ABSL, ICICI Pru-backed insurance stock jumps ahead of Q3 results today. Buy or sell?

  • Q3 results today: ABSL, ICICI Pru-backed insurance company is expected to report a rise in gross written premium in Q3 results 2024

Asit Manohar
First Published30 Jan 2024, 12:13 PM IST
Q3 results today:Market is expecting subdued Q3 results 2024 from ABSL and ICICI Prudential-backed insurance company, say experts.
Q3 results today:Market is expecting subdued Q3 results 2024 from ABSL and ICICI Prudential-backed insurance company, say experts.

Stock market today: Shares of Star Health and Allied Insurance Company Ltd are under the radar of stock market observers and investors as the insurance company is going to declare its Q3 results today. Star Health share price today opened upside and went on to touch an intraday high of 567.75 per share on NSE, logging around a 2 per cent rise against yesterday's close of 557.30 per share.

According to stock market experts, the high insurance claim ratio is expected to continue in the October to December 2023 quarter. However, they expected growth in the gross written premium of the company in the recently ended December quarter. They advised Sar Health shareholders to hold the scrip for the short-term target of 600 apiece level.

Star Health Insurance Q3 results 2024 preview

On market estimates regarding Star Health Q3 results today, Shreyansh V.Shah, Research Analyst at StoxBox said, “Though Star Health’s Q2FY24 performance remained subdued due to high incidences of diseases leading to a high claim ratio, we believe that the health insurer will continue to come out with a subdued set of numbers in Q3FY24. Though the company will see growth in its gross written premium this quarter, we believe that the high claim ratio continuing in Q3FY24 will have an impact on the profitability of the company.”

"The recently rolled out a change in incentive structure for the agency channel in Q2FY24 to improve the quality of business but likely have a decline in new business. Other channels’ new business growth could not offset the decline in the agency channel, leading to muted business growth in Q3FY24," the StoxBox expert added.

Star Health share price outlook

Advising Star Health shareholders to hold the scrip, Sumeet Bagadia, Executive Director at Choice Broking said, "Star Health shares are looking positive on the chart pattern. The insurance stock has made a strong base at around 545 apiece levels and may go up to 590 to 600 level in the near term."

ABSL, ICICI Prudential shareholding in Star Health

According to the shareholding pattern of Star Health Insurance Company Ltd for Q3FY24, Aditya Birla Sun Life holds 65,45,661 Star Health shares, which is 1.12 per cent of the total paid-up capital of the company. Likewise, ICICI Prudential Life Insurance Company is holding 1,09,06,165 Star Health shares, which is 1.86 per cent of the total share capital of the company.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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News in Numbers

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$5 M

394,000

$112 B

12.1%

₹133.50 Cr

₹12,300 Cr

$136 M

First Published:30 Jan 2024, 12:13 PM IST
HomeMarketsStock MarketsABSL, ICICI Pru-backed insurance stock jumps ahead of Q3 results today. Buy or sell?

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