V Jagannathan quits from Board of Star Health and Allied Insurance Company

V. Jaganathan, Chairman and CEO, Star Health

On Sunday, industry sources said that the founder of one of the largest health insurance companies in the private sector, Star Health and Allied Insurance Company Limited, Venkatasamy Jagannathan, has submitted his resignation from its board of directors with immediate effect.

Jaganathan, an industry veteran, had stepped down as chairman of the city-based company in May.

Star Health and Allied Insurance Company Ltd said: (a) Saturday’s BSE filing.

Jagannathan, after obtaining retirement from United India Insurance as Chairman and Managing Director, founded Star Health and Allied Insurance with the support of the Dubai-based ETA Group.

He said, “We started with just 12 people, and rented the premises for Rs 30,000. Star Health is now valued at more than Rs 30,000 crore.”

According to the company’s annual report for the 2021-22 fiscal year, Star Health is present in 26 states and four federal territories. The company’s distribution network is supported by 807 branches across India.

Approximately 39 percent of the company’s revenue was from South India, 23 percent from the western parts of the country, 30 percent from North India and 8 percent from East India as of March 31, 2022.

(Only the title and image for this report may have been reworked by the Business Standard team; the rest of the content is generated automatically from a shared feed.)

First published: June 11, 2023 | 7:32 PM ist