Star Health and Allied Insurance Co.'s third-quarter profit rose year-over-year, beating analyst estimates.
The private standalone health insurer reported profit of Rs 210 crore year-on-year as against a loss of Rs 578 crore in the quarter ended December, according to its exchange filing. That compares with the Rs 181 crore profit estimated by analysts tracked by Bloomberg.
Sequentially, the bottom line jumped around 1.3 times.
The company earned a net premium of Rs 2,867 crore, a 13% increase over a year earlier.
Star Health Q3 FY23 Highlights (YoY)
Revenue rose 12% to Rs 2,943 crore. The consensus estimate was Rs 2,615 crore.
The operating profit ratio was 8.42% as against -32.52%.
Retail health reported segmental profit of Rs 224 crore, as compared to a loss of Rs 741 crore. Group health profits stood at Rs 17 crore, as against a loss of Rs 82 crore.
Solvency ratio—which measures the extent to which assets cover commitments for future liabilities—rose to 2.17 from 1.80. The minimum regulatory requirement is 1.50.
The expenses of management to net written premium ratio fell marginally to 31.04% from 31.15%.
Shares of Star Health ended 2.26% higher on Tuesday compared with a 0.08% rise in the benchmark BSE Sensex.
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