Go Digit posts 3x jump in Q2 net profit
05 Nov 2024, 02:09 AMThe insurer's profit after tax jumped 221.4% to Rs 89 crore from Rs 28 crore in Q2 FY24.
Team Head&Tale
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Oct 24: Go Digit General Insurance reported a total income of Rs 2,175 crore for the second quarter of fiscal year 2024-25, compared to Rs 1,868.5 crore in the same period last year.
However, the insurer’s total expenses jumped to Rs 2,136.05 crore in Q2 FY25, compared to Rs 1,876.54 crore for the same period last fiscal.
The company’s profit after tax jumped 221.4% to Rs 89 crore from Rs 28 crore in Q2 FY24.
In terms of customer retention, the premium retention ratio, which indicates the firm's ability to retain business, decreased to 81.4% during the quarter – down from 87.8% a year earlier.
In terms of claims, the company paid out Rs 851 crore in claims during Q2 FY25, up from Rs 763 crore in Q2 FY24. There was also a change in outstanding claims, with an increase to Rs 483 crore in Q2 FY25 compared to Rs 315 crore in Q2 FY24.
The motor insurance segment remained the largest contributor to Go Digit’s overall business. It posted premiums of Rs 1,354.21 crore in Q2 FY25 as compared to Rs 1,228.65 crore in Q2 FY24. Whereas, premiums of the health group and corporate insurance segment reached Rs 332.45 crore – up 25.24% from Rs 265.46 crore in Q2 FY24.
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