CARE Assigns Star Health Insurance Credit Rating of 'AA+/Stable'

CHENNAI, India, April 12, 2024 /PRNewswire/ -- Star Health and Allied Insurance Company Limited (Star Health Insurance), India's largest retail health insurance company, has been rated 'CARE AA+/Stable' and 'CARE AA/Stable' for a subordinate debt amounting to INR 470 crores by CARE Ratings. Star Health and Allied Insurance Company is a leading market player in the retail health insurance space and has comfortable solvency margins and improving profitability metrics. The company has grown faster than its peers in the last 5 years.

Anand Roy, MD & CEO, Star Health Insurance said, "Our centre of attention has been on sustainable long-term growth. We continue to be the leading player in the industry with a large market share. This rating is a testament to our overall performance, and it will be our constant endeavor towards improving business across all parameters. As we navigate through dynamic market conditions, our focus remains on delivering value to our customers and stakeholders."

Current Ratings of Star Health Insurance

CARE AA+/Stable

India Ratings AA/Stable

About Star Health and Allied Insurance:

Star Health and Allied Insurance Co Ltd (BSE: 543412) (NSE: STARHEALTH) is the largest retail health insurance company in India. The Company commenced operations in 2006, as India's first Standalone Health Insurance Company with business interests in Health, Personal Accident and Overseas Travel Insurance. The company uses its vast resources to focus on service excellence and product innovation to deliver the best to its customers. Star Health has introduced many industry-first and innovative health insurance products to individuals, families and corporations. Star Health is also a prominent Bancassurance player with long-standing relationships with many financial institutions. 

As of 31 December 2023, Star Health has 877 branch offices Pan-India. The company has 14,203 network hospitals pan India. The company has a wide distribution network of 6.84 lakh agents which is among the largest in the insurance sector. In FY23, Star Health had a gross written premium of INR 12,952 crore and a net worth of INR 5,430 crore. 

For more information, please visit www.starhealth.in/