Earnings Review
Go Digit's net profit jumps nearly 3-fold in Oct-Dec
This story was originally published at 19:18 IST on 22 January 2025
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--Go Digit Oct-Dec net profit INR 1.19 bln vs INR 428.7 mln year ago
--Go Digit Oct-Dec total income INR 23.72 bln vs INR 22.14 bln year ago
--Go Digit Apr-Dec net profit INR 3.09 bln vs INR 1.29 bln year ago
--Go Digit Apr-Dec total income INR 66.24 bln vs INR 57.50 bln year ago
--Go Digit Oct-Dec gross written premium INR 26.77 bln vs INR 24.28 bln yr ago
--Go Digit: AUM at INR 189.39 bln as on Dec 31
--Go Digit: Solvency ratio at 2.22% as on Dec 31
NEW DELHI – Go Digit General Insurance Ltd.'s net profit for the quarter ended December jumped nearly threefold as the company recorded an operating profit compared to an operating loss a year ago. Go Digit Wednesday reported a 176.5% on-year jump in its net profit at INR 1.19 billion for Oct-Dec. Sequentially, the net profit was up 32.5% from INR 894.7 million reported in Jul-Sept.
The company reported an operating profit of INR 629.7 million, against an operating loss of INR 272.6 million a year ago. In Jul-Sept, the operating profit was INR 394.4 million.
Go Digit's assets under management increased 27.0% on year to INR 189.39 billion as on Dec. 31, the company said in a press release. Shares of the insurance company Wednesday ended 1.5% lower at INR 286.35 on the National Stock Exchange, ahead of the announcement of the company's financial results for Oct-Dec.
While the company reported an operating profit for the quarter, its income from investments, which is a part of income from shareholders' account, declined compared to a year ago. Income from investments, which had led to a net profit in Oct-Dec last year despite an operating los, fell 9.3% on year to INR 645.9 million in Oct-Dec.
Go Digit's gross written premium rose 10.2% on year to INR 26.77 billion. The premium retention ratio for Oct-Dec was 83.8%, as compared to 87.9% a year ago. The company's solvency ratio rose to 2.22% as on Dec. 31 from 1.60% a year ago.
Total income was up 7.1% on year at INR 23.72 billion in Oct-Dec, while total expenses rose just 3.0% on year to INR 23.09 billion. The company reported a net profit of INR 3.09 billion for Apr-Dec, against INR 1.29 billion for the year-ago period. Total income in Apr-Dec was INR 66.24 billion, higher than INR 57.50 billion a year ago. End
Reported by Shubham Rana
Edited by Avishek Dutta
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