In a surprising development, V. Jagannathan, the founder of Star Health and Allied Insurance Company Ltd, has stepped down from the company’s Board. Earlier this year, he had already resigned from his position as Chairman. The resignation, effective immediately from June 10, 2023, was confirmed by Star Health in a filing with the Bombay Stock Exchange (BSE).
Jagannathan, an industry veteran who previously served as the Chairman and Managing Director of United India Insurance, established Star Health with the backing of Dubai-based ETA Group. From its humble beginnings with just 12 employees and rented premises, the company has grown to become valued at over Rs 30,000 crore.
According to the latest annual report, Star Health operates in 26 states and four Union territories, with a strong presence supported by 807 branches across India. Notably, the company generated 39% of its revenues from South India, 23% from the western region, 30% from the north, and 8% from the east as of March 31, 2022.
Jagannathan’s resignation marks a significant turning point for Star Health as it prepares to embark on a new phase under fresh leadership. While the reasons for his departure remain undisclosed, industry observers are eager to see how the company will continue its impressive growth trajectory and consolidate its position in the Indian insurance market.