Go Digit General Insurance, a leading insurtech company, has posted remarkable financial results for Q2 FY25, with its profit after tax (PAT) soaring 221% year-over-year to ₹89.47 crore, demonstrating the growing success of digital-first insurance models in India.
The company’s impressive performance includes a 14.2% increase in total gross written premium (GWP) to ₹2,368.57 crore, while its net written premium grew 5.8% to ₹1,927.85 crore compared to the same quarter last year. The results highlight Go Digit’s successful strategy in leveraging technology to expand its market presence.
Founded in 2017 by Kamesh Goyal, Go Digit has established itself as a significant player in India’s insurance sector, particularly in motor insurance, where it commands a 6.2% market share. The company’s asset under management (AUM) reached ₹18,502 crore, marking a 17.4% increase from the end of FY24.
The company’s motor insurance segment continues to be its strongest revenue generator, with net premium rising 10% to ₹1,354.21 crore. Health insurance emerged as the second-largest contributor, generating a net premium of ₹354.59 crore. The company’s crop insurance segment showed significant growth, with premiums jumping 48.86% to ₹117.14 crore.
However, the company faces increasing operational costs, with total operating expenses rising 13.8% to ₹2,136.05 crore. Employee costs saw a notable increase of 38.6% to ₹90.48 crore, reflecting the company’s investment in human capital.
These results are particularly significant given Go Digit’s recent public listing in May 2024, where it debuted at ₹281 per share. The company’s strong performance validates its technology-driven approach and positions it well for future growth in India’s expanding insurtech sector.
Key Statistics:
- 221% YoY profit growth to ₹89.47 crore
- 14.2% increase in GWP to ₹2,368.57 crore
- 17.4% growth in AUM to ₹18,502 crore
- 6.2% market share in motor insurance
- 48.86% growth in crop insurance premiums
The company’s performance has significant implications for India’s insurtech sector, demonstrating that digital-first insurance models can achieve both scale and profitability. Go Digit’s success in multiple insurance segments suggests growing consumer acceptance of digital insurance solutions.
As the insurance sector continues to evolve with technological advancement, Go Digit’s results set a benchmark for other insurtech players and traditional insurers looking to digitize their operations. The company’s continued growth trajectory indicates the potential for further innovation and expansion in India’s insurance market
