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Star Health and Allied Insurance Company Ltd., the market leader in the Indian health insurance industry with a 31% retail market share, is poised to grow at a relatively faster pace compared to the general health insurance industry.

Indian health insurance is grossly under-penetrated – the penetration (premium as % of gross domestic product) and density (premium per person) are 0.4% and $5, respectively. Comparatively, China/US have a penetration of 0.7%/ 4.1% and a density of $66/$2,679.

Only 3.5% of the Indian population is covered by private health insurance, and out-of-pocket expenses are high at 63% (world average of 18%). These statistics indicate a high probability for health insurers to continue.

We expect Star Health to report an annual gross premium growth rate of 25% over FY21-24E, ranging from a loss of Rs 8.3 billion in FY21 to an after-tax profit of Rs 10.8 billion in FY24E.

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