More Stories

Informist, Thursday, Oct. 24, 2024

 

--Go Digit Jul-Sept net profit INR 894.70 mln vs INR 276.90 mln year ago 

--Go Digit Jul-Sept total income INR 21.75 bln vs INR 18.69 bln year ago 

--Go Digit Apr-Sept total income INR 42.52 bln vs INR 35.36 bln year ago 

--Go Digit Apr-Sept net profit INR 1.91 bln vs INR 861.5 mln year ago 

 

By Shubham Rana

 

NEW DELHI - Go Digit General Insurance Ltd. Thursday reported a 223.1% jump in its net profit to INR 894.7 million for the quarter ended September. Sequentially, however, the net profit was down 11.7% from INR 1.01 billion reported in Apr-Jun.

 

The sharp rise in net profit in Jul-Sept was led by a 63.2% year-on-year rise in income from investments to INR 589.3 million, which is a part of income from shareholders' account. Operating profit, meanwhile, rose to INR 394.4 million from an operating loss of INR 80.3 million a year ago. Total income was up 16.4% on year at INR 21.75 billion in Jul-Sept, while total expenses rose 13.8% on year to INR 21.36 billion.

 

Go Digit's gross premium written rose 14.2% on year to INR 23.69 billion, while the net premium written was up 5.8% on year at INR 19.28 billion in Jul-Sept. The net premium earned was up 14.1% on year at INR 18.91 billion.

 

The insurer spent INR 5.73 billion on commission in Jul-Sept, 7.4% higher than last year. Expenses on business development and sales promotion were down 18.4% on year at INR 812.7 million, while other expenses slumped 42.2% on year to INR 572.2 million.

 

The total assets under management were INR 185.02 billion as of Sept. 30, the insurer said in an investor presentation. The net retention ratio fell to 81.4% in Jul-Sept from 87.8% a year ago. The solvency ratio of the insurer was 2.18% in the quarter ended September, as against 1.62% a year ago.

 

For Apr-Sept, the insurer reported a 121.5% jump in net profit to INR 1.91 billion. Total income was up 20.3% on year at INR 42.52 billion, while total expenses rose 17.4% on year to INR 41.30 billion in Apr-Sept.

 

Shares of the insurance company Thursday ended 2.1% lower at INR 340.30 on the National Stock Exchange of India Ltd.  End

 

Edited by Vandana Hingorani

 

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

Informist Media Tel +91 (11) 4220-1000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2024. All rights reserved.