STAR HEALTH AND ALLIED INSURANCE COMPANY LTD Q2 RESULTS
Indians may need to get over a tax headache to secure their health
GST on health insurance: Finance Minister Nirmala Sitharaman faced calls to remove GST on health and life insurance, stressing these taxes existed before GST. The discussion highlighted India's challenges in insurance affordability and penetration. Experts argue that reducing GST could lower premiums and improve accessibility. High medical inflation and claim rejections also contribute to hesitancy in purchasing insurance.
Is the worst over for health insurance stocks? Madhukar Ladha answers
Health insurers have raised premiums to counter high loss ratios, influenced by regulations and increased claims. Star Health and Lombard showed substantial premium hikes, while New India struggled with high loss ratios. With improved valuations, health insurance stocks seem more appealing, and the industry is expected to see significant growth in the coming years.
Apollo 24/7 GMV to go up to Rs 1,000 cr per quarter over next 18 months: Suneeta Reddy
Apollo Hospitals' Suneeta Reddy forecasted a 5% price impact for next quarter, citing the recent muted performance from elections and a heatwave. Regional occupancy and margins varied, with Nashik serving as a referral center. Apollo 24/7 aims for Rs 1,000 crore quarterly in six quarters. AHLL is on an improving revenue trajectory despite new centers impacting margins.
Insurance companies get ₹2,000 crore GST notices
Goods and services tax authorities have sent notices demanding unpaid GST from more than 20 insurance companies, including HDFC Ergo and Star Health. The Directorate of GST Intelligence found these insurers provided services to SEZ employees and their families without paying IGST, leading to ₹2,000 crore in dues. Companies received show-cause notices after their explanations were deemed unsatisfactory.
Q1 results today: Tata Consumer, Varun Beverages among 91 companies to announce earnings on Tuesday
Q1 Results Today: As first quarter earnings season progressed, 91 companies, like IOC and Tata Consumer, disclosed results. Tata Consumer is expected to exhibit 13% revenue growth due to strong India foods business. However, profit estimates vary. The company's EBITDA margin for the first quarter is projected to rise to 15.3% due to better gross margins.
Go Digit shares rally 8% after PAT jumps 74% in June quarter
Shares of Go Digit General Insurance rallied 8% on Friday to a day's high of Rs 362.25 on the BSE after the company reported a 74% increase in net profit for the quarter ended June 30, 2024, reaching Rs 101 crore, up from Rs 58 crore in the same period last year.
Go Digit Q1 results: PAT jumps 74% YoY to Rs 101 crore, AUM rises by 33%
The assets under management in the April-June 2024 quarter stood at Rs 17,773 crore up from Rs 13,337 crore in Q1FY24. It was a 33% year-on-year jump. On a sequential basis, the AUM grew by 12.7% compared to Rs 15,764 crore as at March 31, 2024.
Bajaj Finserv Q1 Results: Cons PAT rises 10% YoY to Rs 2,138 crore; total income jumps 35%
In the quarter ended June 2024, Bajaj Finserv's consolidated profit after tax (PAT) rose by 10% year-on-year (YoY) to Rs 2,138 crore, while its total income increased by 35% YoY to reach Rs 31,480 crore. Excluding the large tender-driven crop and government health businesses, growth was robust at 22%. Its profit after tax increased by 39%.
Gross written premiums of general insurers up 13.3% in Q1
India's general insurance sector saw strong growth with an 8.76% increase in premiums for June and a 13.33% rise for the first quarter, driven by higher demand for motor and health insurance. Companies like ICICI Lombard and Star Health Insurance reported significant gains, especially in retail health and motor segments. However, New India Assurance faced slower growth, losing market share. Overall, the industry's gross premiums reached ₹72,757 crore, reflecting steady expansion and shifting consumer preferences towards comprehensive insurance coverage.
Star Health aims to double Gross Written Premium to Rs 30,000 cr in 4 yrs: MD
Star Health and Allied Insurance Company Ltd. has set a target to double its Gross Written Premium to about Rs 30,000 crore over the next four years. The company, based in Chennai, has recorded a profit after tax of Rs 845 crore, a 37% increase from the previous financial year. The company has approved claims of about Rs 44,000 crore since its inception in 2006.
Indian financiers’ debt lures buyers on widest spread since 2020
Investors are wary of funding strains affecting the rapid economic growth in India, despite enticing opportunities in shadow lender bonds. The concern lies in the widening spreads and the potential hurdles that could impede the country's impressive growth trajectory.
Q4 results: Stable costs boost India Inc. profits
Steady costs and firm domestic demand supported corporate performance in the March quarter.
Go Digit Q4 Results: PAT jumps 104% YoY to Rs 53 crore; gross written premium up 19%
The net profit stood at Rs 182 crore for the full financial year as against Rs 36 crore in FY23, recording a 405% jump. The gross written premium for the full financial year stood at 9,016 crore versus Rs 7,243 crore in FY23.
NHCX, a single portal for all health insurance claims soon: what is the claims process, benefits to policyholders
The digital platform, to be launched in 2-3 months, will speed up and standardise claim settlement process, leading to cost benefits for the insured.
Not a market for bargain hunters; look beyond June 4 for investment opportunities in next five years: Abhay Agarwal
Abhay Agarwal, Founder & Fund Manager at Piper Serica, discusses market focus on earnings, growth, and India's economic potential post-event. Grasim's expansion into the paint segment and Titan's nervousness are key points. Agarwal also says he expects the Birla Group will get re-rated because of various things they are doing like the Novelis IPO which was pending for a long time, which will unlock capital for Hindalco.
LIC thinking of diving into health insurance pool, eyeing acquisitions
LIC is considering entering the health insurance sector, as reported by Times of India, quoting LIC chairman Siddhartha Mohanty. Mohanty stated that LIC is evaluating potential acquisition opportunities in this regard. This move aligns with expectations of the government permitting composite insurance companies in the sector.
Apis, Madison and ROC Capital sell Star Health shares worth Rs 2,210 core
Apis Partners held a 2.61% stake via Apis Growth 6, Madison Capital via Mio Star held 2.21% and Mio IV Star held 2.39%, and ROC Capital owned 1.01%, as of March 2024. Mio IV Star, ROC Capital and Apis Partners liquidated their entire stakes in the deal.
From Star to Galaxy: Jagannathan, 79, to start new health insurance venture
V. Jagannathan, the founder of Star Health and Allied Insurance Company, is launching a new venture in the health insurance sector called Galaxy Health. At 79 years old, he has applied for a preliminary license with the insurance regulator to establish the new company. Jagannathan is reportedly in talks with the TVS Group for potential equity participation in the venture, having previously partnered with the ETA Star Group.
Will ensure the biz we are underwriting continues to be profitable: Nilesh Kambli, Star Health & Allied Insurance
In the month of November, December and Jan, the loss ratio is trending really well. Historically, quarter 4 is the best quarter when it comes to loss ratio. We are confident that, we should be able to bring down the loss ratio for Q4 and for the full year.
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