Star Health and Allied Insurance Company · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
While Q2 showed improvement, current loss ratios remain higher than pre-COVID FY23 levels. Management was asked directly whether ratios can return to those levels but provided only qualitative responses about the FY28 trajectory without committing to specific numbers.
An analyst raised concerns about whether multi-line general insurers and digital channels are actually implementing the GST-inclusive commission structure, noting potential inconsistency across industry. Management declined to comment on competitors but acknowledged monitoring compliance.
PAT dropped sharply to ₹79 crore from ₹124 crore YoY due to ₹91 crore post-tax MTM loss. With 18% equity/ETF allocation now versus primarily fixed income previously, mark-to-market volatility creates earnings uncertainty that was not proactively addressed by management.
Policy count grew only 3% while retail GWP grew 17% and retail premiums 24%, indicating significant mix shift toward long-term policies (now ~13% of policies by count). This creates IGAAP-IFRS accounting complexity with deferred acquisition cost swings that management explained only partially.
