Star Health net profit rises 38% to ₹290 cr in Q3

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Star Health and Allied Insurance Co. Ltd has reported a 38 per cent rise in profit after tax at ₹290 crore for the quarter ended December 30, 2023, as against a PAT of ₹210 crore in the year-ago period.

Operating profit increased to ₹277 crore (₹241 crore). Underwriting profit in Q3 of this fiscal was lower at ₹114 crore , when compared with ₹125 crore in the December 2022 quarter.

Its total income stood at ₹3,456 crore, as against ₹2,983 crore.

The Chennai-headquartered standalone health insurer’s gross written premium (GWP) increased by 16 per cent to ₹3,606 crore, as against ₹3,097 crore in Q3 of FY23.

Retail health premium at ₹3,106 crore was up 16 per cent on that in the same previous period.

Retail health’s segmental operating profit was higher at Rs 257 crore, as against Rs 224 crore

The solvency ratio increased to 2.23 from 2.17 in Q3 of FY23. The minimum regulatory requirement is 1.50.

The combined ratio — which is the total of expenses for management and claims — stood at 97.83 per cent, as against 94.81 per cent.

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