Go Digit General Insurance logs profit of Rs 118 crore; up 175% on strong business growth
ETtech
Synopsis
The Fairfax-backed insurer has elevated Atul Mehta to country head for retail geographies and key partnerships. Though it gets a large chunk of its business through its physical agents, 59% of policies are issued through technology integration with its partners.
By ETtech
Last Updated:
Go Digit General Insurance reported a quarterly net profit of Rs 118 crore, up 175% from a year ago, buoyed by strong growth in insurance premium collection.
In a filing with the stock exchanges, the Fairfax-backed insurance company said it has elevated Atul Mehta to the position of country head for retail geographies and key partnerships. Mehta was the chief business officer at the key relationships group in his earlier role.
Commissions and brokerages to distribution partners amounted to about Rs 543 crore in the December quarter. Total income for the quarter stood at Rs 2,371 crore.
An insurance company collects premium from customers but also pays premium to reinsurance companies. It also gets additional income from the interest earned from its investments.
Go Digit reported overall expenses of Rs 2,308 crore in the December quarter, up from Rs 2,241 crore a year ago.
The general insurance company’s solvency ratio stayed at 2.2.
The company’s partner network stood at 69,527 at the end of the calendar year 2024 and its overall assets under management stood at Rs 18,939 crore.
While the share of business coming from health and travel insurance improved to 19% in 2024, motor continued to be the mainstay of the business with more than 60% share of total premium collected.
Go Digit still makes a large chunk of the business through its physical agent network, the company said that 59% of its policies are now issued through direct technology integration with its partners, reflecting its focus on technology for insurance distribution.
On Wednesday, Go Digit’s shares closed 1.85% down on the BSE at Rs 286.2.
ADVERTISEMENT
The Bengaluru-based new-age general insurance company clocked a gross written premium of Rs 2,676 crore in the December quarter, up from Rs 2,427 crore a year back. It had posted Rs 42.8 crore net profit in the year-ago quarter.In a filing with the stock exchanges, the Fairfax-backed insurance company said it has elevated Atul Mehta to the position of country head for retail geographies and key partnerships. Mehta was the chief business officer at the key relationships group in his earlier role.
Commissions and brokerages to distribution partners amounted to about Rs 543 crore in the December quarter. Total income for the quarter stood at Rs 2,371 crore.
An insurance company collects premium from customers but also pays premium to reinsurance companies. It also gets additional income from the interest earned from its investments.
Go Digit reported overall expenses of Rs 2,308 crore in the December quarter, up from Rs 2,241 crore a year ago.
ADVERTISEMENT
The general insurance company’s solvency ratio stayed at 2.2.
The company’s partner network stood at 69,527 at the end of the calendar year 2024 and its overall assets under management stood at Rs 18,939 crore.
ADVERTISEMENT
While the share of business coming from health and travel insurance improved to 19% in 2024, motor continued to be the mainstay of the business with more than 60% share of total premium collected.
Go Digit still makes a large chunk of the business through its physical agent network, the company said that 59% of its policies are now issued through direct technology integration with its partners, reflecting its focus on technology for insurance distribution.
ADVERTISEMENT
On Wednesday, Go Digit’s shares closed 1.85% down on the BSE at Rs 286.2.
( Originally published on Jan 22, 2025 )
