Shares of Star Health and Allied Insurance Company gained nearly 3% today after the firm reported a 12% rise in gross direct premium for October 2022 on a year-to-date basis. The insurance firm also reported a 12% rise in gross premium for the September 2022 on a year-to-date basis. Buoyed by an increase in premium , the stock rose 2.86 per cent intraday to Rs 619.85 against the previous close of Rs 602.60 on BSE.
The stock forms part of late investor Rakesh Jhunjhunwala’s portfolio. Jhunjhunwala is a promoter of Star Health. He (14.33 per cent) and his wife Rekha Jhunjhunwala (3.09 per cent) held 17.42 per cent stake in the firm as of the September quarter, shareholding pattern data on BSE show.
The stock has gained after 11 days of consecutive fall. Star Health Insurance stock is trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock has lost 21.85 per cent his year and fallen 14.86 per cent in a month. The market cap of the insurer fell to Rs 35,508 crore on BSE. Total 0.16 lakh shares changed hands amounting to a turnover of Rs 96.89 lakh on BSE.
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The insurance firm said it logged a premium of Rs 6,612 crore for October 2022 against Rs 5927 crore in the corresponding month of last year. For September 2022, premium stood at Rs 5655.1 crore against premium of Rs 5069.8 crore in the corresponding month of last year.
For the quarter ended September 2022, the firm reported a profit of Rs 93 crore against the loss of Rs 170.49 crore in the September 2021 quarter.
Sales rose to Rs 3,002 crore in Q2 against Rs 3,702 crore in the September quarter of last fiscal.
Star Health and Allied Insurance Company is among the largest private health insurers in India with market share of 15.8% in fiscal 2021. The company focuses on the retail health and group health segments which accounted for 89.3% and 10.7% of the company’s total gross Gross Written Premium (GWP) in fiscal 2021, respectively.
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