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Star Health and Allied Insurance

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Star Health and Allied Insurance Co Ltd
Company typePublic
NSE: STARHEALTH
BSE: 543412
ISININE575P01011
IndustryFinancial services
Founded2006; 18 years ago (2006)
HeadquartersChennai, Tamil Nadu, India
Number of locations
640+ (2021)
Key people
Anand Roy (CEO)
ProductsHealth insurance
Travel insurance
Accident insurance
RevenueIncrease ₹12,096 crore (US$1.4 billion) (FY23)[1]
Increase ₹914 crore (US$110 million) (FY23)[1]
Increase ₹618 crore (US$72 million) (FY23)[1]
Total assets₹13,513 crore (US$1.6 billion) (2022)[1]
Total equity₹3,963 crore (US$460 million) (2022)[1]
Number of employees
14,273 (2021)[1]
Websitewww.starhealth.in

Star Health and Allied Insurance Co Ltd is an Indian health insurance company headquartered in Chennai.[2] The company provides health, personal accident and overseas travel insurance, and is also present in bancassurance.

History

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Star Health was founded in May 2006 by V. Jagannathan in partnership with Dubai-based ETA Group.[3][4]

In 2018–19, Star Health was acquired by a consortium led by WestBridge Capital, Madison Capital and Rakesh Jhunjhunwala.[5]

Initial public offering

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Star Health Insurance launched its ₹7,249 crore (US$980.68 million) initial public offering (IPO) in December 2021.[6][7][8] After the issue was undersubscribed, it reduced the IPO size to ₹6,400 crore (US$865.82 million).[9]

Data leak

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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.[10] A Press Trust of India report, citing a cybersecurity researcher, alleged that a senior company official had sold the data to xenZen.[11]

Operations

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As of 2021, Star Health had 17,000+ employees and 640+ branch offices across India.[12]

References

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  1. ^ a b c d e f "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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