Star Health records Rs 1,160-crore block deal, stock trades lower

The company is promoted by late Rakesh Jhunjhunwala and his family among others. Jhunjhunwalas hold 17.31 percent stake in the company.

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In a large trade on August 28, nearly 1.9 crore shares of Star Health and Allied Insurance Company, which constitute 3.7 percent of the equity, changed hands in a block deal, data available on Bloomberg showed.

It was not immediately clear who were buyers or sellers of this deal. In monetary terms, the transaction was worth about Rs 1,161 crore.

The company is promoted by the late Rakesh Jhunjhunwala and his family among others. Jhunjhunwalas hold 17.31 percent stake in the company.

As of 10.11am, the stock traded at Rs 605, down 1 percent on the BSE.

Analysts have shown their optimism on the stock for a while, given its leadership position among health insurers and under penetration.

“As the largest standalone health insurer (Q1FY24 retail market share at 32 percent), our thesis on Star Health is anchored on the largest agency-led distribution network, retail-dominated business mix and best-in-class opex ratios,” said analysts at HDFC Securities in a post earnings note last month.

It expects revenue and adjusted profit CAGR of 22 and 41 percent, respectively, over FY23-25 and RoEs in the range of 17-18 percent for FY24-25. HDFC Securities has a target of Rs 795 pricing it at 38x for March 2025 estimated P/E and 6x for March 3025 P/ABV – the implied P/E multiple is at a 20 percent premium to ICICI General Insurance, reflecting its relative optimism.

“Improvement in investment income, higher growth possibility under the new EO guidelines of flexibility of commissions and higher number of corporate partners provide growth tailwinds. Eventual adoption of IFRS may lift return metrics to better reflect economic profitability,” said Ansuman Deb, a research analyst at ICICI Securities.

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