Leading health insurance service provider, Star Health And Allied Insurance Company, on Wednesday said that it is planning get Rs 300 crore from a private equity investor to achieve its business target.
Star Health Executive Director S Prakash said that to achieve his company’s business target, a sum of Rs 300 crore is required as additional capital. “We are planning to raise it from a new private equity investor,” he said. On the future plans, Prakash said that his company has fixed a premium target of Rs 1,900 crore as against the previous year’s earning figure of Rs 1,472 crore.
He said Star Health’s focus is on retail customers as group insurance policies are not profitable. Stating that the health insurance portfolio is showing a healthy growth, Prakash said shortly the total premium may cross the premium earned from insuring motor vehicles.
He said government owned non-life insurers and stand-alone health insurers are logged growth in the health insurance portfolio last year whereas the private non-life players are not. Pointing out that the total health insurance premium earned by the industry was around Rs 20,443 crore during 2014-15, he said it is expected to touch Rs 55,000 crore by 2020.