Star Health (Star) reported PAT of Rs5.2bn in 9MFY23 (split Rs2.13bn in Q1FY23 and Rs930mn in Q2FY23 and Rs2.1bn in Q3FY23). Adjusted for a one-off ESOP cost, 9MFY23 PAT works out to be Rs6.3bn. We remain confident about the company’s ability to manage a higher than industry growth in retail health premium along with profitability as targeted through <95% combined ratio.