저자: AnandRoy/Dr.S.Prakash · 외국인
요약 보기
스타헬스보험(Star Health Insurance)의 IPO(11월 30일 청약 개시)를 앞두고 경영진이 사업 개요와 공모 구조, 실적 전망을 설명한 인터뷰. 결론: 스타헬스는 국내 최초의 독립형 건강보험사로, 코로나 2차 유행에 따른 일회성 수익성 악화는 있으나 FY23부터 정상화를 기대한다는 입장. 회사 개요: 2006년 설립, 리테일 건강보험 시장점유율 30% 이상, 전체 건강보험 시장 약 16%, 현금 네트워크 병원 1만 1천여 곳, 상근 의사 450여 명, 24시간 보험금 청구 처리 체계. 상품·영업 차별점: 당뇨·암·심장질환 등 기존 질환자 상품, 고령자 상품(75세도 무심사 가입 가능), 700여 개 지점과 50만 명 이상 설계사 기반, 디지털 앱 기반 상담, 최근 농촌 시장 전담 조직 신설. 공모 구조: 총 공모 규모는 약 10억 달러 수준. 신주 발행 약 2,000억 원, 구주매출 약 5,000억 원 이상. 창업자 Rakesh Jhunjhunwala는 지분을 매각하지 않고, 공동 프로모터 West Bridge Capital은 소폭 희석하며 두 프로모터 합산 50% 이상을 유지. 초기 투자자 일부는 엑싯 예정이라고 언급. 실적 관련: FY22 상반기 매출이 FY20 연간 매출 수준에 근접하는 고성장. 그러나 2차 코로나 유행으로 보험금 청구가 전년 대비 2배 이상 급증해 수익성이 일시적으로 악화. 경영진은 이를 일회성 요인으로 보고 FY23부터 정상화를 예상. 리스크: 팬데믹 청구 급증의 지속성, 수익성 회복 시점이 경영진 전망에 의존한다는 점, 구주 매출 비중이 커 투자자 입장에서는 엑싯 성격이 섞여 있다는 점. 전망 요약: 성장 지속과 FY23 수익성 회복을 경영진이 낙관적으로 제시. 특정 자산 가격 방향 예측은 발언되지 않음.
다듬은 글
we will go across to Star health insurance which is one of its kind insurance company a private insurance player and we are joined by the management as they are kicking off their IPO on 30th of November so let's bring on board Mr Anand Roy as well as Dr s prakash who the managing directors of the company welcome aboard and it's a pleasure having you on the show sir so you know sir firstly I want to start with uh Mr Roy you know you're a big name in the insurance space the market as well every knows you but you know could you give our viewers an understanding of what is your business and you know what can we expect uh from Star health insurance so star health insurance is the first Standalone health insurance company in India founded in 2006 uh by our founding chairman Mr jaganathan who retired as the chairman of United India Insurance public sector company and founded this company in 2006 uh the company has uh grown rapidly over the last 15 years of its existence and today we are uh having close to 16% market share in the entire health insurance uh space in the industry and in the retail segment where we are more focused we have more than 30% market share in the retail health insurance segment the company has lot of innovative products in its portfolio we brought lot of products like products for senior ior citizens products for diabet people living with pre-existing ailments like diabetes or cancer or cardiac ailments and we were able to offer a health insurance for the first time to segments of the society who were not getting a policy in in the earlier times uh star health insurance company was also the uh has also totally uh proprietory service process where we have a network of more than 11,000 hospitals on our cash list Network and we have a team of more than 450 doctors who are working full-time basis with the company to service our claims processes 24 by7 right Mr Roy but you know Dr prakash I just want to come to you as well almost a billion dollar IPO so could you tell us who is exiting and you know what are the plans with regards the fundraising as well when are we going to be using these funds 2,000 CR so offer for sale is around 5,000 uh Plus stores and the fresh is around 2,000 CR um uh the promoters are usually logged in for five years from the time of investment and uh Mr Rak janala uh is not uh selling any of his share is like know and uh the other promoter uh West brid Capital they're also diluting a very small percentage and uh both promoters together are maintaining 50% plus uh the other people who are deleting or people who have joined us you know way back uh in early 20105 and they are all also like you know P investors and probably their fun time is over um no otherwise we don't have any major exit from the promoters side so both the promoters together are maintaining 50% plus uh but uh what I want to understand is and when I'm looking at the RHP what I'm finding out is that you know your half your top line for fy22 is as much as your full year of fy20 so you know could you talk to us about your Revenue why uh that's not reflecting in the corresponding profitability actually as well for the benefit of our viewers if you could explain us that yeah so F22 has been a good year as far as business growth is concerned as you rightly put it and we believe that you know this trend will continue uh going forward as far as the profitability of the business is concerned as you are aware the entire country and the especially the health insurance industry went through a very uh intense second wave of covid in the first uh you know quarter and followed up by a few months months of after that so that has definitely impacted the profitability of the organization as far as Current financial year is concerned and we saw the second wave uh impact being even larger than the first wave of the last Financial year and that's that's the reason why the this onetime impact has been taken on our pnl as far as profitability is concerned but uh we are looking at this uh you know as a one-time impact and we expect as the covid wave slowly is uh wavering off we expect that from next financial year fi23 onwards our business should be back to normal adding to that we are able to uh manage the uh like you know the unprecedented increase increase of more than double of the number of claims uh during this first half of this uh Financial year due to the pandemic as Anand mentioned so we were able to manage it without any break in business continuity right sir uh so Dr prakash actually coming back to you you know I just want to understand in terms of you know Co has obviously changed the trends in the health insurance industry as well and right now you're mentioning that you know you could see uh business coming back to normaly uh by fi23 so you know what is the consumer Trend that you're seeing right now at the ground level now so there is a lot of metamorphosis we can see both on servicing and on sourcing so uh covid has uh helped a lot of customers to have a better onboarding experience through our digital channels and uh whatever uh physical agents we have we have enabled them with proper know digital apps which have helped them to reach the customers through the app and you know explain the products and make them understand about the complexity of the insurance products particularly during a pandemic when individual has to look at a cover for him his family it is very difficult for him to choose the right product the right cost and the right type of coverage and some insured so naturally they require a human facilitation and assistance so our model wherein like you know we have our scale and reach at know 700 plus offices with 500,000 plus agents this has naturally helped to enhance our Outreach to the customers explain to them the details of the products and make them you know buy our product right so but what I do want to understand one more thing is on your market share now your market share especially in the retail health insurance what would you say actually distinguishes you from your other players and peers and you know what are you what would you say you have done differently from them in health insurance it's an emotional subject some family member is in a hospital and at that point of time if we are able to deliver the required promise I think that's where we are able to win the trust of the customer having said that we have also innovated as Dr prakash alluded to in his previous comment we have innovated on the product design side where we are able to cover large population of the customers who were earlier not able to get a health insurance today a 75 year old man or lady can buy a policy from Star health insurance without having to undergo any rigorous pre- underwriting medical checks and that's these are benefits that we have been able to offer to the society at large and these are the differences uh that we have been able to create apart from that our uh distribution that we have been able to establish uh you know across the length and width of the country today we are not only present in the Metro cities and urban areas our brand is present in all the markets whether it is rural semi-urban and in fact now we have started moving into the rural markets we have created a d ated vertical to focus on the rural areas because we are seeing lot of demand coming from the rural markets also as far as health insurance is concerned so given all of this we have been able to maintain and grow our business adding to that maybe star health insurance is one company where we have good number of qualified medical doctors we we involve medical doctors to do a research and continuously innovate on new things on our product coverage and apart from that our claims processing and servicing we talk to the hospitals and the doctors in their language okay thank you so much Mr Roy as well as Dr prakash for joining in with us and giving our viewers as well as us the insites on Star health insurance IPO opening on November 30th uh
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