Chennai, Apri 28 (IANS): Standalone health insurer Star Health and Allied Insurance Company Ltd closed FY23 with a net profit of Rs 618.5 crore.

In a regulatory filing, the company said it had closed FY23 with a gross premium of about Rs 12,952 crore (FY22 Rs 11,463 crore) and a net profit of Rs 618.5 crore (a net loss of Rs 1,040 crore).

The company board, at its meeting, also appointed Anand Roy as the Managing Director and CEO and V.Jagannathan as the Non-Executive Chairman.

"I am happy to announce that I have decided to take a non-executive role in the company, as I have completed five decades in the insurance industry. It has been a heartful, filling journey in building this company to what it is today. When Star Health insurance was started, the concept of stand-alone health insurance was unheard of and health insurance penetration was extremely low," said Jagannathan, former Chairman and Managing Director of United India Insurance Company Ltd.

He said at the time of floating the company, there was a need to create awareness on the importance of health insurance.

"Today, I'm able to see, that we have achieved this objective to some extent, as Star Health Insurance continues to grow. I am very happy to handover the mantel to Anand to carry forward this noble task," he added.