Star Health Q1 Profit Down 18% to Rs 263 Cr
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Star Health Insurance reports an 18% drop in Q1 net profit to Rs 263 crore, despite increased income. Company also faced IRDAI penalty and a cyberattack last year.
New Delhi, Jul 29 (PTI) Star Health and Allied Insurance on Tuesday reported an 18 per cent decline in net profit to Rs 263 crore during the June quarter.
The standalone health insurer posted a net profit of Rs 319 crore during the April-June period of 2024-25.
The company's total income during the June quarter rose to Rs 4,116 crore against Rs 3,692 crore in the year-ago period, Star Health said in a regulatory filing.
Gross written premium increased to Rs 3,605 crore during the quarter under review compared to Rs 3,476 crore in the same period a year ago.
Last week, Insurance Regulatory and Development Authority of India imposed a penalty of Rs 3.39 crore and issued a warning to Star Health and Allied Insurance Company for violations under Irdai Information & Cyber Security Guidelines, 2023.
The standalone insurer was in the spotlight last year after it came under a cyberattack in which personal data of customers got breached.
The standalone health insurer posted a net profit of Rs 319 crore during the April-June period of 2024-25.
The company's total income during the June quarter rose to Rs 4,116 crore against Rs 3,692 crore in the year-ago period, Star Health said in a regulatory filing.
Gross written premium increased to Rs 3,605 crore during the quarter under review compared to Rs 3,476 crore in the same period a year ago.
Last week, Insurance Regulatory and Development Authority of India imposed a penalty of Rs 3.39 crore and issued a warning to Star Health and Allied Insurance Company for violations under Irdai Information & Cyber Security Guidelines, 2023.
The standalone insurer was in the spotlight last year after it came under a cyberattack in which personal data of customers got breached.
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