Shares of Star Health and Allied Insurance Company gained nearly 3% today after the company announced a 12% increase in gross direct premiums for October 2022 on an annualized basis. The insurance company also reported a 12% increase in gross premium for September 2022 on an annual basis. Supported by a higher premium, the stock rose 2.86% intraday to Rs 619.85 against the previous close of Rs 602.60 on BSE.

The stock is part of the late investor Rakesh Jhunjhunwala’s portfolio. Jhunjhunwala is a promoter of Star Health. He (14.33%) and his wife Rekha Jhunjhunwala (3.09%) held a 17.42% stake in the company in the September quarter, according to ESB shareholding data.

The stock gained after 11 days of straight declines. Star Health Insurance shares are trading below the 5-day, 20-day, 50-day, 100-day and 200-day moving averages. The title lost 21.85% in one year and fell 14.86% in one month. The insurer’s market cap fell to Rs 35,508 crore on BSE. A total of 0.16 lakh shares changed hands, representing turnover of Rs 96.89 lakh on BSE.

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The insurance company said it recorded a premium of Rs 6,612 crore for October 2022 against Rs 5,927 crore in the corresponding month last year. For September 2022, the premium stood at Rs 5655.1 crore compared to a premium of Rs 5069.8 crore in the corresponding month last year.

For the quarter ended September 2022, the company reported a profit of Rs 93 crore compared to a loss of Rs 170.49 crore in the September 2021 quarter.

Sales reached Rs 3,002 crore in the second quarter from Rs 3,702 crore in the September quarter of last fiscal year.

Star Health and Allied Insurance Company is one of the largest private health insurers in India with a market share of 15.8% in fiscal year 2021. The company focuses on retail health segments and group health which represented 89.3% and 10.7% of the company’s gross total. Premium Written (GWP) in fiscal year 2021, respectively.

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