Go Digit General Insurance on Thursday reported a 74% jump in its net profit for the quarter ended June 30, 2024 at Rs 101 crore versus Rs 58 crore reported by the company in the year ago period. The gross written premium for the reported quarter stood at Rs 2,660 crore which was higher by 22% over Rs 2,178 crore reported in the corresponding quarter of the previous financial year.
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The assets under management in the April-June 2024 quarter stood at Rs 17,773 crore up from Rs 13,337 crore in Q1FY24. It was a 33% year-on-year jump. On a sequential basis, the AUM grew by 12.7% compared to Rs 15,764 crore as at March 31, 2024.
The premium retention ratio for Q1FY25 stood 76.2% as compared to 76.9% in Q1FY24. The combined ratio for Q1FY25 is 105.4% as compared to 106.2% in Q1FY24.
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The company offers motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products.
In its filing to the exchanges today, the company claimed that its overall market share stood at 3.6% while that of motor insurance segment was at 6% at the end of the reported quarter. The company has 80 active products launched since 2017.
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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.
Earnings were announced after market hours and the Go Digit shares settled on the NSE at Rs 337, down by Rs 8.65 or 2.50%.
