Star Health founder Jagannathan steps down from company's board

Venkatasamy Jagannathan, the founder and former CEO of Star Health and Allied Insurance Company, has resigned from the company's board of directors, according to an announcement by the company on June 10. This move comes shortly after Jagannathan stepped down as CEO on May 4 and was succeeded by Anand Roy, the company's managing director. Jagannathan had continued to serve as the non-executive chairman until his recent resignation from the board.

Jagannathan's departure from Star Health marks the end of a successful tenure as an insurance industry veteran. Under his leadership, the company achieved remarkable financial results, with a profit of Rs 619 crore in the fiscal year 2022-23, a significant improvement compared to the loss of Rs 1,041 crore in the previous year.

Prior to establishing Star Health in 2006, Jagannathan held a prominent position at United India Insurance, a government-owned insurer. In 2001, he was appointed as the chairman and managing director of United India Insurance, which was grappling with losses at the time.

However, Jagannathan's strategic vision and expertise led to a turnaround, and by 2004, the company had recorded a profit of Rs 450 crore.

During its existence, Star Health became a prominent standalone medical insurer in India. Headquartered in Chennai, the company claimed a retail health market share of 34 percent in the Indian general insurance industry as of March 31, 2023.

Jagannathan's resignation from the board signifies the end of an era for Star Health, as he played a crucial role in its growth and success. With the appointment of Anand Roy as CEO, the company is poised to continue its trajectory of providing reliable health insurance services to customers across the country.