Anand Roy, MD and CEO of Star Health and Allied Insurance, said, “We’ve witnessed strong growth in the second quarter of FY23-24 in line with our strategy, resulting in a 17 per cent increase in our Gross Written Premium (GWP). We saw increased demand in retail insurance during the quarter and expect this trend to continue in the coming months.
Chennai:
Star Health and Allied Insurance on Tuesday reported a 34 per cent increase in net profit to Rs 125 crore for the September quarter. The standalone health insurer posted a net profit of Rs 93 crore in the year-ago period.
Its gross written premium increased to Rs 3,732 crore during the quarter as against Rs 3,193 crore a year ago, it added.
Anand Roy, MD and CEO of Star Health and Allied Insurance, said, “We’ve witnessed strong growth in the second quarter of FY23-24 in line with our strategy, resulting in a 17 per cent increase in our Gross Written Premium (GWP). We saw increased demand in retail insurance during the quarter and expect this trend to continue in the coming months. Star Health is dedicated to improving customer experience and we’ve recently introduced a convenient UPI QR code-based payment system to streamline the process of purchasing and renewing health insurance.”
The company’s total income in the second quarter of the ongoing fiscal rose to Rs 3,357 crore against Rs 2,918 crore in the year-ago period, Star Health said in a regulatory filing.