The insurtech company registered a PAT of INR 89.47 Cr in Q2 FY25, up 221% YoY from INR 27.69 Cr in the year-ago quarter.
Its total gross written premium (GWP) rose 14.2% to INR 2,368.57 Cr in the quarter ended September from INR 2,073.84 Cr in Q2 FY24
Including other income, Go Digit’s total income for the quarter stood at INR 2,175.49 Cr
Insurtech company Go Digit General Insurance saw its profit after tax (PAT) soar 221% to INR 89.47 Cr in the second quarter of the fiscal year 2024-25 (Q2 FY25) from INR 27.69 Cr in the year-ago quarter.
Its total gross written premium (GWP) rose 14.2% to INR 2,368.57 Cr in the quarter ended September from INR 2,073.84 Cr in Q2 FY24. Net written premium also grew 5.8% to INR 1,927.85 Cr from INR 1,821.61 Cr in the year-ago quarter.
On a sequential basis, the insurtech company’s profit declined 13.2% from INR 101.34 Cr.
The company said that its asset under management (AUM) at the end of the quarter stood at INR 18,502 Cr, up 17.4% from INR 15,764 Cr at the end of FY24.
Including other income, Go Digit’s total income for the quarter rose 16.4% to INR 2,175.49 Cr from INR 1,868.51 Cr in Q2 FY24.
In an investor presentation, the company said it sold 0.6 Cr policies to 6 Cr customers in the quarter, taking its share in the insurance market to 3.3%.
Third-party motor premiums continued to be the biggest contributor to Go Digit’s revenue. Its net premium from motor insurance rose 10% to INR 1,354.21 Cr in the September quarter from INR 1,228.65 Cr in the year-ago quarter. Go Digit claimed that its market share in the motor insurance space stood at 6.2% at the end of the quarter.
The second biggest contributor to premium was health insurance. Go Digit earned a cumulative net premium of INR 354.59 Cr from it. Net premium from fire insurance stood at INR 29.87 Cr, while it earned a modest INR 1.19 Cr in premium from its marine insurance offering.
Zooming Into Expenses
Go Digit’s total operating expenses for the quarter jumped 13.8% to INR 2,136.05 Cr from INR 1,876.54 Cr it spent in Q2 FY24.
Incurred Claims: While the company spent INR 851.15 Cr towards insurance claims, it also spent INR 483.32 Cr on change in outstanding claims during the quarter. This marked a total expenditure of INR 1,334.47 Cr, up 23.6% from the INR 1,079.35 Cr it spent in the year-ago quarter.
Employee Cost: Go Digit spent INR 90.48 Cr on employee remuneration and welfare in Q2 FY25, up 38.6% from INR 65.28 Cr in the year-ago period.
Ad Expenses: Spending towards business development, sales and promotions went down 18% year-on-year to INR 81.27 Cr in Q2.
Founded in 2017 by Kamesh Goyal, Go Digit leverages technology to offer insurance policies across verticals such as health, motor vehicle, travel, and property. It is backed by the likes of Fairfax, Peak XV Partners, A91 Partners, among others.
The company went public on May 23, 2024 at a share price of INR 281 apiece.
Shares of Go Digit ended today’s trading session 1.77% lower than previous close at INR 341.40.
