Star Health Q3 Results Review: Motilal Oswal Retains 'Buy' On The Stock, Sees 28% Upside — Here's Why

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Motilal Oswal Report

Star Health and Allied Insurance Company Ltd.’s net earned premium grew 15% YoY to Rs 38 billion (in line). For 9M FY25, the net earned premium grew 16% YoY.

The claims ratio at 71.4% (versus our estimate of 71.0%) rose 370 bp YoY, led by a 22% YoY rise in net claims incurred to Rs 27 billion (in line). Operating expenses were in line, with the expense ratio (incl. commission ratio) at 31.9%.

Elevated loss ratio and commission ratio led to a 550 bp YoY surge in the combined ratio to 103.3% (versus our estimate of 102.4%) in Q3 FY25. Adjusted for 1/n implementation, however, the ratios were in line.

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