Star Health posts highest annual profit of ₹845 cr in FY24
Star Health and Allied Insurance Co. Ltd has reported a strong profit for the March 2024 quarter and the fiscal of FY24. The company continued to make underwriting profit in FY24 though it shrank when compared with FY23.
The standalone health insurer recorded a 39 per cent rise in its profit after tax at ₹142 crore for the quarter ended March 31, 2024, when compared with a PAT of ₹102 crore in the year-ago period amid a year-on-year increase in underwriting loss the March 2024 quarter. Gross Written Premium (GWP) grew by 18 per cent y-o-y in Q4 FY24 to ₹4,968 crore.
For the full year of FY24, the company’s net profit grew by 37 per cent to ₹845 crore, the highest-ever annual profit, when compared with ₹619 crore in FY23 amid a drop in underwriting profit.
Its operating profit was higher at ₹90 crore as against ₹75 crore. The company’s underwriting profit was lower at ₹90 crore in FY24 when compared with ₹205 crore in FY23.
Its total income stood at ₹13,579 crore as against ₹11,763 crore.
GWP increased by 18 per cent to ₹15,254 crore when compared with ₹12,952 crore in FY23.
“We have yet again delivered record profits, reflecting our financial strength and stability, underscoring our competitive advantage and customer-centric approach. Our results demonstrate strengthened fundamentals through our sharpened focus on innovative product oerings and sound claim settlement process,” said Anand Roy, MD and CEO of Star Health Insurance.
Star Health Insurance increased its market share among general insurance companies to 5.26 per cent, with a 33 per cent share in the retail health insurance sector.