New age general insurance company Go Digit General Insurance reported around 37% jump in net profit to Rs 138 crore in the April-June quarter as compared to Rs 101 crore in the same period year ago.

The insurer, which was listed on the stock exchanges last year, posted gross premium written growth of 12% to Rs 2,982 crore during the June quarter as compared to Rs 2,660 crore in the year-ago period, according to filings with the stock exchanges.

On a non-1/n basis, gross premium written stood at Rs 3,046 crore, representing a 14.5% growth.

Starting 1 October 2024, the Insurance Regulatory and Development Authority of India (IRDAI) introduced a new way for non-life insurance companies to report long-term premium income. They must now spread the premium evenly over the policy period, based on the number of days in the policy.

Its net premium written, however, dropped to Rs 1,950 crore during the quarter from Rs 2,026 crore in the same period last year.

Go Digit's total income inched up to Rs 2,179 crore in the April-June period from Rs 2,076 crore in the year-ago period.

The solvency ratio of the Go Digit was at 227%, which is higher than the regulatory mandate of 150% in the June quarter. It was 217% in the same quarter last year.

Last month, the insurer got a legal relief after the Bombay High Court set aside a Rs 170.29 crore GST demand issued by the Chennai South Commissionerate of GST & Central Excise.