this company to what it is today. When Star Health insurance was started, the concept of stand-alone health insurance was unheard of and health insurance penetration was extremely low. We felt a need to create awareness among people on the importance of health insurance, the need to stay protected and the need to protect their health and financial wellbeing. Today, I’m able to see, that we have achieved this objective to some extent, as Star Health Insurance continues to grow. I am very happy to handover the mantel to Anand to carry forward this noble task. I am sure Star Health Insurance is well poised to grow to greater heights in the coming days under the leadership of Mr. Anand Roy. Today I can proudly say that I have achieved this objective directly and indirectly.” said Mr. V Jagannathan.
Mr. Anand Roy, newly appointed Chief Executive Officer and Managing Director of Star Health and Allied Insurance Company Limited said, “I am extremely humbled and also excited about my new role at Star Health. It is indeed a privilege and honour to lead this great organisation into its next phase of success. FY 22-23 has been a good year for us where we saw steady growth q-o-q. We focused on improving our retail market share, lowering our combined operating ratio, growing our channel partners and agent network. The year saw us launch a couple of innovative products which were well received by customers across the country. Our growth strategy also focused on strengthening our presence through branches and increasing our network hospital presence for better customer service. Our combined ratio for FY23 improved to 95.3% versus 117.9% for FY22.”
“Retail health insurance will remain our primary focus for the years ahead. We continue to invest heavily in enhancing our customer experience through product innovation and digitalization. The brand of Star Health is well entrenched in all parts of our country. We will keep identifying new opportunities for growth and expansion and contribute to increasing the penetration of health insurance in India”, added Mr. Roy.
With a clear focus on retail insurance that caters to the needs of its customers from metros to the hinterlands, Star Health registered a retail health premium of Rs. 11,948 crore in FY23, a growth of 18% against FY22. Star Health has a retail health market share of 34% in the Indian General Insurance Industry as of 31st March 2023.
The Operating expense to GWP ratio was at a healthy 15.9% in FY23 versus 16.0% in FY22. At 2.14x the company registered a robust solvency ratio for the year, higher than the minimum regulatory requirement of 1.5x.
Star Health has a diversified distribution network comprising of strong digital channels, leading bancassurance partners, agency channel, corporate agents, brokers, point of sale persons (POS), insurance marketing firms, web aggregators, and direct business.
Star Health expanded its partnership with hospitals and saw its network grow to 14,203 hospitals across India. The company strengthened its presence to 835 branch offices pan India in FY23.