The Insurance Regulatory and Development Authority of India (IRDAI) has issued a show cause notice to Star Health and Allied Insurance Company for alleged violations of various IRDAI regulations and guidelines. The notice follows an inspection IRDAI conducted for the period from January 31, 2022 to February 11, 2022 and the observations it made pertaining to the company's business and operational aspects. The company is in the process of submitting response to the observations, Star Health said in filing. The company has been advised to reply within 21 days from the date of receipt of the notice along with supporting documents. It is in the process of providing adequate replies to the alleged violations and believes that there will not be any impact. However, the outcome and related implications cannot be predicted with certainty at this stage, the insurer said. The company was undertaking internal assessments with regard to the impact because of the show cause notice. Star Health is a standalone health insurer, offering a variety of products including health, personal accident, and travel insurance. The company has a strong distribution network and have settled over 1 crore claims. In FY24, they reported a gross written premium of Rs 15,254 crore and a net worth of Rs 6,339 crore. The company's net profit fell 11.18% to Rs 111.29 crore on 17.2% increase in total income to Rs 4060.62 crore in Q2 FY25 over Q2 FY24. Powered by Capital Market - Live

KIOCL Ltd, Sun TV Network Ltd, Rainbow Childrens Medicare Ltd, Poly Medicure Ltd are among the other stocks to see a surge in volumes on BSE today, 04 November 2024.Star Health & Allied Insurance Company Ltd witnessed volume of 92351 shares by 10:47 IST on BSE, a 3.8 times surge over two-week average daily volume of 24287 shares. The stock dropped 3.80% to Rs.493.15. Volumes stood at 8336 shares in the last session.KIOCL Ltd notched up volume of 19145 shares by 10:47 IST on BSE, a 3.53 fold spurt over two-week average daily volume of 5423 shares. The stock slipped 5.84% to Rs.316.00. Volumes stood at 354 shares in the last session.Sun TV Network Ltd clocked volume of 27212 shares by 10:47 IST on BSE, a 3.19 times surge over two-week average daily volume of 8520 shares. The stock lost 3.00% to Rs.734.05. Volumes stood at 6421 shares in the last session.Rainbow Childrens Medicare Ltd clocked volume of 38289 shares by 10:47 IST on BSE, a 2.47 times surge over two-week average daily volume of 15530 shares. The stock gained 3.14% to Rs.1,598.20. Volumes stood at 9697 shares in the last session.Poly Medicure Ltd notched up volume of 27974 shares by 10:47 IST on BSE, a 2.06 fold spurt over two-week average daily volume of 13567 shares. The stock slipped 7.95% to Rs.2,911.35. Volumes stood at 23340 shares in the last session.Powered by Capital Market - Live

Net profit of Star Health & Allied Insurance Company declined 11.18% to Rs 111.29 crore in the quarter ended September 2024 as against Rs 125.30 crore during the previous quarter ended September 2023. Sales rose 15.54% to Rs 3703.88 crore in the quarter ended September 2024 as against Rs 3205.58 crore during the previous quarter ended September 2023. ParticularsQuarter EndedSep. 2024Sep. 2023% Var. Sales3703.883205.58 16 OPM %3.965.16 - PBDT148.80167.11 -11 PBT148.80167.11 -11 NP111.29125.30 -11 Powered by Capital Market - Live

According to the media reports, the hacker responsible for the breach listed the stolen data for sale on the dark web, making shocking allegations against Star Health's Chief Information Security Officer (CISO). The hacker claimed the CISO was involved in selling the data and later attempted to extort more money for backdoor access. In response to the incident, Star Health has reported the matter to relevant regulatory authorities and initiated a thorough forensic investigation. The company has defended its CISO, stating that he is cooperating with the investigation and no wrongdoing has been found. To prevent further dissemination of the stolen data, Star Health has sought an injunction against messaging platform Telegram and IT management service company Cloudflare in the Madras High Court. The company aims to restrict the sharing and distribution of its customers' sensitive information. The cyberattack has raised serious concerns about the security measures in place at Star Health and the potential risks faced by its customers. As the investigation continues, it remains to be seen how the company will address the data breach and mitigate future risks. Star Health Insurance is a standalone health insurer, offering a variety of products including health, personal accident, and travel insurance. The company has a strong distribution network and have settled over 1 crore claims. In FY24, they reported a gross written premium of Rs 15,254 crore and a net worth of Rs 6,339 crore. Net profit of Star Health & Allied Insurance Company rose 10.80% to Rs 318.93 crore on 15.66% increase in net sales to Rs 3520.32 crore in Q1 June 2024 over Q1 June 2023. Powered by Capital Market - Live

Star Health & Allied Insurance Co. will hold a meeting of the Board of Directors of the Company on 29 October 2024Powered by Capital Market - Live

Star Health & Allied Insurance Company has achieved a significant milestone with a credit rating upgrade from India Ratings and Research (Ind-Ra). The company's Long-Term Issuer Rating has been elevated to 'IND AA+' from 'IND AA', with a Stable outlook. Additionally, Star Health's subordinated debt has been upgraded to 'IND AA' from 'IND AA-'. The upgrade reflects Star's consistence in profitability, leadership position and large distribution network. Recently, Care Ratings had also assigned Star Health Insurance a credit rating of 'CARE AA+' with a Stable Outlook.Powered by Capital Market - Live

Star Health & Allied Insurance Co. announced that the Annual General Meeting (AGM) of the company will be held on 23 September 2024.Powered by Capital Market - Live