Go Digit PAT Soars to 74% Following Gross Written Premium Touching INR 2,660 Cr in Q1FY25 Go Digit reported a Gross Written Premium of INR 2,660 crore in Q1FY25
You're reading BIZ Experiences India, an international franchise of BIZ Experiences Media.
Digital full stack insurance company, Go Digit, achieved a Gross Written Premium (GWP) of INR 2,660 crore compared to INR 2,178 crore in Q1FY24, achieving a growth of 22.2 per cent. In FY23 the figure was INR 7,243 crore as compared to INR 9,016 crore in FY24. Premium Retention Ratio for Q1FY25 is 76.2 per cent, as compared to 76.9 per cent in Q1FY24.
The company's profit after tax (PAT) for Q1FY25 grew 74.1 per cent and stood at INR 101 crore, compared to INR 58 crore in Q1FY24. As of June-end, 2024, Go Digit's assets under management stood at INR 17,773 crore, compared to INR 15,764 crore as of March 2024, growing by 12.7 per cent. Combined ratio for Q1FY25 is 105.4 per cent, as compared to 106.2 per cent in Q1FY24 and 107.4 per cent in FY23.
The company offers motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products. In a recent exchange filing, the company claimed that its overall market share stood at 3.6 per cent while that of the motor insurance segment was at 6 per cent at the end of the reported quarter. The company has 80 active products launched since 2017. As of December 31, 2023, it had around 61,972 partners, including 58,532 POSPs and other agents. With 473 active bots to automate activities for partners and functions, it maintained distribution facilities across 24 states and union territories in India.
The company sold 0.30 crore policies during the said quarter while its customer count at the end of the three-month period ended June 30, 2024 stood at 5.3 crore. Company settled 21.8 lakh claims since its inception, the filing said.
