Go Digit General Insurance (GODIGIT) Q4 18/19 earnings summary

Executive summary

• FY19 gross written premium rose to ₹1,204.98 crore from ₹104.05 crore; market share in the first full year of operations was 0.71%.

• Rapid premium growth accompanied a net loss of ₹270.64 crore and an operating loss of ₹299.98 crore; reported losses were higher than FY18.

• Product simplification and digital claims processes were central operating priorities; more than 35,000 claims were closed during the year.

Financial highlights

• Gross written premium was ₹1,204.98 crore; net written premium ₹955.37 crore and net earned premium ₹499.98 crore.

• Net loss after tax was ₹270.64 crore vs ₹70.13 crore in FY18; basic and diluted EPS were both -₹5.04 vs -₹2.33.

• Operating loss was ₹299.98 crore vs ₹83.31 crore; investment income, net, was ₹25.87 crore in FY19.

• Net worth was ₹479.37 crore and total assets ₹1,757.34 crore at 31 March 2019.

Segment performance

• Miscellaneous insurance reported an operating loss of ₹295.64 crore; Fire lost ₹4.32 crore and Marine ₹0.02 crore.

• Motor was the largest miscellaneous premium segment; FY19 net earned premium was ₹353.12 crore, including ₹268.61 crore for Motor OD and ₹84.51 crore for Motor TP.

• Miscellaneous segment net incurred claims were ₹386.26 crore; Motor accounted for ₹267.99 crore, including ₹207.70 crore for Motor TP.