Dailymirror.news,Chennai, January 29, 2025: Star Health and Allied Insurance Company Limited (Star Health Insurance), the leading retail health insurance provider in India, has announced a Profit After Tax (PAT) of Rs. 645 crores for the nine months ended December 31, 2024 (9MFY25).

The impressive performance was driven by strong growth across its business segments, innovative product offerings, and unwavering focus on customer-centric services.

Anand Roy, Managing Director and CEO of Star Health and Allied Insurance, remarked, “At Star Health, we continue to evolve as a health insurance provider by closely listening to our customers and tailoring solutions that address their evolving needs.

Our steady growth across key business areas reflects the trust we’ve earned and our ability to adapt to a dynamic industry landscape. By leveraging technology and fostering strong partnerships, we aim to make health insurance both accessible and convenient for all individuals.

We remain committed to bridging the insurance gap in the country, contributing to the IRDAI Chairman’s vision of ‘Insurance for All’ by 2047, while supporting India’s healthcare progress and strengthening the overall health insurance ecosystem.”

The company’s financial performance in 9MFY25 was consistent, with notable improvements across various operational metrics. Star Health’s combined ratio stood at 101.8%, while the claims ratio was at 70.66%, showing sequential improvement. The Expense Ratio was recorded at 31.18%.

Investment income grew to Rs. 996 crore in 9MFY25, while the company’s investment assets increased by 15%, reaching Rs. 16,666 crore. Star Health’s solvency ratio of 2.22x remains well above the regulatory requirement of 1.5x, ensuring financial stability and the ability to meet the growing needs of its policyholders.

Star Health has also expanded its distribution network significantly, with the agent network growing to 761,000, including a net addition of 19,000 agents in Q3FY25 and 66,000 agents in 9MFY25. Bancassurance partnerships increased to 69 in Q3FY25.

The company’s focus on customer satisfaction continues to drive its digital transformation. The Star Health app has now been downloaded 8.6 million times, with over 1 million active users each month. Additionally, 70% of premium collections were digitally issued in 9MFY25, up from 65% in the previous year.

Through consistent growth and a focus on understanding customer needs, Star Health has solidified its position as a trusted leader in the health insurance sector. The company remains dedicated to delivering quality products and providing access to better healthcare and financial security for families across India.