“Retail health insurance will remain our primary focus for the years ahead”
Anand Roy, chief executive officer and managing director
Chennai:
Star Health and Allied Insurance on Friday reported Rs 102 crore net profit for the fourth quarter ended March 2023. The standalone health insurer had booked a loss of Rs 82 in the January-March quarter of the preceding fiscal.
The insurer collected gross written premium (GWP) of Rs 4,199 crore in the quarter against Rs 3,689 crore in the year-ago period, it said in a regulatory filing.
The insurer’s underwriting losses have shot up over 200 per cent to Rs 654 crore during the reporting period.
The net premium income increased to Rs 19,426.57 crore compared to Rs 14,289.66 crore.
For the entire 2022-23, profit after tax (PAT) stood at Rs 619 crore against a loss of Rs 1,041 crore in FY22.
”During the year ended March 31, 2023, the company pursuant to the approval received from the Insurance Regulatory and Development Authority of India (Irdai) has exercised Call Option and redeemed the Subordinated debenture in full on September 6, 2022, and October 29, 2022, amounting to Rs 200 crore and Rs 50 crore, respectively, including interest thereon,” the insurer said.
The corresponding debenture redemption reserve amounting to Rs 15 crore has been reversed and credited to the profit and loss account, it added.
The board has appointed Anand Roy as the chief executive officer and managing director of the company.
The board also appointed V Jagannathan, who was the chairman and CEO of the company, as the non-executive chairman of the board.
Sources said another MD of the company S Prakash is on his way out.
“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. We will keep identifying new opportunities for growth and expansion and contribute to increasing the penetration of health insurance in India”, said Roy.