PRNewswire
Chennai (Tamil Nadu) [India], Could 1: Star Well being and Allied Insurance coverage Firm Ltd. (Star Well being Insurance coverage), market chief in retail medical insurance, at the moment introduced strong monetary outcomes for its This fall and FY2024. In FY’24 the Firm reported a report revenue of Rs 845 Cr, up 37% and a rise of 18% in Gross Written Premium (GWP) to Rs 15,254 Cr. PAT for Q4FY24 at Rs 142 Cr was up 40% YoY; GWP elevated by 18% YoY in Q4FY24 to Rs 4,968 Cr. The Mixed ratio was 96.7% in FY24 and was 92.7% in Q4FY24. The declare ratio stood at 66.5% for FY24 and 64.1% in Q4FY24. The Firm posted a decrease expense of administration ratio of 30.7%, towards the regulatory requirement of 35%, which presents a possibility for progress. Star continued to make underwriting revenue in FY24.
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Star Well being Insurance coverage’ progress in GWP in FY24 is a results of robust retail medical insurance demand that the Firm capitalised on by way of one of many largest company networks, its robust digital channel gross sales, and collaborations with banks and monetary establishments. Underwriting income grew robustly on the again of robust underwriting and threat administration. Star Well being Insurance coverage’s market share was up 22 bps amongst basic insurance coverage firms to five.26%; whereas it continued to take care of its management within the retail medical insurance sector with a 33% market share. Cashless claims pay-out improved to 87% of whole claims in FY24 towards 80% in FY23. The Firm has additional strengthened its distribution community with an addition of 16,000 brokers in Q4FY24 and 75,000 brokers in FY24, taking the general variety of brokers servicing clients to 7,01,000.
With a robust concentrate on buyer centricity, the Firm has taken important steps in direction of enhancing its pan-India phygital presence with 881 department places of work and 14,295 community hospitals.
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Commenting on the outcomes Anand Roy, MD & CEO of Star Well being Insurance coverage mentioned, “We at Star Well being made a acutely aware journey of placing risk-first and progress later, which helped us in carving a path in direction of sustainable secular progress. We have now but once more delivered report income, which displays our monetary power and stability, and underscores our aggressive benefit and customer-centric method. Our outcomes show strengthened fundamentals by way of our sharpened concentrate on progressive product choices and sound declare settlement course of. Persevering with to consolidate our market management, we at the moment are shifting gears in direction of accelerating progress with revenue. Our regular growth in each quantity and revenue, showcases the power of our buyer’s continued belief in us. We delivered strong progress throughout all our channels, together with company, bancassurance and digital. This nicely positions us to quickly scale up our enterprise in direction of a sustained accelerated progress trajectory.”
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About Star Well being and Allied Insurance coverage:
Star Well being and Allied Insurance coverage Co. Ltd. (BSE: 543412 | NSE: STARHEALTH) is a market chief in standalone medical insurance in India. The Firm commenced operations in 2006 and is India’s first Standalone Well being Insurance coverage Firm. Star Well being Insurance coverage offers Well being, Private Accident and Journey Insurance coverage to clients. The Firm has grown to emerge as one of many most popular personal medical insurance Firm in India with a number of pioneering services and products to its credit score. With customer-centricity at its core, the Firm has superior and progressive product choices, service capabilities and a seamless claims administration course of. Star Well being presents tailor made merchandise to cater to the wants of consumers throughout most cancers, diabetes, cardiac diseases and senior citizen, ladies and youngsters specialised suite of medical insurance choices Star Well being is India’s first medical insurance Firm to settle over 1 crore claims.
Star Well being Insurance coverage has a robust multi-channel distribution community with 881 places of work, with 14,295 hospital networks, 7,01,000 licensed brokers, strong bancassurance and monetary establishment companions, and 15000+ workers. In FY24, Star Well being’s gross written premium stood at Rs 15,254 Cr with its web value at Rs 6,339 Cr.
For extra data go to www.starhealth.in
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