Go Digit net profit surges 73% in Q1 FY25
Go Digit General Insurance reported a 73% jump in net profit to Rs 101 crore for the quarter ending June 30, compared to Rs 58.4 crore last year.
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The gross written premium for the June quarter reached Rs 2,660 crore, up 22% from Rs 2,177 crore a year prior.
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Offering CollegeCourseWebsiteMIT xPROMIT Technology Leadership and InnovationVisitIndian School of BusinessProfessional Certificate in Product ManagementVisitIIT DelhiCertificate Programme in Data Science & Machine LearningVisitThe insuretech startup’s net retention ratio, which is the number of people renewing their policies at the end of their policy term, fell slightly to 76.2% in this quarter, compared to 76.9% a year ago.
The Bengaluru-based general insurance company’s solvency ratio improved to 2.17, up from 1.69 in the same period last year.
Solvency ratio indicates the amount of capital an insurance company holds relative to the risk it has assumed through policy issuance.
The Fairfax-backed startup, which went public on May 23, had its second consecutive profitable year in FY24, with net profit surging nearly sixfold to Rs 182 crore.
Founded in 2017, Go Digit offers a comprehensive range of insurance products, including motor, health, travel, property, marine, liability, and other types of insurance.
On Thursday, the company also
