Star Health Founder Venkatasamy Jagannathan Resigns from Board

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New Delhi (12/06/2023): Venkatasamy Jagannathan (79), founder of Star Health and Allied Insurance Company Ltd., has resigned from the company’s board of directors.

The company said in a statement, “We wish to inform you that Mr. Venkatasamy Jagannathan, vide email dated June 10, 2023, has tendered his resignation from the Board of the Company with immediate effect, i.e., from June 10, 2023.”

However, with his resignation, Jagannathan also resigned from his board posts. The cause for his unexpected resignation could not be determined.

Jagannathan is known for building Star Health into a powerful brand in the health insurance industry, as well as making it a successful business at a time when health insurers are struggling to produce profits.

Jagannathan, an insurance industry veteran with over five decades of experience, was the Chairman and Managing Director of PSU general insurance giant United India Insurance before creating Star Health.

Star Health generated an underwriting profit of 204 crore in FY23, with a combined ratio of 95.3%, and an overall profit after tax of 619 crore, the largest in its history. It has a significant presence in the retail health industry, with a market share of approximately 34%.

The company has around 6.25 lakh agency personnel.

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