Star Health founder Jagannathan resigns from company's board

Jagannathan had started Star Health in 2006

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26 Aug, 2025 12:21

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Star Health and Allied Insurance Company announced that its founder and former chief executive officer Venkatasamy Jagannathan has resigned from the company's board of directors.

Jagannathan "has tendered his resignation from the board of the company with immediate effect", Star Health said in a regulatory filing on June 10.

The 79-year-old's exit from Star Health comes over a month after he stepped down as its CEO. He relinquished the post on May 4, and was replaced by Anand Roy, who was already serving as the  company's managing director. Jagannathan, however, held the charge of non-executive chairman till he resigned from the company's board on June 10.

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An insurance industry veteran, Jagannathan retired on a high-note, as under his leadership, Star Health clocked a profit of Rs 619 crore in fiscal year 2022-23, as against a loss of Rs 1,041 crore in FY2021-22.

The company also registered its highest-ever underwriting profit of Rs 204 crore in FY23, as against an underwriting loss of Rs 2,061 crore that was recorded in the preceding year.

Before launching Star Health, Jagannathan had also headed the operations at the state-run United India Insurance. He was appointed as the chairman and managing director of the government-owned insurer in 2001, when it was reeling under losses. By 2004, the company, with Jagannathan at the helm, turned the tides and recorded a profit of Rs 450 crore.

Star Health, which was founded by Jagannathan in 2006, went on to emerge as one of the country's leading stand-alone medical insurer. As of March 31, 2023, the Chennai-headquartered company claimed to had a retail health market share of 34 percent in the Indian general insurance industry.