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Star Health and Allied Insurance

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Indian insurance company based in Chennai

Star Health and Allied Insurance Co Ltd
Company typePublic
Traded asNSE: STARHEALTH
BSE: 543412
ISININE575P01011
IndustryFinancial services
Founded2006; 19 years ago (2006)
HeadquartersChennai, Tamil Nadu, India
Number of locations640+ (2021)
Key peopleAnand Roy (CEO)
ProductsHealth insurance
Travel insurance
Accident insurance
RevenueIncrease ₹12,096 crore (US$1.4 billion) (FY23)
Operating incomeIncrease ₹914 crore (US$110 million) (FY23)
Net incomeIncrease ₹618 crore (US$72 million) (FY23)
Total assets₹13,513 crore (US$1.6 billion) (2022)
Total equity₹3,963 crore (US$460 million) (2022)
Number of employees14,273 (2021)
Websitewww.starhealth.in

Star Health and Allied Insurance Co Ltd is an Indian health insurance company headquartered in Chennai. The company provides health, personal accident and overseas travel insurance, and is also present in bancassurance.

History

Star Health was founded in May 2006 by V. Jagannathan in partnership with Dubai-based ETA Group.

In 2018–19, Star Health was acquired by a consortium led by WestBridge Capital, Madison Capital and Rakesh Jhunjhunwala.

Initial public offering

Star Health Insurance launched its ₹7,249 crore (US$980.68 million) initial public offering (IPO) in December 2021. After the issue was undersubscribed, it reduced the IPO size to ₹6,400 crore (US$865.82 million).

Data leak

On 20 September 2024, Reuters reported that 7.24 terabytes of data of about 31 million Star Health customers, including sensitive personal and health data, was leaked by a threat actor named "xenZen" on Telegram through Telegram chatbots and on their leak website. A Press Trust of India report, citing a cybersecurity researcher, alleged that a senior company official had sold the data to xenZen.

Operations

As of 2021, Star Health had 17,000+ employees and 640+ branch offices across India.

References

  1. ^ "Star Health and Allied Insurance Financial Statements". moneycontrol.com.
  2. "STAR HEALTH AND ALLIED INSURANCE COMPANY LIMITED". dnb.com. Retrieved 11 April 2022.
  3. "Jagannathan, who launched Star Health in 2006, quits company". The Times of India. 12 June 2023. Retrieved 18 December 2024.
  4. "Star Health Insurance Goes From The Hospital To The Bank". Forbes India. Retrieved 18 December 2024.
  5. Saxena, Ridhima (17 August 2018). "WestBridge, Madison And Rakesh Jhunjhunwala To Acquire Star Health Insurance". NDTV Profit. Retrieved 18 December 2024.
  6. "Star Health files for IPO, to raise over Rs 2,000 crore". The Financial Express. 23 July 2021. Retrieved 23 September 2021.
  7. Livemint (30 November 2021). "Star Health IPO opens today. Should you bet?". mint. Retrieved 2 December 2021.
  8. "Rakesh Jhunjhunwala-backed Star Health's IPO opens; should you subscribe?". cnbctv18.com. 30 November 2021. Retrieved 2 December 2021.
  9. "Star Health Cuts IPO Size To Rs 6,400 Crore After Tepid Subscription". NDTV.com. Retrieved 9 December 2021.
  10. "Exclusive: Hacker uses Telegram chatbots to leak data of top Indian insurer Star Health".
  11. PTI (20 September 2024). "Star Health Insurance Data Breach: Senior Official Allegedly Sold Customer Info". ThePrint. Retrieved 22 September 2024.
  12. "Star Health Insurance | Medical Health Insurance | Mediclaim Policy". Star Health and Allied Insurance. Retrieved 20 December 2021.

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