Star health insurance increased premium collection by 36.5% at close of FY16 Star Health Insurance Company with headquarter in Chennai has recorded a premium collection of 2008 crore at the close of FY16 – 36.5% increase from Rs 1,470 crore during the previous year. According to the company’s Chairman, V Jagannathan Star Health Insurance Company has also made a pre-tax profit of Rs. 120 crore, including an underwriting profit (earned premium after paying losses and deducting administrative expenses.) of about Rs. 40 crore. It is also reported that the new business has increased the company’s earning by Rs 500 crore. The new fiscal year will also expand the company’s promotion in the market and it will increase its footprint in northern India to maintain its growth nationwide. Star Health Insurance to raise over Rs. 200 Crore through Private Equity One of the foremost private-sector insurers, Star Health and Allied Insurance Company recently had a tie-up with two major public sector banks. Now, the company is looking forward to raising funds via private equity and is going through the FDI route. The amount to be raised ranges from Rs. 200 Crore to 250 Crore. Managing director and CEO of Star Health Insurance, Mr. V Jagannathan said in a conversation that the company has got its management expenses reduced, whereas the number of claims as well as the procurement cost is still the same. The company has managed to make the profit in the previous financial year, which makes them set a target of Rs. 2,800 Crore GWP in the coming fiscal. Star Health Insurance has partnered with Bank of India and Bank of Baroda, aiming at utilizing the banking channel in the best way possible to make the most of it. This is the first time the health insurance company is looking forward to entering into this area. It has never underwritten group health insurance while in case it ever does, it makes sure to get the profit. Star Health is planning to raise Rs 325 crore by FY 2015-16; eyes Rs 3,500 crore in total premium by FY 2017-18 December 6, 2015: Star Health and Allied Insurance is planning to raise Rs 325 crore by the end of this financial year 2015-16 and is aiming to collect a total premium of Rs 3,500 crore by FY 2017-18. According to Star Health and Allied Insurance Chairman and Managing Director Jagannathan, Star Health has already collected Rs 1,100 crore till November 30 and has set the target of Rs 2,000 crore in total premium during FY 2015-16. It has set a target of Rs 2,750 crore for the FY 2016-17. The private health insurer has 910 branches across the country and is planning to further expand its presence. To finance its expansion plan, it is planning to raise Rs 325 crore through fresh private equity placement. The company is in talks with JM Financial and expects the fund-raising to be completed by FY 2015-16. According to Jagannathan, the company is planning to relaunch a few of its products with some alterations. He also said that even though the company is looking at the online distribution channel, it will always remain focused on agency model as it feels that agents do a better job with their personalised touch. Star Health and Allied Insurance, which is India’s first stand-alone health insurance company, started its operations in 2006 and it deals in mediclaim, personal accident and overseas travel insurance.