Star Health and Allied Insurance Company (STARHEALTH) Q4 24/25 earnings summary

Executive summary

• Maintained leadership in retail health insurance with a 33% market share and covered 2.3 crore lives in FY25, with strong growth in fresh retail GWP (25% year-over-year) and digital expansion.

• Launched innovative products, including the Superstar policy and India's first health insurance policy in Braille, and expanded home healthcare to 156 cities.

• Focused on technology, customer-centricity, and digital-first execution, with 1 crore app downloads and improved digital premium collection to 70%.

• Maintained high renewal ratio at 97% and improved claims NPS and service quality.

• Audited financial results for FY25 were approved, with no material misstatements or fraudulent transactions identified.

Financial highlights

• Overall GWP grew by 15% for FY25 to ₹17,553 Cr; fresh retail GWP up 25%; net written premium rose to ₹15,52,522 lakhs.

• Profit after tax (PAT) under IFRS was ₹787 Cr, down from ₹1,103 Cr; PAT under IGAAP was ₹646 Cr, down from ₹845 Cr.

• Combined ratio increased to 101.1% (from 97.3%); claim ratio rose to 70.7% (from 66.5%); expense ratio slightly improved to 30.4%.

• Investment income grew to ₹1,279 Cr; investment assets up 15.5% to ₹17,898 Cr; yield at 7.8%.

• ROE at 9.5%; solvency ratio at 2.21x, well above regulatory requirement.

Outlook and guidance

• FY26 defined as the "year of the customer" with focus on profitable growth, customer-centric innovation, and digital-first execution.

• Strategic pillars include sharper underwriting, tailored products, and enhanced digital experience; focus on expanding digital channels, agency network, and wellness initiatives.

• Medium-term vision to double top line and triple profit by FY28 on IFRS basis.

• Financial results for quarters are not indicative of full-year performance due to seasonality in the health insurance industry.