Jagannathan, who launched Star Health in 2006, quits company

CHENNAI: V Jagannathan, the 78-year-old founder of Star Health - the country's first standalone health insurance player - has exited the company that he set up in May 2006. Jagannathan, who resigned from his role as non-executive chairman, plans to set up a new venture.

"There are a lot of avenues. I will finalise and announce my plan shortly," Jagannathan told TOI. Last month, Jagannathan, who was the company's chairman and CEO since its inception, had handed over the day-to-day operational responsibilities as planned to Anand Roy, who is now CEO & MD.

The company posted a record net profit of Rs 618 crore for FY23 and registered a gross written premium (GWP) of Rs 12,952 crore, a growth of 13% over the previous fiscal. Jagannathan started his insurance career in 1970 and was associated with public sector insurer United India. Jagannathan had turned United India prospects around to positive, before starting Star Health along with ETA Group in 2006.

While the ETA group had profitably exited the company, the current promoters' net worth has also gone up. The company is now publicly listed and has a market cap of over Rs 30,000 crore.

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