Star Health rallies in early trade on robust growth in gross direct premiums

The company’s gross direct premium in the health-retail segment grew 18 percent, whereas in personal accident claims, the growth was 15 percent, the insurer said in a recent provisional filing for the first quarter of 2023

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Star Health and Allied Insurance Company’s share price surged 3 percent in early trade on April 11 on the back of robust growth in premiums. In a recent provisional filing for the first quarter of 2023,  the company said its gross direct premium in the health-retail segment grew 18 percent, whereas in the personal accident segment it saw a growth of 15 percent.

The company, however, saw a 31 percent drop in gross direct premium in the health-group segment. Still, the overall growth in the gross direct premium has been 13 percent.

At 9.58 am Star Health was trading 3.01 percent higher at Rs 583.75.

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Brokerage Views

ICICI Securities factored in a premium income CAGR of 22 percent over FY23-FY25, a combined ratio of 95 percent and an investment yield of 7.5 percent each year for FY23E and FY24E.

Spike in claims, as seen during the coronavirus pandemic, and the resultant competition due to the composite licence introduction was identified as a risk by the brokerage.

ICICI Securities maintains “buy” rating on Star Health, raising the price target to Rs 800 from Rs 730.

HDFC Securities, too, is bullish on Star Health and Allied Insurance and has a “buy” rating with a target price of Rs 795.

The brokerage firm Anand bullish also remains bullish with a “buy rating” with a target price of Rs 723.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.