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Tarsons Products IPO

Arihant Capital IPO report on Star Health and Allied Insurance Company

Star Health and Allied Insurance Company Ltd. (STAR) is one of the largest private health insurers in India. Incorporated in 2006, it has a market share of 15.8% as of FY21. From being the first standalone health insurance (“SAHI”) company in India in 2006, where it has grown into the largest SAHI company in the Indian health insurance market. The company’s main focus is on the retail and group health insurance markets which accounted for 89.3% and 10.7% of the company’s total Gross Written Premium (GWP) in FY21 respectively. It has also been consistently ranked first in the retail health insurance market in India based on GWP over the last three financial years. In FY21, retail health GWP was over 3x the retail health GWP of the next highest retail health insurance market participant, implying that they are well-positioned to gain market share and grow the business.

Valuation and Outlook

In FY21, it had posted a loss due to one-offs and higher claim ratios on account of COVID, which is expected to normalize post FY22E. Its combined ratio has been among the best in the industry at 92–94%, except in FY21, which was impacted by a one-off. The health insurance penetration (premium as a percentage of GDP) in India at 0.4% is significantly lower v/s global average of 2%. We recommend that investors subscribe for the long term.

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