Go Digit Q4 Results: PAT jumps 104% YoY to Rs 53 crore; gross written premium up 19%

Go Digit General Insurance on Tuesday reported a net profit of Rs 53 crore for the quarter ended March 31, 2024, which was up 104% from Rs 26 crore reported by the company in the year-ago period. The gross written premium for the reported quarter stood at Rs 2,336 crore up from Rs 1,955 crore reported in Q4FY23. This is a nearly 19% jump on the year-on-year basis.

For the full financial year the net profit stood at Rs 182 crore versus Rs 36 crore in FY23, which is a 405% jump. Meanwhile, the gross written premium for the full financial year stood at 9,016 crore versus Rs 7,243 crore in FY23. The company achieved a growth of 24.5% on the YoY basis.

Premium Retention Ratio

The premium retention ratio for FY 2023-24 stood at 85.8% compared to 81.6% in FY 2022-23. For the reported quarter it stood at 89.9% as compared to 88.3% in Q4FY23.

Asset Under Management

As on March 31, 2024, its asset under management (AUM) stood at Rs 15,764 crore, compared to Rs 12,668 cr as on March 31, 2023, which is growth of 24.4%.

Go Digit is a digital full stack insurance company offering motor insurance, health insurance, travel insurance, property insurance, marine insurance,

liability insurance and other insurance products.

The earnings were announced after market hours and the stock settled at Rs 336.70 on Tuesday, down by Rs 7.90 or 2.29%.

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