Founder Of Star Health V Jagannathan Quits From the Board According to available sources, Jagannathan, who resigned from his role as non-executive chairman, plans to set up a new venture
By Teena Jose •
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Venkatasamy Jagannathan, founder of private sector health insurer Star Health and Allied Insurance Company Ltd has resigned from its Board with immediate effect. The 75 year old set up the company in 2006. According to available sources, Jagannathan, who resigned from his role as non-executive chairman, plans to set up a new venture.
In a BSE filing on Saturday, the Start Health and Allied Insurance Company, has notified that, "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.
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.
It was reported that, in an interaction with PTI about confirming his resignation, Jagannathan said, "I was with Star Health and Allied Insurance and I became its Executive Chairman. Then, I became the non-executive chairman and handed over the executive functions to my juniors. Now, I have also resigned from the role of non-executive Chairman."
"I always believe that every beginning has an end and every end has a beginning. God willing, I am looking forward to starting something in the next two months, it may be in any industry, something that is close to my heart," he told PTI.
Elaborating on his journey in the company, he further noted that, "We started with just 12 people, rented premises with INR 30,000. Star Health is now valued at more than INR 30,000 crore. The journey I started as an insurance man 53 years ago, I gave record profits last year. My (Star Health) profit was the highest in FY 2022-23.
The report noted that Star Health and Allied Insurance reported INR 102 crore net profit for the fourth quarter ending March 31, 2023. The standalone health insurance had booked a loss of INR 82 crore in the January-March quarter of the last financial year. For the entire 2022-23, profit after tax stood at INR 619 crore as against a loss of INR 1,041 crore in FY22.
