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Star Health and Allied Insurance on Friday posted a profit after tax (PAT) of ₹619 crore for the financial year ended 2022-23 against a net loss of ₹1,041 crore for the year 2021–22. The net profit in FY23 is the highest ever profit posted by the company since its inception in 2006.
Notably, the net profit for 2022–23 was despite a deferred tax liability of Rs 208 crore, compared with a deferred tax credit of Rs 357 crore in the previous year. The pre-tax profit for last year was ₹826 crore, compared with a pre-tax loss of ₹1,396 crore in the previous year.
Further, the company turned in its highest ever underwriting profit of ₹204 crore in 2022-23, compared with an underwriting loss of Rs 2,061 crore in 2021–22, a pandemic-hit year.
No dividend has been recommended.
Also read: Star Health’s tech-enabled anti-fraud mechanism produces savings in claims outgo
The Chennai-based health insurer registered a gross written premium (GWP) of ₹12,952 crore in FY23, which is 13 per cent higher than the GWP during the same period a year ago.
Star Health registered a retail health premium of ₹11,948 crore in FY23, a growth of 18 per cent over FY22 figures. It has a retail health market share of 34 per cent in the Indian general insurance industry as of March 31, 2023.
The company today announced that its CEO and Managing Director, V Jagannathan, would step down from his post, but would continue as the Non-Executive Chairman.
The Board of Directors also appointed Anand Roy as its Chief Executive Officer and Managing Director, who has been associated with Star Health since its inception in 2006. He held several leadership positions in the organisation, including MD, Executive Director, and Chief Marketing Officer. The board also appointed V Jagannathan as the non-executive chairman.
For the quarter ended March 2023, the company posted a PAT of ₹102 crore, against a net loss of ₹82 crore during the same quarter of FY22.
Shares of Star Health and Allied Insurance touched an intraday high of ₹609 apiece on NSE on Friday before closing at ₹591.4 per share, 4 per cent higher from Thursday’s closing price.
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