With retail and individual health insurance policies as its new focus areas, Star Health and Allied Insurance, the largest standalone health insurance company in India, is targeting a gross underwritten premium of Rs 1,100 crore in the financial year 2012-13.
This was reported by mydigitalfc.com.
This is somewhat lower than the target achieved in 2010-11, when Star Health grew by 30 per cent in gross underwritten premium, to Rs 1,248 crore.
The company recently lost the state-sponsored health insurance contracts in Tamil Nadu and Andhra Pradesh. It also saw a decline of 11 per cent in its gross underwritten premium in 2011-12.
The company saw its individual health insurance business clock a new premium income of Rs 600 crore this year, as against Rs 300 crore last year.
The company lost Rs 600 crore annual premium after losing the Tamil Nadu government scheme and Rs 200 crore on the Andhra Pradesh government scheme.
For the 10-month period between April 2011-January 2011, Star Health saw its gross written premium decline by 14 per cent to Rs 1,009 crore, against Rs 1,175 crore in the corresponding period the previous year.
About 80 per cent of the company's total business comes from health insurance, while the remaining 20 per cent comprises personal accident and overseas travel insurance.