Star Health & Allied Insurance Company – Leader In Retail Health

For investing based on fundamental analysis, business quality and valuation will be determinants.
I think business quality is very good.

1. It is in a sector where penetration is low and Covid-19 has raised awareness levels leading to acceleration in product adoption.
2. Star has focused on retail segment where claims/loss ratio is on lower side and pricing is better. They are leader in this sector which bodes well for future profitability.
3. Management could have easily focused on group business and increased topline aggressively. However, they have shunned this easy way and did hard yards of improving distribution reach and building a granular franchise. This reflects very well on management quality.
4. They have best agency distribution network in the industry.

It is the valuation part which is mystery to me. How to value this business? There is no profit to gauge earnings multiple here, which is not the most relevant parameter to value insurance business anyway.
How are other members valuing this business? While valuing ICICI Lombard (another general insurance company), I had valued it based on the investments held and returns expected from investments, assuming that the company will bring combined ratio to 100% or below (after Covid related enhancement in claims).

Can Star also be valued in such a manner? What is the reasonable market cap for Star?