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Motilal Oswal Report
Star Health and Allied Insurance Company Ltd.'s net underwriting profit stood at Rs 1.6 billion in Q1 FY23 (versus our underwriting loss estimate of Rs 415 million). The beat was led by a 25% outperformance on net earned premium, which was driven by a release in unexpired risk reserve.
Incurred claims came in 29% higher than our expectation at Rs 17.8 billion. Resultantly, incurred claims ratio stood at 66% (our estimate: 64%).
Overall, the combined ratio stood at 98.2% (our estimate: 94.5%) versus 121%/98.4% in Q1 /Q4 FY22.
Star Health's profit after tax, at Rs 2.1 billion, was higher than our forecasts of Rs 1.4 billion. The solvency ratio stood at 1.9 as compared to 1.7 in Q4 FY22.
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