Go Digit General Insurance (GODIGIT) Q4 23/24 earnings summary

Executive summary

• FY24 gross written premium (GWP) rose 24.5% to ₹9,016 crore, outpacing 17.5% growth at private multiline insurers and 12.8% for the non-life industry.

• Profit after tax increased to ₹182 crore from ₹36 crore; customer base reached 4.7 crore as of 31 Mar 2024.

• Growth was led by health, travel and personal accident, while motor remained the largest business at 61% of GWP.

Financial highlights

• FY24 GWP ₹9,016 crore vs ₹7,243 crore; net earned premium ₹7,096 crore vs ₹5,164 crore.

• FY24 PAT ₹182 crore vs ₹36 crore; EPS ₹2.08 basic and ₹2.05 diluted vs ₹0.41 and ₹0.40, respectively.

• Net worth was ₹2,515 crore vs ₹2,325 crore; AUM including cash reached ₹15,764 crore vs ₹12,668 crore.

• Q4 FY24 GWP ₹2,336 crore vs ₹1,955 crore; PAT ₹53 crore vs ₹26 crore.

• FY24 total income was ₹908 crore; operating profit across insurance revenue accounts was ₹484 crore vs an operating loss of ₹663 crore.

Outlook and guidance

• Low Indian non-life insurance penetration, cited at ~1% in CY22, and rising incomes and a young population were identified as growth opportunities.

• Technology, AI and machine learning investments are expected to improve customer experience, underwriting and claims assessment; marginal new-business support costs as a share of premiums are expected to decline as scale grows.

• Priorities include transparent, customizable coverage, technology-enabled distributor tools, and data- and AI-driven decisions.