Star Health Q1 Results: Profit Up 11%, Gross Written Premium Rises 18%
The profit after tax for the April-June quarter was at Rs 319 crore, up by 11% year-on-year.
Standalone health insurance provider Star Health and Allied Insurance Co. reported an 18% increase in its Gross Written Premium for the first quarter of fiscal 2025, reaching Rs 3,476 crore. This compares to Rs 2,949 crore reported over the same period last year, according to its exchange filing issued on Wednesday.
The company's investment assets also saw a 19% year-on-year growth, totaling Rs 15,802 crore. Additionally, it earned an investment income of Rs 295 crore.
The profit after tax for the April-June quarter was at Rs 319 crore, up by 11% year-on-year.
The Chennai-based company said it made an underwriting profit of Rs 140 crore during the April-June 2024 quarter.
"Our robust underwriting, expanded agent network, strengthened bancassurance collaborations, digital channels and initiatives like home health care underscore our commitment to accessible, quality healthcare across India," MD and CEO Anand Roy said.
"As we transverse from 'illness to wellness', our preventive health check-ups, vaccinations and wellness programmes have grown exponentially and will be the cornerstone of our customer-centric approach. Our focus on customer centricity and innovation has allowed us to offer comprehensive, tailored solutions, addressing the specific needs of our diverse customers," he said.
Star Health holds 42% market share in the standalone health insurance sector, with an overall share of 4.8% among all general insurance companies, the statement added.
