The company’s underwriting losses have gone up by 40 per cent to Rs 91 crore in Q4FY24.The health insurer’s combined ratio, one of the key matrix in profitability, has risen marginally to 92.7 per cent in Q424 from 91.30 per cent in Q4FY23
Chennai:
Star Health and Allied Insurance on Tuesday reported a 40 per cent increase in net profit to Rs 142 crore for the fourth quarter ended March 2024.
The company’s gross written premium during the quarter rose to Rs 4,968 crore against Rs 4,199 crore in the year-ago period, Start Health said in a regulatory filing.
At the same time, the net premium also increased to Rs 4,570 crore as compared to Rs 3,993 crore in the same quarter a year ago.
The company’s underwriting losses have gone up by 40 per cent to Rs 91 crore in Q4FY24.
The health insurer’s combined ratio, one of the key matrix in profitability, has risen marginally to 92.7 per cent in Q424 from 91.30 per cent in Q4FY23.
Both of its portfolios- Retail and Group- have made underwriting losses in the reporting period.
The company posted a lower expense of management ratio of 30.7 per cent, against the regulatory requirement of 35 per cent, which offers an opportunity for growth, it said.
Anand Roy, MD & CEO of Star Health Insurance said, “We at Star Health made a conscious journey of putting risk-first and growth later, which helped us in carving a path towards sustainable secular growth. We have yet again delivered record profits, which reflects our financial strength and stability, and underscores our competitive advantage and customer-centric approach. We are now shifting gears towards accelerating growth with profit. We delivered robust growth across all our channels, including agency, bancassurance and digital. This well positions us to rapidly scale up our business towards a sustained accelerated growth trajectory.”
Star Health Insurance’s market share was up 22 bps among general insurance companies to 5.26 per cent; while it continued to maintain its leadership in the retail health insurance sector with a 33 per cent market share, it said.
Cashless claims pay-out improved to 87 per cent of total claims in FY24 against 80 per cent in FY23, it said.
The company has further strengthened its distribution network with an addition of 16,000 agents in Q4FY24 and 75,000 agents in FY24, taking the overall number of agents servicing customers to 7,01,000.