Go Digit General Insurance shares jump 10% on strong Q4 results

The newly listed company, which is backed by cricketer Virat Kohli, reported a profit after tax (PAT) of ₹53 crore for the final quarter of financial year 2024, rising sharply by 104% on a year-on-year (YoY) basis from ₹26 crore in the same period last year.

Its gross written premium grew 19.5% YoY to ₹2,336 crore in the March quarter compared to ₹1,955 crore in the same quarter last year. The retention ratio expanded to 89.9% in the focused quarter from 88.3% last year.

Go Digit’s Asset Under Management (AUM) gained 24.4% in Q4 FY24 to ₹15,764 crore, compared to ₹12,668 crore in the same period last year, while the combined ratio rose to 108.8% from 102.6% in Q4 FY23.

For the whole financial year 2024, Go Digit General Insurance’s PAT skyrocketed by 405.6% to ₹182 crore from ₹36 crore last year.

Its gross written premium rose 25% to ₹9,016 crore in FY24 from ₹7,243 in FY23, while the net earned premium jumped 37.4% to ₹7,096 crore from ₹5,164 in the preceding fiscal year.

Go Digit is a newly-listed stock that debuted on the stock markets last month on May 23, at a marginal premium of 5.14% over its issue price of ₹272 per share. It was listed at ₹286 per piece on the NSE.