Star Health Insurance reports 11% fall in profit after tax

Star Health Insurance reported an 11% decline in profit after tax (PAT) for the second quarter of FY24. The company’s PAT fell to Rs 150 crore, down from Rs 169 crore in the same period last year. The decline in profit is attributed to higher claims and increased operating expenses. Despite the drop in profit, Star Health Insurance’s gross written premium (GWP) grew by 15% year-on-year to Rs 3,200 crore. The company continues to focus on expanding its customer base and enhancing its product offerings. The financial performance highlights the challenges faced by the insurance sector, including rising healthcare costs and competitive pressures.