Go Digit General Insurance (GODIGIT) Q4 20/21 earnings summary

Executive summary

• FY21 gross written premium (including reinsurance inward) rose 44% to ₹3,243 crore, versus 5.4% industry growth; market share was 1.6%.

• Growth was supported by simplified products and technology-enabled servicing amid the pandemic, while the year still ended with a ₹123 crore net loss after tax.

Financial highlights

• Gross written premium was ₹3,243 crore versus ₹2,252 crore; net earned premium was ₹1,944 crore versus ₹1,241 crore.

• Net loss after tax narrowed to ₹123 crore from ₹175 crore; FY21 basic and diluted EPS were both -₹1.50 versus -₹2.41.

• Net worth reached ₹1,158 crore from ₹1,122 crore; assets under management, including cash, rose to ₹5,590 crore from ₹3,549 crore.

• Operating loss narrowed to ₹185.49 crore from ₹226.95 crore; investment income and other shareholder-account income supported the result.

Segment performance

• Miscellaneous insurance operating loss narrowed to ₹142.41 crore from ₹193.44 crore; fire loss widened to ₹42.57 crore from ₹33.03 crore.

• Marine operating loss was ₹0.50 crore versus ₹0.48 crore; FY21 segment results remained loss-making across fire, marine and miscellaneous lines.

• Motor gross direct premium growth was 18.66%; miscellaneous total grew 30.80%, and fire grew 282.93%.