Star Health Q3 Results: Profit Rises 38%, Beats Estimates
The private standalone health insurer's profit rose 38% year-on-year to Rs 290 crore in the quarter ended December.
Star Health and Allied Insurance Co.'s third quarter profit increased, beating analysts' estimates.
The private standalone health insurer's profit rose 38% year-on-year to Rs 290 crore in the quarter ended December, according to its exchange filing. That compares with the Rs 210-crore profit estimated by analysts tracked by Bloomberg.
Sequentially, the bottom line surged 131%.
The company earned a net premium of Rs 3,294 crore, a 15% increase over a year earlier.
Star Health Q3 FY24 Highlights (YoY)
Revenue rose 16% to Rs 3,456 crore.
The operating profit ratio was at 8% vs 8.1%.
Retail health reported a segmental profit fall of 9% to Rs 106 crore.
Group health profit was down 6% at Rs 8.3 crore.
Solvency ratio—which measures the extent to which assets cover commitments for future liabilities—rose to 2.23 from 2.17. The minimum regulatory requirement is 1.50.
The expenses of management to net written premium ratio rose to 31.31% from 30.6%.
Shares of Star Health ended 1.33% higher on Tuesday at Rs 565.45 apiece, as compared with a 1.11% decline in the benchmark BSE Sensex.
