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ICICI Direct Report
Star Health and Allied Insurance Company Ltd.'s premium growth remains healthy.
Gross written premium up 13.8% YoY to Rs 4199 crore, net written premium up 15.0% and net earned premium up 11.1% YoY.
Incurred claims flat YoY, QoQ. Claims ratio was at 65%.
Star Health's combined ratio within guidance at 95.3%; underwriting loss at Rs 65 crore. Net profit was at Rs 102 crore versus a loss of Rs 122 crore YoY.
Key triggers for future price performance:
Price hikes, increasing proportion of specialised products to keep premium growth ahead of industry thereby enabling market share leadership.
Improving footprints in rural India, increase in bancassurance tie-up along with strengthening of own agency channel to propel business momentum.
Strong distribution (agency and banca tie-up), hospital network and claim management to act as moats aiding profitable growth momentum.
Expansion of hospital tie-ups, faster claim settlement to keep claim ratio at 62-65%. Focus on efficiency to further improve combined ratio ahead.
Elevated yields and issuance of new employment stock exchange plan at market price to further aid return on equity.
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