Star Health and Allied Insurance Q1 results: GWP rises 18% to Rs 3,476 cr

Standalone health insurance provider Star Health and Allied Insurance Company has reported an 18 per cent rise in its Gross Written Premium for the April-June 2024 quarter at Rs 3,476 crore.

The company had recorded a Gross Written Premium of Rs 2,949 crore during the same period of last financial year.

Investments assets grew by 19 per cent year-on-year to Rs 15,802 crore, with an investment income of Rs 295 crore.

The city-based company in a statement on Wednesday said it made an underwriting profit of Rs 140 crore during the April-June 2024 quarter.

Commenting on the financial performance, Star Health and Allied Insurance Company Ltd MD and CEO, Anand Roy said, "in line with our stated strategy, we have witnessed a strong growth trajectory in Q1FY25, resulting in 18 per cent GWP growth. 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."

The profit after tax for the April-June quarter was at Rs 319 crore up by 11 per cent year-on-year.

"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 a 42 per cent market share in the standalone health insurance sector with an overall share of 4.8 per cent among all general insurance companies, the statement added.