By Inc42 Media

SUMMARY

Go Digit’s total gross written premium (GWP) increased 24.5% YoY to INR 9,016 Cr in FY24

Its net earned premium stood at INR 7,096 Cr in the reported fiscal as against INR 5,164 Cr in FY23

The company’s assets under management stood at INR 15,764 Cr as of March 31, 2024

Recently-listed insurtech startup Go Digit posted over a 400% jump in its profit after tax (PAT) to INR 182 Cr in the financial year 2023-24 (FY24) from INR 36 Cr in the previous fiscal year.

Led by sharp growth in health, travel, and personal accident premiums, Go Digit’s total gross written premium (GWP) increased 24.5% to INR 9,016 Cr from INR 7,243 Cr in FY23.

Third-party motor insurance premiums continued to be the biggest contributor to the startup’s GWP at 39%, followed by own damage motor insurance premiums at 22%. Health, travel, and personal accident premiums together contributed 19% to the total GWP in FY24.

Go Digit’s net earned premium stood at INR 7,096 Cr in the reported fiscal as against INR 5,164 Cr in FY23.

The company said that its premium retention ratio for FY24 stood at 85.8% compared to 81.6% in the year before.

Go Digit’s assets under management stood at INR 15,764 Cr as of March 31, 2024 compared to INR 12,668 Cr in the year-ago period.

Founded in 2017 by Kamesh Goyal, Go Digit offers insurance policies across verticals like health, motor vehicle, travel, and property. Backed by marquee investors Fairfax, Peak XV Partners, A91 Partners, Virat Kohli and Anushka Sharma, the startup got listed on the Indian bourses in May this year.

Source: Inc42 Media