Insurtech startup Go Digit General Insurance’s total revenue surged by 24% YoY to Rs 2,706 crore in Q1 FY25 from Rs 2,180 crore in Q1 FY24. Net earned premium, investment income, along with other sources formed a major part of the total income.
Its profit after tax grew by 74% from Rs 58 crore to Rs 101 crore in the same period.
The insurtech’s total gross written premium also increased by 22.2% YoY from Rs 1,278 crore to Rs 2,660 crore in the first quarter of the current fiscal year. Third-party motor with 36%, personal accident premiums with 22%, travel, and health premiums primarily accounted for this growth in GWP. Own damage insurance premiums and fire-related premiums accounted for 19% and 17% respectively.
Its net earned premium grew by 23.63% from Rs 1,475 crore in Q1 FY24 to Rs 1,824 crore in Q1 FY25.
The company’s premium retention ratio dropped marginally from 76.9% in Q1 FY24 to 76.2% in Q1 FY25. The company had Rs 17,773 crore in assets under management in Q1 FY25, as compared to Rs 15,764 crore in the year-ago quarter.
As for the expenses, the total operating expenses jumped 21% YoY to Rs 1,993 crore in Q1 FY25 from Rs 1,642 crore in Q1 FY24. While the company had spent Rs 544.8 crore in insurance claims in the year-ago quarter, it was Rs 118.1 crore in Q1 FY25.
In the same period, Employee benefit costs increased from Rs 68.28 crore to Rs 88.37 crore, while the cost of promotions and marketing dropped by 66% from Rs 84.24 crore to Rs 50.75 crore.
Go Digit’s customer base is 5.3 crore as of June 2024. Its shares were trading at Rs 344.90 apiece on the BSE as of 11:35 am, Friday.
