PAT of Star Health and Allied Insurance ₹619 cr

Chennai: Star Health and Allied Insurance on Friday posted a Profit after Tax (PAT) at 618.5 crores for the financial year ended March 31, 2023. In the same quarter a year ago (FY22), the standalone hecroresalth insurer had reported a loss of 1040.6 crores.

On a sequential basis, it reported a 51 per cent drop in PAT at 101.7 crores in the quarter ended March 31, 2023, when compared with Q3 (October-December) of FY23 at 210.4 crores. The company registered a Gross Written Premium (GWP) of 12,952 crores in FY23, a growth of 13 per cent over the same period a year ago, which was at 11,463 crores.

Meanwhile, a statement said, the board of directors on Friday have appointed Anand Roy as the chief executive officer and managing director of the company. The board also appointed V Jagannathan as the non-executive chairman of the board. “I have decided to take a non-executive role in the company, as I have completed five decades in the insurance industry. I am very happy to handover the mantel to Anand to carry forward this noble task,” Jagannathan said.

Roy said, “FY 22-23 has been a good year for us where we saw steady growth Q-o-Q. We focused on improving our retail market share, lowering our combined operating ratio, growing our channel partners and agent network.”