Star Health IPO - Investment Rationale, Future Growth Strategies, Key Strengths, Risks: KRChoksey
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KRChoksey Research's IPO Report
Star Health and Allied Insurance Company Ltd., established in 2006, is one of India's largest private health insurers, with a 15.8% market share in FY21.
The company's primary focus is on the retail health and group health segments, which accounted for 89.3% and 10.7% of gross written premium, respectively, in FY21.
With a GWP of Rs 9,349 crore in FY21, the company has emerged as the largest stand-alone health insurer company in India's overall health insurance market, continuously ranking number one in the private health insurance market and retail health insurance market.
Individual agents are the primary means by which Star Health distributes policies. Its portfolio, however, includes corporate agent, banks and other corporate agents.
As of September 30, 2021, it had 779 health insurance branches spread over 25 states and five union territories in India. With over 11,778 hospitals, Star Health has built one of India's largest health insurance hospital networks.
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