The new-age general insurance company reported a gross written premium of Rs 2,368.5 crore in the September quarter, up 14% from Rs 2,073.8 crore a year back.
In a filing with the stock exchanges, the Fairfax-backed insurance company said it has reappointed its founder Kamesh Goyal as the non-executive chairman for a period of five years from October 24, 2024, subject to insurance regulator IRDAI’s approval.
The company paid around Rs 572 crore worth of commissions and brokerage to its distribution partners in the September quarter and reported a total income of Rs 2,175 crore.
An insurance company collects premium from its customers but also pays premium to reinsurance companies. It also gets additional income from the interest earned from its investments.
Go Digit reported overall expenses of Rs 2,136 crore during the quarter, with employee expenses up 38% to Rs 90.4 crore and sales promotions expenses down 18% to Rs 81.2 crore.
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The Bengaluru-based company’s solvency ratio improved to 2.2, up from 1.69 in the same period last year. Solvency ratio is the indicator of an insurance company’s ability to meet its long-term payment obligations.Overall motor insurance premium collection for the September quarter stood at Rs 1,354 crore compared to Rs 1,228 crore a year back. Motor insurance is one of the main products for the company.
Go Digit shares were down 1.7% at Rs 341.4 in intra-day trading on October 24.
