Star Health & Allied

** Shares of India's Star Health and Allied Insurance STAU.NS jump 5.28% to 544.45 rupees

** Health insurance co posts profit of 1.11 billion rupees ($11.7 million) in Q4, up from 5.1 million rupees a year earlier

** Citi ("buy"; TP:665 rupees) says co's claims ratio improvement is driven by better pricing and business mix, while new business growth is expected to continue, though at a slower pace

** Adds current growth momentum expected to continue, but likely to ease from post-September 2025 peaks

** Investec ("buy"; TP: 535 rupees) expects combined ratio improvement to continue in FY27 on stronger growth, lower loss ratios and calibrated price hikes to offset medical inflation

** STAU rated "buy" on avg; median TP 525 rupees - LSEG data

** YTD stock up 13.69%

($1 = 94.7800 Indian rupees)

(Reporting by Devika Nair in Bengaluru)

(([email protected];))

April 28 (Reuters) - Star Health and Allied Insurance Company Ltd STAU.NS:

• STAR HEALTH INSURANCE MARCH-QUARTER PAT 1.11 BILLION RUPEES

• STAR HEALTH INSURANCE MARCH-QUARTER NET PREMIUM EARNED 43.27 BILLION RUPEES

Source text: [ID:]

Further company coverage: STAU.NS

(([email protected];))

**Shares of Star Health and Allied Insurance STAU.NS up 2.7% to 468.15 rupees

**Investec upgrades stock to "Buy" from "Sell", increases PT to 535 rupees from 425 rupees

**Brokerage says co is emerging from a challenging FY24 and FY25

**Expects improvement to sustain on rebound in fresh business growth following the GST cuts, full-year benefit of annual price hikes, and intensified industry-wide and company-specific initiatives to curb fraud, waste, and abuse

**Notes STAU's ability to retain customers despite adverse publicity around claims servicing highlights strong franchise stickiness and brand resilience

**Investec says the risk-reward of STAU is favourable at 12-month forward P/E valuations of 33.6x, given the recovery in earnings

**Expects co to report insurance revenue growth of 16% in FY27E and FY28E

**YTD, stock up 3%

(Reporting by Mridula Kumar in Bengaluru)

(([email protected];))

Jan 28 (Reuters) - Star Health and Allied Insurance Company Ltd STAU.NS:

• DEC-QUARTER STANDALONE PAT 1.28 BILLION RUPEES

• DEC-QUARTER STANDALONE NET PREMIUM EARNED 4.25 BILLION RUPEES

Source text: ID:nBSE8JPgXn

Further company coverage: STAU.NS

(([email protected];))

** Shares of Indian insurance firms surge after government exempts individual life and health insurance policies from taxes, including for reinsurance

** Niva Bupa NIVA.NS gains the most at 4.5%

** PB Fintech PBFI.NS and Star Health STAU.NS each rise 3%

** CLSA says to protect their profitability and manage this change, insurers will implement price hikes

** Health insurers can absorb change with a modest 3%–4% premium hike, benefiting customers who no longer need to pay the 18% GST, CLSA says

** Adds, life insurers also may need about 1% to 3% price hikes; SBI Life SBIL.NS with the lowest operating expense ratio will need the lowest hike to manage change

** Private life insurers are better placed as exemption is expected to boost term insurance and market-linked products, ICICI Securities says

(Reporting by Urvi Dugar)

(([email protected]))

** Star Health and Allied Insurance STAU.NS rises 2.1% to 449 rupees

** ICICI Securities maintains "buy"; raises PT to Street-high of 512 rupees, per data compiled by LSEG

** Says extensive hospital network, difficult-to-replicate agency force with healthy distribution mix will improve earnings

** Estimates combined ratio of 100% in FY26, 99.6% in FY27, supporting a rise in profit after tax to 10.2 bln rupees ($115.82 mln) in FY26, 12 bln rupees in FY27

** Adds initiatives such as discounts based on claims experiences, shifting to zonal pricing from pan-India pricing helped mitigate risk more accurately, resulting in more sales

** YTD, STAU falls ~7%

($1 = 88.0698 Indian rupees)

(Reporting by Urvi Dugar)

(([email protected]))

** Indian insurers climb between 1% and 3%

** Niva Bupa Health NIVA.NS leads gains with 3% rise, Star Health and Allied Insurance STAU.NS up 1.7%

** HDFC Life Insurance HDFL.NS advances 1%, SBI Life SBIL.NS and Go Digit General Insurance GODG.NS gain 1.5%

** A panel of state ministers proposes exempting GST on individual health, life insurance premiums

** Emkay Global says GST cuts would lower retail, health insurance prices for customers

** Notes insurers must pass benefits to customers, improving affordability and driving sector growth

** Says SBI Life in a relatively beneficial position on lower cost structure

(Reporting by Kashish Tandon and Manvi Pant in Bengaluru)

(([email protected]))

May 5 (Reuters) - Star Health and Allied Insurance Company Ltd STAU.NS:

• STAR HEALTH AND ALLIED INSURANCE COMPANY LTD - APPOINTS RAJEEV KHER AS CHAIRPERSON OF BOARD

Source text: ID:nBSE9R5hMB

Further company coverage: STAU.NS

(([email protected];))

** Star Health and Allied Insurance STAU.NS drops 1% to 394.25 rupees; stock opened 5.8% lower at session-low

** STAU's Q4 profit plunges 72% as, per brokerages, higher commissions and claims paid led to 3x surge in underwriting loss

** Jefferies (rating: "hold") says higher claims led to Start Health's first operating loss in three years

** But Motilal Oswal (rating: "buy") says it remains optimistic on STAU's long-term prospects

** Analysts' avg rating is "buy", similar to industry peers, per data compiled by LSEG

** STAU's stock has fallen ~17% so far this year

(Reporting by Nandan Mandayam in Bengaluru)

(([email protected]; Mobile: +91 9591011727;))

** Citi Research starts Star Health and Allied Insurance STAU.NS with "overweight" and on ICICI Lombard ICIL.NS with "underweight"

** Says growth in health insurance remains far higher than other non-life categories; Star Health's re-rating is in sight with improved profitability

** Citi says STAU trades at 45%-55% discount to ICIL

** STAU's new business growth to remain strong in next few quarters on strong back book, channel diversification and investments in sales franchise - Citi

** Says, STAU's price hikes taken on family health insurance plans last year to also benefit gradual growth

** Adds, lack of visibility on price hikes for ICIL's third party motor insurance plans, sluggish auto sales growth to drag its premium growth

** STAU gained as much as 2.6%, while ICIL down as much as 4.2%

** STAU last up 0.2%, ICIL down 1.3%

** Shares of Star Health and Allied Insurance Company STAU.NS fall about 3.5% to 345.30 rupees, a 52-week low

** Drop after CNBC-TV18 reports that the insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) identified lapses in STAU's settlement practices

** Report also says IRDAI is likely to take further action on STAU after concluding its investigation

** STAU shares down 27% this year

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

Adds stock move, details from press statement, industry background

Feb 28 (Reuters) - Indian stock broker Angel One ANGO.NS on Friday said some of its Amazon Web Services (AWS) resources were compromised and that it has hired an external forensic partner to investigate the impact.

The company's shares, already pressured in a weak market, extended losses to as much as 4.7% after the news.

"We have verified that this breach does not have any impact on clients' securities, funds and credentials and all our client accounts remain secure," the company said in an exchange filing.

Angel One said it was notified of the breach by its dark-web monitoring partner and that it immediately changed all credentials of its AWS cloud and other applications.

It did not give further details on the breach, which is the latest to have hit Indian companies, especially insurers.

Niva Bupa Health Insurance NIVA.NS reported an incident last week, while HDFC Life Insurance HDFL.NS and Star Health STAU.NS were other high-profile targets that led the insurance regulator to direct industry-wide audits of IT systems.

More broadly, the Reserve Bank of India, also the country's financial regulator, said it would launch secure website domain names to curb phishing and other such digital threats.

(Reporting by Sethuraman NR; Editing by Savio D'Souza)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

By Ira Dugal

This was originally published in the India File newsletter, which is issued every Tuesday. Sign up here to get latest news from India and how it matters to the world.

Elon Musk's Tesla TSLA.O seems to be nudging closer to selling its electric vehicles (EVs) in India, unnerving its automakers. How much of a headache will Tesla be for Indian automakers? That's the focus of our analysis this week.

Also, Indian insurers may pitch for a one-of-its-kind charge linked to New Delhi's air pollution. And the central bank announces a mega cash infusion to ease rates. Scroll down for more on both those stories.

This week in Asia

** Trump orders use of CFIUS to restrict Chinese investments in strategic areas

** Bangladesh and Pakistan resume direct trade after more than 50 years

** Bank of Korea resumes rate cuts as economic risks grow

** OpenAI removes users in China, North Korea suspected of malicious activities

** DBS set to cut 4,000 jobs over 3 years due to AI, CEO says

Namaste India

Tesla is getting ready to hit Indian streets.

The company has selected showrooms in New Delhi and Mumbai and is stepping up hiring plans. Signs that Musk is fast-tracking plans to enter the country come shortly after his meeting with Prime Minister Narendra Modi in Washington earlier this month.

If Musk pushes ahead with his plans to enter India, automakers, who are already struggling with pockets of weak demand and intensifying competition, will have one more battle to fight - holding on to their better-off customers.

Passenger vehicle sales in India grew 4% in 2024, the slowest in four years, industry data showed. And EVs, where many automakers have focused their new launches expecting a consumer shift, have seen patchy demand because of high prices and an inadequate charging network.

Musk has long delayed plans to sell his EVs in India, partly due to the high import duties of nearly 100% that the country levies on them. While that is yet to change, India is reviewing import duties across a number of categories, under the threat of reciprocal tariffs by the United States.

Musk's close relationship with U.S. President Donald Trump may allow him to wrangle some concessions without giving India what it really wants – for Tesla to manufacture in India. Trump has already made his dislike for that idea public, saying it would be "unfair" to the U.S. for Musk to manufacture in India to avoid paying the high levies placed on imported vehicles.

Read this BreakingViews piece by Shritama Bose to understand why Musk is not India's ideal foreign investor.

Technology vs pricing

Tesla's impending entry hit shares of major Indian automakers on Friday. Mahindra and Mahindra MAHM.NS slid 6.2%, while Tata Motors TAMO.NS and Hyundai Motor India HYUN.NS dropped 2.5% and 3.5%, respectively.

Both Mahindra and Tata Motors have previously lobbied against a cut in import taxes on EVs.

Analysts differ on just how much of a dent Tesla can make in the incumbents' market positions in India.

Citi believes Tesla's technology will give it an edge.

Tesla and China's BYD 002594.SZ – which is also expanding its offerings in India – have access to proven technology and manufacturing processes, which will offset the advantages of the incumbents including their wide sales and service networks, said Citi in a February 21 note.

The "hegemony" that local automakers have enjoyed in combustion engine cars has led to many foreign automakers meeting with limited local success in India but that may not hold in EVs, Citi said.

CLSA, though, feels Tesla's tech advantage will be taken away by its pricing.

With various taxes and the import levies, the cheapest Teslas, priced at $35,000 in the U.S., could be sold at around 3.5 million Indian rupees ($40,377). That is almost three times the 1.2-million-rupee average selling price of cars in India.

About two-thirds of the EVs sold are priced under 2 million rupees, according to an estimate from Macquarie Research.

"Factors such as spacious interiors, features, aesthetics, better resale value visibility and right pricing are the key drivers in car purchase decisions, regardless of the powertrain, in our view," CLSA said in a February 21 note.

Will Tesla leave existing brands in the rear view mirror? Write to me with your views at [email protected].

Quote of the week

"We have to start thinking about pollution as a separate factor in the pricing (of insurance) in the sense that can we then start executing a particular charge for the areas which are impacted by it?"

Amitabh Jain, the operating chief of Star Health STAU.NS, India's No.1 standalone health insurer, is among industry executives pitching for an increase in health insurance premiums for New Delhi, which has seen toxic air year after year.

The pollution has led to more Delhi residents seeking treatment for asthma, chronic obstructive pulmonary disease (COPD) and cardiovascular conditions in 2024, higher than in any prior year, insurers are arguing.

Read that Reuters exclusive here.

Market matters

The Indian central bank announced a mega $10 billion forex swap as a way to infuse cash into the Indian banking system.

The swap followed large dollar sales from the central bank to protect the rupee, which in turn had withdrawn rupee liquidity from the banking system, hurting the central bank's effort to bring down interest rates and lift growth.

The central bank had infused liquidity worth 3.6 trillion Indian rupees over the past five weeks but analysts had said more will be needed.

Short-term bond yields and the forward premium on the rupee fell in response to the RBI's swap.

($1 = 86.6840 Indian rupees)

(Reporting by Ira Dugal; Editing by Muralikumar Anantharaman)

(([email protected]; +91-9833024892;))

India File is published every Tuesday. Think your friend or colleague should know about us? Forward this newsletter to them. They can also subscribe here.

Feb 25 - By Ira Dugal, Editor Financial News, with global Reuters staff.

Elon Musk's Tesla TSLA.O seems to be nudging closer to selling its electric vehicles (EVs) in India, unnerving its automakers. How much of a headache will Tesla be for Indian automakers? That's the focus of our analysis this week.

Also, Indian insurers may pitch for a one-of-its-kind charge linked to New Delhi's air pollution. And the central bank announces a mega cash infusion to ease rates. Scroll down for more on both those stories.

THIS WEEK IN ASIA

** Trump orders use of CFIUS to restrict Chinese investments in strategic areas

** Bangladesh and Pakistan resume direct trade after more than 50 years

** Bank of Korea resumes rate cuts as economic risks grow

** OpenAI removes users in China, North Korea suspected of malicious activities

** DBS set to cut 4,000 jobs over 3 years due to AI, CEO says

NAMASTE INDIA

Tesla is getting ready to hit Indian streets.

The company has selected showrooms in New Delhi and Mumbai and is stepping up hiring plans. Signs that Musk is fast-tracking plans to enter the country come shortly after his meeting with Prime Minister Narendra Modi in Washington earlier this month.

If Musk pushes ahead with his plans to enter India, automakers, who are already struggling with pockets of weak demand and intensifying competition, will have one more battle to fight - holding on to their better-off customers.

Passenger vehicle sales in India grew 4% in 2024, the slowest in four years, industry data showed. And EVs, where many automakers have focused their new launches expecting a consumer shift, have seen patchy demand because of high prices and an inadequate charging network.

Musk has long delayed plans to sell his EVs in India, partly due to the high import duties of nearly 100% that the country levies on them. While that is yet to change, India is reviewing import duties across a number of categories, under the threat of reciprocal tariffs by the United States.

Musk's close relationship with U.S. President Donald Trump may allow him to wrangle some concessions without giving India what it really wants – for Tesla to manufacture in India. Trump has already made his dislike for that idea public, saying it would be "unfair" to the U.S. for Musk to manufacture in India to avoid paying the high levies placed on imported vehicles.

Read this BreakingViews piece by Shritama Bose to understand why Musk is not India's ideal foreign investor.

TECHNOLOGY VS PRICING

Tesla's impending entry hit shares of major Indian automakers on Friday. Mahindra and Mahindra MAHM.NS slid 6.2%, while Tata Motors TAMO.NS and Hyundai Motor India HYUN.NS dropped 2.5% and 3.5%, respectively.

Both Mahindra and Tata Motors have previously lobbied against a cut in import taxes on EVs.

Analysts differ on just how much of a dent Tesla can make in the incumbents' market positions in India.

Citi believes Tesla's technology will give it an edge.

Tesla and China's BYD 002594.SZ – which is also expanding its offerings in India – have access to proven technology and manufacturing processes, which will offset the advantages of the incumbents including their wide sales and service networks, said Citi in a February 21 note.

The "hegemony" that local automakers have enjoyed in combustion engine cars has led to many foreign automakers meeting with limited local success in India but that may not hold in EVs, Citi said.

CLSA, though, feels Tesla's tech advantage will be taken away by its pricing.

With various taxes and the import levies, the cheapest Teslas, priced at $35,000 in the U.S., could be sold at around 3.5 million Indian rupees ($40,377). That is almost three times the 1.2-million-rupee average selling price of cars in India.

About two-thirds of the EVs sold are priced under 2 million rupees, according to an estimate from Macquarie Research.

"Factors such as spacious interiors, features, aesthetics, better resale value visibility and right pricing are the key drivers in car purchase decisions, regardless of the powertrain, in our view," CLSA said in a February 21 note.

Will Tesla leave existing brands in the rear view mirror? Write to me with your views at [email protected].

QUOTE OF THE WEEK

"We have to start thinking about pollution as a separate factor in the pricing (of insurance) in the sense that can we then start executing a particular charge for the areas which are impacted by it?"

Amitabh Jain, the operating chief of Star Health STAU.NS, India's No.1 standalone health insurer, is among industry executives pitching for an increase in health insurance premiums for New Delhi, which has seen toxic air year after year.

The pollution has led to more Delhi residents seeking treatment for asthma, chronic obstructive pulmonary disease (COPD) and cardiovascular conditions in 2024, higher than in any prior year, insurers are arguing.

Read that Reuters exclusive here.

MARKET MATTERS

The Indian central bank announced a mega $10 billion forex swap as a way to infuse cash into the Indian banking system.

The swap followed large dollar sales from the central bank to protect the rupee, which in turn had withdrawn rupee liquidity from the banking system, hurting the central bank's effort to bring down interest rates and lift growth.

The central bank had infused liquidity worth 3.6 trillion Indian rupees over the past five weeks but analysts had said more will be needed.

Short-term bond yields and the forward premium on the rupee fell in response to the RBI's swap.

($1 = 86.6840 Indian rupees)

(Reporting by Ira Dugal; Editing by Muralikumar Anantharaman)

(([email protected]; +91-9833024892;))

By Ashwin Manikandan

NEW DELHI, Feb 21 (Reuters) - Indian insurers are considering making New Delhi residents pay 10% to 15% more for new health policies after an extraordinary spike in claims related to air pollution in 2024 in India's capital, according to nine executives aware of the matter.

The plan, now in discussion amongst insurers and which would need approval from the insurance regulator, follows record-breaking air pollution in New Delhi last year. If approved, it would be the first time air pollution was used as a direct factor in figuring health insurance premiums in India, and could be used to justify price hikes in other cities as well.

Toxic air led to more Delhi residents seeking treatment for asthma, chronic obstructive pulmonary disease (COPD) and cardiovascular conditions in 2024, higher than in any prior year, five of the executives said.

All the executives spoke on condition of anonymity as they are not authorized to speak with media.

"We have to start thinking about pollution as a separate factor in the pricing in the sense that can we then start executing a particular charge for the areas which are impacted by it," said Amitabh Jain, the operating chief of Star Health STAU.NS, India's No.1 standalone health insurer.

In 2024, the number of patients with respiratory ailments who needed to be hospitalized rose to 17%-18% in the second half of the year versus 5%-6% in the first half, Jain said.

Also, respiratory claims rose 8.3% from fiscal year 2023 to fiscal year 2025 in the state of Delhi, which recorded the highest rise in healthcare costs in India during that period, according to a joint report from Boston Consulting Group and Indian healthcare administrator Medi Assist.

Star Health and ICICI Lombard ICIL.NS said pollution could soon become a direct factor in determining health insurance premiums if poor air quality persists. Bajaj Allianz General Insurance said the industry could also add new clauses specifically addressing pollution-related health concerns.

The Insurance Regulatory and Development Authority of India (IRDAI) and prominent Indian insurers including Aditya Birla Health Insurance, Tata AIG, New India Assurance THEE.NS and Go Digit GODG.NS did not respond to requests seeking comment.

For 2023/24, Indian insurers collected $12.4 billion in health insurance premiums, an increase of about 20% over the previous year, according to the latest IRDAI annual report.

NOT JUST DELHI

New Delhi chokes on smog every winter due to a blend of vehicle emissions, construction dust and smoke from illegal farm fires. In November, Delhi overtook Pakistan's Lahore as the world's most polluted city in Swiss group IQAir's live rankings, with Mumbai and Kolkata also making it to the list of top 10 cities with the most toxic air.

On November 18, India's pollution control authority said the national capital territory's 24-hour air quality index (AQI) score touched a season-high of 491 on a scale of 500. Anything over 400 is "severe", affecting healthy people as well as "seriously impacting" those with existing health issues.

In India, insurers can vary health insurance premiums by city based on factors ranging from hospitalization costs to demographics.

Getting the regulatory nod to include air pollution as a factor would depend on insurers submitting proof to back the assertion that toxic air is leading to an increase in claims.

"The frequency and severity of hospitalization purely due to the toxicity in the air needs to be isolated," PwC India Financial Services Advisory Leader Joydeep Roy said.

"That involves commissioning longer-term studies."

It is not known how long it would take to conduct such studies or to get the needed approvals from IRDAI.

Senior citizens, children, outdoor professionals and those with preexisting respiratory conditions would likely pay the highest premiums. The plan, if approved, would likely make health insurance unaffordable for many who need it most.

New Delhi's per capita income was $5,331 in 2024 according to the Delhi Statistical Handbook, and under current guidelines health insurance with a coverage limit of $10,000 for a family in the city would cost between $100 to $400 per year.

"In India, owning health insurance cover is a luxury," said Delhi resident and COPD patient Aniket Tiwari, 28, who decided against getting coverage in 2024 because it was too pricey.

(Reporting by Ashwin Manikandan; Editing by Dhanya Skariachan and Tom Hogue)

(([email protected];))

Feb 5 (Reuters) - Star Health and Allied Insurance Company Ltd STAU.NS:

• GETS DEMAND ORDER FOR TAX OF 240.1 MILLION RUPEES, PENALTY OF 240.1 MILLION RUPEES

Source text: ID:nNSEb8M15S

Further company coverage: STAU.NS

(([email protected];;))

Jan 28 (Reuters) - Star Health and Allied Insurance Company Ltd STAU.NS:

• DEC-QUARTER PAT 2.15 BILLION RUPEES

• DEC-QUARTER NET PREMIUM EARNED 38 BILLION RUPEES

Source text: [ID:]

Further company coverage: STAU.NS

(([email protected];;))

** Insurers fall after India govt panel on Saturday defers plans to slash taxes on some life, health insurance premiums

** Life insurers LIC LIFI.NS, Max Financial MAXI.NS and HDFC Life HDFL.NS fall 0.6%-1.4%

** Health insurers Star Health STAU.NS and ICICI Lombard ICIL.NS down 2% and 0.7%, respectively

** YTD, MAXI up ~15% YTD, LIFI up ~8.5%, ICIL up ~33%, while HDFL and STAU down ~4% and ~11%, respectively

(Reporting by Yagnoseni Das in Bengaluru)

(([email protected];))

** Shares of health insurer Star Health And Allied Insurance STAU.NS fall 3% to 488.7 rupees

** Co on Friday said it got a show-cause notice from Insurance Regulatory and Development Authority of India

** Notice comes after IRDAI's inspection (Jan 31–Feb 11, 2022) on co revealing non-compliance with its regulations and guidelines

** Stock set to fall for a second straight session

** Avg rating of all analysts covering STAU is "buy" and median PT is 600 rupees, ~20% higher than current price - LSEG data

** STAU down ~10% YTD

(Reporting by Yagnoseni Das in Bengaluru)

(([email protected];))

Dec 6 (Reuters) - Star Health and Allied Insurance Company Ltd STAU.NS:

• RECEIVED SHOW CAUSE NOTICE FROM IRDAI

• NOTICE FOR NON-COMPLIANCE WITH VARIOUS IRDAI REGULATIONS, GUIDELINES

Source text: [ID:]

Further company coverage: STAU.NS

(([email protected];;))

Adds details in paragraphs 3,5 and background in paragraph 6-8

Nov 25 (Reuters) - India's HDFC Life Insurance Co HDFL.NS said on Monday that an unknown source shared certain customer data with the company with "mala fide intent".

The company, in a statement, did not elaborate if it knew or was told how the source had obtained the data. It also did not specify what data was shared, nor the extent of the data.

It did not respond to Reuters' request for additional information.

The insurer, however, said it has started an investigation in consultation with information security experts. It is also conducting an information security assessment and data log analysis.

"We continue to investigate this further to assess potential impact," HDFC Life said in its statement.

In October, India's insurance regulator directed insurers to carry out audits of their IT systems following concerns over customer data leaks at two firms.

While the regulator did not name the firms, local media reports said that the action followed breaches at Star Health and Allied Insurance STAU.NS and TATA AIG General Insurance.

In August, Star Health faced a data theft incident where stolen customer data, including medical reports, were publicly accessible via chatbots on messaging app Telegram and through websites.

(Reporting by Hritam Mukherjee and Nishit Navin in Bengaluru; Editing by Savio D'Souza)

(([email protected]; X: @MukherjeeHritam;))

** Shares of Star Health And Allied Insurance STAU.NS fall as much as 6.6% to 500.7 rupees

** Co's Q2 PAT dropped 74% y/y, while net premium earned fell 48.7%

** Over 1.8 mln shares traded, 2.1x the 30-day moving avg

** 20 analysts avg rating is "buy" and median PT is 670 rupees, 30% higher than current price - LSEG data

** STAU down ~3% YTD

($1 = 84.0750 Indian rupees)

(Reporting by Anuran Sadhu in Bengaluru)

(([email protected]; +91 8697274436;))

Oct 29 (Reuters) - Star Health and Allied Insurance Company Ltd STAU.NS:

• STAR HEALTH INSURANCE - IMPLEMENTING SIGNIFICANT IMPROVEMENTS TO CYBER, INFORMATION SECURITY SYSTEMS

• STAR HEALTH INSURANCE - NO LEGAL PROCEEDINGS INITIATED AGAINST CO RELATED TO CYBERSECURITY INCIDENT

Source text: [ID:]

Further company coverage: STAU.NS

(([email protected];;))

Oct 28 (Reuters) - Star Health and Allied Insurance Company Ltd STAU.NS:

• STAR HEALTH INSURANCE -CO'S COMMITTEES SUGGESTED ADDITIONAL MEASURES TO ENHANCE INFORMATION SECURITY POSTURE, STANDARDS OF CO

• STAR HEALTH INSURANCE - WEBSITES ON WHICH THREAT ACTOR PUBLICLY EXPOSED CERTAIN DATA, TELEGRAM BOTS DEPLOYED BY THREAT ACTOR, HAVE BEEN TAKEN DOWN

• STAR HEALTH INSURANCE - ALLEGED COMMUNICATION BETWEEN THREAT ACTOR AND CISO OF CO WAS FABRICATED BY THREAT ACTOR

• STAR HEALTH INSURANCE - NO LINKS BETWEEN SECURITY OFFICER OF CO AND INCIDENT WAS FOUND

Source text: [ID:]

Further company coverage: STAU.NS

(([email protected];))

NEW DELHI, Oct 25 (Reuters) - An Indian court in the southern state of Tamil Nadu has asked Indian insurer Star Health STAU.NS to provide details of data leak of customers through chatbots with messaging app Telegram for deletion.

The Madras High Court gave the direction after Telegram said it was unable to search for leaks on its own but agreed to delete the leaked data if the insurer gave them details.

(Reporting by Arpan Chaturvedi
Editing by Shri Navaratnam)

(([email protected];))

By Munsif Vengattil and Aditya Kalra

NEW DELHI, Oct 12 (Reuters) - Star Health STAU.NS, India's biggest health insurer, on Saturday said it had received a ransom demand of $68,000 from a cyberhacker in connection with a leak of customer data and medical records.

Star, which has a roughly $4 billion market cap, is battling a reputational and business crisis since Reuters reported on Sept. 20 that a hacker had used Telegram chatbots and a website to leak customers' sensitive data, including tax details and medical claim papers.

The company, whose shares have declined 11%, has launched internal investigations and has taken legal action against Telegram and the hacker, whose website continues to share samples of Star customers' data.

Star, which has previously said it is a "victim of a targeted malicious cyberattack", on Saturday revealed for the first time that in August "the threat actor demanded a ransom of $68,000 in an email" addressed to the company's managing director and its chief executive.

The statement came after Indian stocks exchanges sought clarifications from Star on a Friday over a Reuters report that the company was investigating allegations that its chief security officer was involved in the data leak.

Star reiterated on Saturday it has found no wrongdoing by the official, Amarjeet Khanuja, though the internal investigation is ongoing.

Telegram has declined to share the account details or permanently ban accounts linked to the hacker - an individual dubbed xenZen - "despite multiple notices issued in this regard," Star said on Saturday.

Star said it has "sought the assistance" of Indian cyber security authorities to "help us identify" the hacker.

Telegram did not respond to a request for comment.

The Dubai-based messenger app has previously said it removed the chatbots when Reuters flagged them to the platform.

(Reporting by Aditya Kalra and Munsif Vengattil)

(([email protected]; @adityakalra;))

By Aditya Kalra and Munsif Vengattil

NEW DELHI, Oct 10 (Reuters) - India's Star Health is investigating accusations that its chief information security officer played a role in a data leak by a self-styled hacker who used Telegram chatbots and websites to disseminate customers' medical records and personal data.

The country's biggest health insurer, Star told Reuters that the official, Amarjeet Khanuja, was co-operating in its investigation into the leak, which has so far turned up no evidence of wrongdoing by him.

The investigation comes after the hacker, an individual dubbed xenZen, publicly asserted on his website that the executive had "sold all this data to me".

Khanuja, the firm's chief information security officer (CISO), did not respond to a request for comment.

"Our CISO has been duly co-operating in the investigation and we have not arrived at any finding of wrongdoing by him till date," Star said in Wednesday's statement.

Last month Star Health STAU.NS sued Telegram and the hacker after Reuters reported on Sept. 20 that the hacker used chatbots on the messaging app to leak customer details, before setting up websites providing easy access to the data.

Star was trading down 2% on Thursday, and has lost about 6% since the Reuters report.

"We were the victim of a targeted, malicious cyberattack, resulting in unauthorized and illegal access to certain data," Star said.

Independent cybersecurity experts were leading its forensic investigation, Star added in the statement, and it was also working closely with authorities, to whom it had reported the incident.

Earlier, Star said its initial assessment showed "no widespread compromise", adding, "Sensitive customer data remains secure."

A court in Star's southern home state of Tamil Nadu has granted it a temporary injunction ordering Telegram and the hacker to block any chatbots or websites in India that make the data available online.

Telegram has not commented on the lawsuit, while the hacker has vowed to join the hearings online if permitted to do so.

Star's legal challenge to Telegram comes amid growing scrutiny of the platform globally and the recent arrest of its founder Pavel Durov in France, with the app's content moderation and features allegedly abused for illegal activities.

Durov and Telegram denied wrongdoing and are addressing the criticism.

Telegram has previously said it removed the chatbots when Reuters flagged them to the messaging platform's team.

On Thursday, an online website made by the hacker was still allowing people to merely click on a start button to receive samples of the Star Health policy-related data, including claim documents and medical records of patients.

Star did not comment on the website.

"We urge all platforms, hosting companies, social media channels and users to take swift and decisive action to halt such activities," it said.

The Telegram feature allowing users to create chatbots is widely credited with helping the Dubai-based messaging app become one of the world's biggest, with 900 million active user a month.

The hacker's website offered claim document samples in PDF format, while users can also request up to 20 samples from 31.2 million datasets comprising details such as names, policy numbers and even body mass index (BMI).

(Reporting by Aditya Kalra; Editing by Clarence Fernandez)

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By Munsif Vengattil and Aditya Kalra

BENGALURU, Sept 29 (Reuters) - U.S. software firm Cloudflare has denied any role in hosting two websites run by a hacker offering for sale stolen personal data and medical records of customers of top Indian insurer Star Health.

The statement comes after the company was made party to an Indian lawsuit filed by Star Health last week, in which the insurer alleged that Cloudflare hosted the websites in question.

"Cloudflare is not the host for the domains in question," the firm told Reuters, adding that it works as a pass-through service situated between a website host and an end-user, which is why one may see a Cloudflare IP address.

Star has also sued Telegram and the self-styled hacker xenZen, after Reuters reported that sensitive personal data, from telephone numbers to copies of identity cards and blood reports of its customers, were publicly accessible via Telegram chatbots.

The websites and Telegram bots were inaccessible on Sunday.

Star did not immediately respond to a request for comment outside regular business hours in India.

Earlier, Star said initial assessment showed "no widespread compromise", adding that sensitive customer data remained secure.

The company has received a temporary injunction from a court in its southern home state of Tamil Nadu ordering Telegram and the hacker to block any chatbots or websites in India that make the data available online.

Last week Telegram told Reuters any newly-created bots attempting to share this data were probably removed in a massive sweep of its searchable content.

The Star lawsuit comes as global scrutiny of Telegram grows following last month's arrest of its founder Pavel Durov in France, with the app's content moderation and features allegedly abused for illegal activities.

Durov and Telegram denied wrongdoing and said they were tackling the criticism.

(Reporting by Munsif Vengattil and Aditya Kalra; Editing by Clarence Fernandez)

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Sept 27 (Reuters) - Star Health and Allied Insurance Company Ltd STAU.NS:

• INDIA'S STAR HEALTH: CO RECENTLY EXPERIENCED A CYBERSECURITY INCIDENT

• STAR HEALTH: INVESTIGATING CYBERSECURITY INCIDENT, FOLLOWING REQUIRED PROTOCOLS

Further company coverage: STAU.NS

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Adds background on Telegram and bot market in paragraphs 2, 10 and 17

By Munsif Vengattil and Aditya Kalra

BENGALURU, Sept 26 (Reuters) - Top Indian insurer Star Health STAU.NS has sued Telegram and a self-styled hacker after Reuters reported that the hacker was using chatbots on the messaging app to leak personal data and medical reports of policy holders.

The lawsuit comes amid growing scrutiny of Telegram globally and the arrest of its founder Pavel Durov in France last month, with the app's content moderation and features allegedly abused for illegal activities. Durov and Telegram denied wrongdoing and are addressing the criticism.

Star has received a temporary injunction from a court in its home state of Tamil Nadu ordering Telegram and the hacker to block any chatbots or websites in India that make available the data online, according to a copy of the order.

Star has also sued U.S.-listed software firm Cloudflare Inc NET.N in the lawsuit, saying the leaked data on websites were hosted using its services.

"Confidential and personal data of ... customers and of the plaintiff's business activities in general has been hacked and leaked by using the platform (of Telegram)," the Madras High Court order dated Sept. 24 quoted Star as saying.

Star, a listed entity with a market cap exceeding $4 billion, made details of the lawsuit public for the first time in a newspaper advertisement in The Hindu on Thursday.

The court has issued notices to Telegram as well as Cloudflare in the matter, and will next hear the case on Oct. 25.

The newspaper ad by Star stated the company had asked for injunction restraining Telegram and Cloudflare from using the trade name "Star Health" or making available any of its data online.

Star Health, Telegram and Cloudflare did not respond to a Reuters request for comment.

The ability for users to create chatbots is widely credited with helping Dubai-based Telegram become one of the world's biggest messenger apps with 900 million active monthly users.

Reuters last week reported that an individual dubbed xenZen had made stolen data including medical reports of Star customers publicly accessible on Telegram, just weeks after Telegram's founder was accused of allowing the app to facilitate crime.

Star had earlier said its initial assessment showed "no widespread compromise" was detected and that "sensitive customer data remains secure".

Two chatbots distributed Star Health data. One offered claim documents in PDF format. The other allowed users to request up to 20 samples from 31.2 million datasets with a single click giving details including policy number, name and even body mass index.

In testing the bots, Reuters downloaded more than 1,500 files with some documents dated as recently as July 2024, which included policy and claims documents featuring names, phone numbers, addresses, tax cards, copies of ID cards, test results, medical diagnoses and blood reports.

Reuters shared details of the chatbots with Telegram on Sept. 16 and within 24 hours spokesperson Remi Vaughn said they had been "taken down". More chatbots appeared later.

Star has also sued the purported hacker, xenZen, in the lawsuit. The hacker in an email to Reuters on Thursday said they will join the hearings online if permitted.

The Star Health chatbots are part of a broader trend of hackers using such methods to sell stolen data. Of five million people whose data was sold via chatbots, India represented the largest number of victims at 12%, showed the latest survey on the epidemic conducted by NordVPN at the end of 2022.

(Reporting by Munsif Vengattil in Bengaluru; Editing by Christopher Cushing and Shri Navaratnam)

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