Star Health & Allied Insurance Company Share Price

Star Health and Allied Insurance Company Limited was incorporated on 17 June, 2005 at Chennai. The Company obtained Regulatory approval to undertake Health Insurance business on March 16, 2006 from the Insurance Regulatory and Development Authority of India (IRDAI) and holds a valid certificate of registration. Thereafter, it commenced its operations on March 16, 2006. The Company has been registered by IFSCA (International Financial Services Centers Authority) on March 14, 2024 as IFSC Insurance Office (IIO) at IFSC Gift City, Gujarat.Star Health is Indias first Standalone Health Insurance provider, which has widened its coverage to Health, Personal Accident and Overseas Travel Insurance. It provides policies customised around the needs of individuals, families and companies. These services are provided through a distribution network comprising agents, brokers and the online format. The Company is also prominently engaged in bancassurance on basis of longstanding relationships with banks.Star Health is one of Indias biggest private health insurers with a market share of 59% in FY202324. The Company has one of the largest health insurance hospital networks in India comprising more than 14,200 hospitals as of 31 March, 2024.The Company offers a range of flexible and comprehensive coverage options for the following insurance types: i. Retail health insurance, which is paid for by private individuals or families, generally through outofpocket expenses or private insurance, ii. Group health insurance, which is paid for by employers typically in the form of company health insurance plans that could involve copayments by the employee, iii. Government health insurance, which is paid for by the government, typically in the form of central or state government health insurance programmes, iv. The Company also offers personal accident and travel insurance, paid for by individuals or families or employers.During the month of December 2021,the company came out with an Rs 6400crore public issue which comprised of Rs 2000 crore of fresh issue and Rs 4400 crore of offer for sale.The IPO shares were allotted at the price of Rs 900 per share including a premium of Rs 890 per share.The allotted shares were listed on the BSE Ltd and National Stock Exchange of India Ltd(NSE) on 10 December 2021.In FY 202122, the Company increased branch offices and rural branch offices by 20 and 50 respectively, enhancing customer proximity. As of 31st March, 2022, there was a growth in distribution network to 807 health insurance branches across 26 states and 4 Union Territories in India.In 202223, the Companys distribution network reached 835 branches across 25 States and 5 Union Territories. The business added 20 branch offices and 8 rural branches.As of March 31, 2024, the Companys branch network was 3.40 times larger than the secondlargest nonpublic health insurance provider. The Companys extensive distribution network comprises of 881 health insurance branches and over 1,700 customer touchpoints, reaching across 25 states and 5 Union Territories in India. It has launched around 50 new products, including various policy variations. In FY 202324, it launched the first digitalonly product, namely Smart Health Pro.