Star Health records PAT growth of 37% in FY24
The claim ratio stood at 66.5 per cent for FY24 and 64.1 pc in Q4FY24
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CHENNAI: Star Health and Allied Insurance Company (Star Health Insurance) reported a profit of Rs 845 cr in Q4, 37 per cent up and an increase of 18 per cent in Gross Written Premium (GWP) to Rs 15,254 cr.
PAT for Q4FY24 at Rs 142 cr was up 40% YoY. GWP increased by 18 pc YoY in Q4FY24 to Rs 4,968 crore. The combined ratio was 96.7 pc in FY24 and was 92.7 pc in Q4FY24.
The claim ratio stood at 66.5 per cent for FY24 and 64.1 pc in Q4FY24. The Company posted a lower expense of management ratio of 30.7 pc, against the regulatory requirement of 35 pc, which offers an opportunity for growth. Star continued to make underwriting profit in FY24, as per a release.