Star Health’s (STAR) dominant market position potentially makes it a key beneficiary of India’s growing health insurance sector. FY23E performance (we expect reported PAT of Rs6.3bn including one-off ESOP costs) will likely solidify expectations of Rs10bn PAT in FY24E. New regulations of open architecture and EOM guidelines can further boost the company’s position, which has significant moats in the form of distribution, hospital network tie-ups, and claim management track-record.