Star Health and Allied Insurance Company on Sunday announced that its founder and director Venkatasamy Jagannathan has tendered his resignation from its Board with immediate effect.
"We wish to inform you that Venkatasamy Jagannathan vide e-mail dated June 10, 2023 has tendered his resignation from the Board of the Company with immediate effect from June 10, 2023," Star Health and Allied Insurance Company Ltd said in a BSE filing on Saturday.
The exit from Star Health comes over a month after he stepped down as its CEO. He resigned from the post on 4 May, and was replaced by Anand Roy, who was already serving as the company's managing director. Jagannathan was held the charge of non-executive chairman till he resigned from the company's board on June 10.
Jagannathan, after attaining superannuation from the United India Insurance as its Chairman and Managing Director, founded Star Health and Allied Insurance with the backing of Dubai-based ETA Group.
Star Health and Allied Insurance reported ₹102 crore net profit for the fourth quarter ended March 2023.
The standalone health insurer had booked a loss of ₹82 in the January-March quarter of the preceding fiscal.
The insurer collected gross written premium (GWP) of ₹4,199 crore in the quarter against ₹3,689 crore in the year-ago period, it said in a regulatory filing.
The net premium income increased to ₹19,426.57 crore compared to ₹14,289.66 crore.
For the entire 2022-23, profit after tax (PAT) stood at ₹619 crore against a loss of ₹1,041 crore in FY22.
"During the year ended March 31, 2023, the company pursuant to the approval received from the Insurance Regulatory and Development Authority of India (Irdai) has exercised Call Option and redeemed the Subordinated debenture in full on September 6, 2022, and October 29, 2022, amounting to ₹200 crore and ₹50 crore, respectively, including interest thereon," the insurer said.
The corresponding debenture redemption reserve amounting to ₹15 crore has been reversed and credited to the profit and loss account, it added.
On Friday, the company's scrip ended 1.45 per cent down at ₹518.95 on BSE.
Updated: 11 Jun 2023, 06:53 PM IST
Star Health founder, director Venkatasamy Jagannathan resigns from board | Mint - Mint
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