Latest news with #GoDigitGeneralInsurance
Time of India
3 days ago
- Business
- Time of India
Irdai chief post vacant since March, reforms stall
MUMBAI: Plans to revamp the insurance sector are in limbo, with key reforms stalling after Irdai chairman Debashish Panda left office in March. The post remains vacant, leaving the sector without regulatory leadership at a time when several major initiatives are awaiting rollout. Tired of too many ads? go ad free now The most ambitious among them is Bima Sugam, a unified digital marketplace for policy comparison, purchase, and servicing. With each insurer having invested a few crore in the platform, its launch plan is yet to be finalised. Bima Vistaar, aimed at rural bundled coverage, and Bima Vahaak, a women-led distribution model, are also facing technical and operational delays. Moves to shift to a risk-based capital framework and align insurance accounting with IFRS remain incomplete. These efforts, meant to modernise regulatory oversight and financial disclosures, have not progressed due to a lack of industry readiness and clarity on implementation. Proposals to allow 100% FDI, issue composite licences, and introduce differentiated capital norms have yet to be legislated. Plans to list state-run insurers have also not advanced amid resistance from within the public sector. At the same time, regulatory scrutiny of mis-selling and poor distribution practices has increased. RBI and the finance ministry have flagged concerns over banks and auto dealers forcing customers to buy bundled insurance. Regulatory audits have revealed issues such as opaque claim rejections, sharp premium hikes, and poor portability in retail health insurance. "If the insurance industry is to grow the way mutual funds did after 2010, we need greater transparency, lower costs, and rebuilt trust," said Kamesh Goyal, co-founder of Go Digit General Insurance. Tired of too many ads? go ad free now "Sebi introduced direct plans and standard charges. Insurance could adopt similar guidelines-such as mandating refunds with interest when loss ratios fall below a certain level." Goyal added that small retail customers are often subsidising large corporate groups. "We're not saying distributors shouldn't earn, but loss ratios at 10% are unsustainable. A level of 60-65% is more realistic, accounting for costs and investment income. Once a fair value proposition is in place, mis-selling naturally comes down," he said. Public sector insurers are also under pressure, with three of them breaching solvency norms. While insurance premiums have increased, the number of individual policies has remained flat, limiting its impact on financial inclusion. Another area needing regulatory attention is surety bonds. Though these now substitute bank guarantees, insurers say they carry higher risk due to a lack of protection under bankruptcy laws-unlike banks. The delay in appointing a new chairman has slowed reform at a time when the sector needs urgent regulatory clarity.
News18
29-04-2025
- Business
- News18
Go Digit Shares Fall 2% Despite 118% Net Profit Jump In Q4
Last Updated: Go Digit General Insurance shares fell 2.75% despite strong Q4 FY25 results. Premiums rose 14% to Rs 10,282 crore, and profit after tax increased 133.5% to Rs 425 crore. Go Digit Share Price: On Tuesday, Go Digit General Insurance's shares were trading in red despite strong quarterly performance in Q4 FY25. The scrip was trading at Rs 301 apiece with a fall of 2.75 per cent at the time of writing this report. Go Digit has demonstrated significant growth in its financial performance for the fiscal year 2024-25. The company's profitability, gross written premium, and assets under management have all seen substantial increases. Go Digit's Gross Written Premium Income In Q4 2025, Go Digit recorded a gross written premium of Rs 2,576 crore, up from Rs 2,336 crore in Q4 2024, marking a growth of 10.3%. For the entire FY 2024-25, the company achieved a gross written premium of Rs 10,282 crore, a 14.0% increase from Rs 9,016 crore in FY 2023-24. Without the 1/n basis, the gross written premium for Q4 2025 reached Rs 2,652 crore, a growth of 13.5%, and for FY 2024-25, it was Rs 10,419 crore, reflecting a 15.6% increase. Go Digit's PAT Go Digit's profit after tax for Q4 2025 stood at Rs 116 crore, compared to Rs 53 crore in Q4 2024, showing an impressive growth of 118.9%. For FY 2024-25, the profit after tax was Rs 425 crore, up from Rs 182 crore in FY 2023-24, a growth of 133.5%. The return on average equity (ROAE) for FY 2024-25 was 13.0%, up from 7.5% in FY 2023-24. As of March 31, 2025, Go Digit's assets under management were Rs 19,703 crore, a 25.0% increase from Rs 15,764 crore as of March 31, 2024. The combined ratio for Q4 2025 was 111.3%, compared to 108.8% in Q4 FY25. For FY 2024-25, the combined ratio stood at 109.3%, slightly higher than 108.7% in the previous fiscal year. Without the 1/n basis, the combined ratio for Q4 2025 was 109.7%, and for FY 2024-25, it was 108.6%. As of March 31, 2025, Go Digit's solvency ratio was 2.24x, compared to 1.61x as of March 31, 2025. This is well above the minimum regulatory requirement of 1.50x. Go Digit's financial performance in FY 2024-25 reflects strong growth and improved profitability. The company has successfully increased its premium income, assets under management, and solvency ratio while maintaining robust profitability. First Published:
Business Standard
28-04-2025
- Business
- Business Standard
Go Digit General Insurance standalone net profit rises 119.54% in the March 2025 quarter
Sales rise 13.38% to Rs 2246.87 crore Net profit of Go Digit General Insurance rose 119.54% to Rs 115.61 crore in the quarter ended March 2025 as against Rs 52.66 crore during the previous quarter ended March 2024. Sales rose 13.38% to Rs 2246.87 crore in the quarter ended March 2025 as against Rs 1981.79 crore during the previous quarter ended March 2024. For the full year,net profit rose 133.89% to Rs 424.94 crore in the year ended March 2025 as against Rs 181.68 crore during the previous year ended March 2024. Sales rose 13.38% to Rs 8045.96 crore in the year ended March 2025 as against Rs 7096.40 crore during the previous year ended March 2024. Particulars Quarter Ended Year Ended Mar. 2025 Mar. 2024 % Var. Mar. 2025 Mar. 2024 % Var. Sales 2246.871981.79 13 8045.967096.40 13 OPM % -9.30-20.96 - 1.24-4.04 - PBDT 115.6152.66 120 424.94181.68 134 PBT 115.6152.66 120 424.94181.68 134 NP 115.6152.66 120 424.94181.68 134
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Business Standard
28-04-2025
- Business
- Business Standard
Go Digit Q4 results: Net profit more than doubles to Rs 116 crore
Go Digit General Insurance's net profit more than doubled to Rs 116 crore in the fourth quarter of financial year 2025, from Rs 53 crore in the same quarter last year, marking a growth of 118.9 per cent. For the full financial year 2024-25, the company's profit after tax surged by 133.5 per cent to Rs 425 crore, compared to Rs 182 crore in FY24. In the fourth quarter of FY25, Go Digit reported a gross written premium (GWP) of Rs 2,576 crore, registering a growth of 10.3 per cent compared to Rs 2,336 crore in Q4FY24. For the full year, the company's GWP rose by 14.0 per cent to Rs 10,282 crore, up from Rs 9,016 crore in FY24. Correspondingly, the return on average equity (ROAE) improved significantly to 13.0 per cent in FY25, up from 7.5 per cent in the previous year, highlighting better efficiency in capital usage. Go Digit's assets under management (AUM) also expanded considerably, standing at Rs 19,703 crore as of March 31, 2025, a 25.0 per cent increase from Rs 15,764 crore recorded at the end of FY24. This growth reflects the company's strong investment performance and business expansion during the year. However, the company's combined ratio, a key indicator of underwriting performance, rose slightly. The combined ratio for Q4FY25 was 111.3 per cent, compared to 108.8 per cent in Q4FY24. A combined ratio over 100 per cent means an underwriting loss — the insurer is paying more in claims and expenses than they earn from premiums. For the full year, the combined ratio stood at 109.3 per cent, marginally higher than 108.7 per cent in FY24. The insurer reported a solvency ratio of 2.24 in the fourth quarter of FY25, which was 1.61 in the corresponding quarter of the previous financial year.
Time of India
28-04-2025
- Business
- Time of India
Go Digit General Insurance doubles net profit in Q4 FY25; posts third straight profitable year
Go Digit General Insurance reported strong financial growth for the fourth quarter of FY25, with net profit more than doubling to Rs 115.6 crore from Rs 52.6 crore a year earlier. #Pahalgam Terrorist Attack India stares at a 'water bomb' threat as it freezes Indus Treaty India readies short, mid & long-term Indus River plans Shehbaz Sharif calls India's stand "worn-out narrative" The Bengaluru-based new-age insurance startup , which went public on May 23, marked its third consecutive profitable year, with net profit for FY25 rising nearly threefold to Rs 424 crore, according to stock exchange filings . Gross written premium — the total premium collected from customers before deductions for expenses — rose 10.3% year-on-year (YoY) to Rs 2,576.3 crore in the quarter. For the full fiscal year, it stood at Rs 10,282.1 crore. During the quarter, Go Digit earned Rs 2,246.8 crore in net premium, compared to Rs 1,981.7 crore last year. Motor insurance contributed the largest share with a net premium of Rs 1,373.3 crore, followed by health, corporate, fire, marine, and other segments. The company's total expenses for the quarter increased 10% YoY to Rs 2,426.1 crore, while total income grew 6 percent to Rs 2,855.1 crore from Rs 2,692.5 crore. Further, the filing noted that the claims paid during the quarter rose to Rs 1,353.6 crore, up from Rs 1,075.6 crore in the same period last year. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Go Digit's solvency ratio improved to 2.24 at the end of March, up from 1.61 a year earlier. This ratio indicates the amount of capital an insurance company has relative to the risk it has assumed through policy issuance. On Monday, shares of Go Digit closed 3.8 percent higher at Rs 308.8 on the BSE.
