Star Health and Allied Insurance Company: retail health insurance market share of 32%

 

  • Star Health and Allied Insurance Company:  retail health insurance market share of 32%
  • Star Health and Allied Insurance Company Ltd. (Star Health Insurance), India’s largest retail health insurance company  
  • Star Health and Allied Insurance Registers INR 430 crores PAT in H1FY25
  • For H1FY25, the operating expense to GWP ratio stood at 15.6%, reflecting effective cost control compared to 17% in H1FY24 with an Expense Ratio at 30.8%. 
  • The solvency ratio also remained strong at 2.24x, exceeding the regulatory minimum requirement of 1.5x.
  • GWP growth in H1-FY25 higher than average health industry growth
  • Investment assets grew by 17.2% and reached INR 16,431 crores as on 30-Sep 2024, with an investment income of INR 354 crores. 
  • The combined ratio in Q2FY25 stood at 103% and 101% in H1 FY25; the Company’s PAT for Q2FY25 stood at INR 111 crore. 
  • The Company retained its leadership position in retail health insurance, with a market share of 32% and among SAHI players with a market share of 55.3%.
  • Star Health’s vast distribution network—including digital channels, bancassurance partnerships, agents, brokers and web aggregators—continues to expand. 
  • The Company’s hospital network has grown to over 14,000+ hospitals across India, with branch offices reaching 902 as of September 30, 2024. 
  • Star Health remains focused on growth through strategic partnerships and retail-centric initiatives, reinforcing its commitment to rapidly stepping up to provide health insurance solutions nationwide
  • The Bancassurance business, which includes banks, NBFCs and alternate channels, witnessed fresh GWP growth of 25%.
  • The Company focused on expanding its agency strength, posting strong agency business growth of 17% in fresh GWP in H1FY25. 
  • The agency business vertical contributed to ~80% of overall business in H1FY25 with increased agency strength at ~742k agents with recruitment of ~25k agents in Q2FY25. 
  • This growth highlights Star Health's continued efforts to meet the evolving insurance needs across India, especially within tier 3 and tier 4 cities and towns  
  • In the Corporate business, the Company recalibrated its corporate business strategy and witnessed significant growth on a low base. 
  • The digital business comprised of direct-to-customer, online brokers and web aggregators has also shown strong growth in fresh business of over 41% in H1FY25.  

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