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General Insurance company Star Health and Allied Insurance Company announced Q4FY24 & FY24 results:
Financial Highlights:
- Profit After Tax (PAT): Star Health recorded a stellar PAT of Rs 845 crore in FY24, marking a significant 37% increase from the previous fiscal year.
- Gross Written Premium (GWP): The GWP saw an 18% rise, reaching Rs 15,254 crore in FY24, indicating robust growth in the company's core business operations.
- Q4 Performance: For Q4FY24, PAT stood at Rs 142 crore, a 40% YoY increase, with GWP growing by 18% to Rs 4,968 crore for the same quarter.
- Combined Ratio: The financial year concluded with a combined ratio of 96.7% and improved to 92.7% in Q4FY24.
- Claim Ratio: The FY24 claim ratio was 66.5%, with a Q4 claim ratio at 64.1%.
Operational Performance
- Market Share: In the retail health insurance segment, Star Health maintained its dominant position with a 33% market share. Its market share among general insurance companies rose modestly by 22 basis points to 5.26%.
- Expense of Management Ratio: The company efficiently kept this ratio at 30.7%, below the 35% regulatory requirement.
- Cashless Claims: An enhancement in cashless claims payout was observed, with 87% in FY24 compared to 80% in FY23.
Expansion and Growth
- Distribution Network: The addition of 16,000 agents in Q4FY24 and a total of 75,000 in FY24 expanded the agent count to 7,01,000.
- Phygital Presence: Strategic increments to the company's physical and digital presence include 881 branches and 14,295 network hospitals.
Commenting on the results 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. Our results demonstrate strengthened fundamentals through our sharpened focus on innovative product offerings and sound claim settlement process. Continuing to consolidate our market leadership, we are now shifting gears towards accelerating growth with profit. Our steady expansion in both volume and profit, showcases the strength of our customer's continued trust in us. 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."
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