Go Digit General Insurance reported strong financial growth for the first quarter of FY26, with net profit rising 36.5% year-on-year (YoY) to Rs 138.3 crore from Rs 101.3 crore. The growth came alongside an uptick in gross written premiums and a controlled rise in expenses.
The Fairfax-backed new-age insurance startup, which debuted on the stock exchanges on May 23 last year, reported a 4% increase in total income to Rs 2,179.4 crore during the quarter. Total expenses rose at a slower pace of 3% to Rs 2,058.5 crore.
Employees expenses held steady at around Rs 90 crore, while marketing and promotional costs were slashed nearly in half to Rs 28.8 crore from Rs 50 crore a year earlier. However, this was a sharp sequential rise from Rs 8.4 crore in the March quarter.
Gross written premium, the total premium collected before accounting for expenses, rose 12% year-on-year to Rs 2,981.8 crore. Net premium earned during the quarter came in at Rs 1,865 crore, slightly higher than Rs 1,823.7 crore a year ago.
According to the filing, motor insurance continued to drive the majority of the firm’s business, contributing Rs 1,430 crore in net premiums, followed by health, corporate, fire, marine, and other segments.
Further, claims paid during the quarter rose to Rs 902.5 crore, up from Rs 718.1 crore in the corresponding period last year.
Go Digit’s solvency ratio improved to 2.27 at the end of June, compared to 2.17 a year earlier. This ratio indicates the amount of capital an insurance company has relative to the risk it has assumed through policy issuance.
Shares of Go Digit closed 0.4% higher at Rs 350 on the BSE on Monday.
The Fairfax-backed new-age insurance startup, which debuted on the stock exchanges on May 23 last year, reported a 4% increase in total income to Rs 2,179.4 crore during the quarter. Total expenses rose at a slower pace of 3% to Rs 2,058.5 crore.
Employees expenses held steady at around Rs 90 crore, while marketing and promotional costs were slashed nearly in half to Rs 28.8 crore from Rs 50 crore a year earlier. However, this was a sharp sequential rise from Rs 8.4 crore in the March quarter.
Gross written premium, the total premium collected before accounting for expenses, rose 12% year-on-year to Rs 2,981.8 crore. Net premium earned during the quarter came in at Rs 1,865 crore, slightly higher than Rs 1,823.7 crore a year ago.
According to the filing, motor insurance continued to drive the majority of the firm’s business, contributing Rs 1,430 crore in net premiums, followed by health, corporate, fire, marine, and other segments.
Further, claims paid during the quarter rose to Rs 902.5 crore, up from Rs 718.1 crore in the corresponding period last year.
Go Digit’s solvency ratio improved to 2.27 at the end of June, compared to 2.17 a year earlier. This ratio indicates the amount of capital an insurance company has relative to the risk it has assumed through policy issuance.
Shares of Go Digit closed 0.4% higher at Rs 350 on the BSE on Monday.
