Star Health and Allied Insurance Company Limited — PPTs, 29-04-2025: Investor Presentation

**Financial Highlights:**

In FY25, the company reported a Gross Written Premium (GWP) of ₹17,553 Crore, a 15% increase from ₹15,254 Crore in FY24. Profit After Tax (PAT) was ₹646 Crore, down from ₹845 Crore last year, yielding a Return on Equity of 9.7%. The combined ratio increased to 101.1% from 96.7% in FY24, suggesting rising claims and expenses, although the expense ratio improved slightly to 30.4%.

**Strategic Initiatives & Growth Drivers:**

The company is focusing on a digital-first strategy, with 71% of new premium collections derived from digital channels and a notable 30% growth in direct-to-consumer GWP. An expanding agency network boasts 775,000 agents and 913 branches, targeting growth in corporate and banca channels.

**Business Developments:**

STAR Health has introduced several wellness initiatives and telemedicine services, achieving a 45% rise in consultations and expanding home healthcare to 156 cities. The launch of chronic condition management programs highlights its commitment to enhanced customer health services.

**Market Position & Competitive Advantage:**

STAR Health holds a significant market share in the retail health segment, supported by a strong agency network and effective claims management, evidenced by a Net Promoter Score of 54, indicating high customer satisfaction.

**Investor Implications:**

The company's robust GWP growth, driven by digital and agent sales, presents positive growth potential for investors. However, the increasing combined ratio signals an execution risk to monitor as it balances growth with rising costs.