Star Health and Allied Insurance hopes to double its gross written premium by 2027-28. The company is also looking to triple its net profit to ₹2,500 crore by FY28.
According to General Insurance Council data, the company had a gross written premium of ₹15,251.11 crore in FY24, the highest among the five standalone health insurance companies, with a market share of 47 per cent.
“We have clocked a CAGR (compounded annual growth rate) of almost 22 per cent growth in the last four years and we aspire to double our business in the next 4 years from ₹15,000 crore in FY2024 to ₹30,000 crore by FY28,” said Anand Roy, MD and CEO of Star Health Insurance, on Wednesday.
Roy was speaking at the launch of a braille version of the insurer’s Special Care Gold policy that looks to offer insurance cover to individuals with 40 per cent or more disability.
“Our growth strategy is powered by four key engines: agency, bancassurance, corporate and digital. Our agency business, which contributed 80 per cent of our overall business for the quarter ended June, continues to be our largest driver of growth with over 800,000 agents. With over 60 tie ups in the banking and NBFC space, bancassurance and corporate agency partnerships contributed 8 per cent of our GWP in Q1FY25,” Roy said.
“The corporate business, leveraging our strong relationships with public sector banks, large NBFCs and our extensive agency network, contributed 5 per cent to our overall business. Our digital channel comprising direct to consumer sales and partnership with online brokers and web aggregators, accounted for 7 per cent of our gross written premium in the same quarter,” Roy said.
