Go Digit General Insurance Limited · NSE:GODIGIT
Go Digit General Insurance — Q4 FY2024 Earnings Presentation
20 slides from Go Digit General Insurance's earnings presentation, Mar 31, 2024
Slide 1: Making insurance simple
Making insurance simple Value Statements Question the status quo Be Transparent Results for Quarter & Year ended 31st Mar 2024 1 PRIVATE AND CONFIDENTIAL
Slide 2: Disclaimer
Disclaimer: This investor presentation may contain certain words or phrases in writing or otherwise which are not statements of historical facts and may be described as “forward-looking statements”. These forward-looking statements generally can be identified by words or phrases such as “aim”, “anti
Slide 3: Business Strengths
Business Strengths High-quality Focus on Predictive Advanced A nimble customer empowering underwriting technology organization with experience distribution models platform a skilled and partners experienced management team 3 PRIVATE AND CONFIDENTIAL
Slide 4: The Numbers
The Numbers: Gross Written Premium (1) Market Share (1,2) Diverse product portfolio (3) ₹9,016 cr 3.1% / 6.0% 77 Market share for Total / Motor Active products launched since insurance 2017 1.1 cr policies sold (1) Partner network (3) Digitally enabled claims (3) 4.7 cr 19.6 Lacs 64,395 Customers (3
Slide 5: Key Performance Indicators
Key Performance Indicators ₹ cr Particulars FY2022 FY2023 FY2024 Q4 2023 Q4 2024 Gross Written Premium 5,268 7,243 9,016 1,955 2,336 Net Earned Premium 3,404 5,164 7,096 1,396 1,982 Net retention Ratio 79.4% 81.6% 85.8% 88.3% 89.9% Combined Ratio (CoR) 112.7% 107.4% 108.7% 102.6% 108.8% Profit after
Slide 6: GWP Growth
GWP Growth Gross Written Premium ₹cr ₹cr 9,016 7,243 2,336 24% 37% 20% 5,268 1,955 FY22 FY23 FY24 FY23 Q4 FY24 Q4 GWP Mix GWP Growth *Industry Growth GWP Mix GWP Growth *Industry Growth % GWP FY22 FY23 FY24 FY23 FY24 FY23 FY24 % GWP FY23 Q4 FY24 Q4 FY24 Q4 FY24 Q4 Motor - OD 16% 19% 22% 66% 42% 17%
Slide 7: Results: Combined Ratio & Profit after tax
Results: Combined Ratio & Profit after tax Combined ratio Profit after Tax % (1) ₹ cr 112.7% 107.4% 108.7% 108.8% 102.6% 182 53 74.0% 36 26 67.2% 70.3% 59.3% 72.2% FY 2022 FY 2023 FY 2024 Q4 2023 Q4 2024 38.6% 40.2% 43.3% 38.4% 36.6% -296 FY 2022 FY 2023 FY 2024 Q4 2023 Q4 2024 Expense Ratio Claim R
Slide 8: Growing Assets Under Management base leading to higher investment income
Growing Assets Under Management base leading to higher investment income Assets under management Investment Income & Yield ₹ cr Issue of ₹ 350 cr ₹ cr Investment Yield Investment Leverage Sub Debt • Times(AUM multiple to Networth) % 7.3% 6.3 1,049 15,764 5.4 24% 6.3% 45% 12,668 35% 722 5.0 9,394 6.2
Slide 9: Investment Asset Allocation
Investment Asset Allocation Rating Wise Exposure % Sector Wise Exposure % FY2022 FY2023 FY 2024 FY2022 FY2023 FY2024 Equity 1.5% 1.2% 1.6% Others 0.8% 0.9% 1.1% Reverse Repo and 1.9% 1.4% 1.0% Money Market & Mutual Mutual Funds 4.2% 2.0% 0.8% Funds AA- & Equivalent 0.0% 0.0% 0.7% Banking & Finance 1
Slide 10: Loss Ratio
Loss Ratio Particulars FY2022 FY2023 FY 2024 Q4 2023 Q4 2024 Motor OD 74% 69% 66% 67% 68% Motor TP 81% 69% 60% 53% 59% Health, Travel & PA 49% 72% 94% 83% 96% Fire 52% 38% 86% 18% 61% Marine 32% 91% 80% 48% 60% Engineering 45% 88% 130% 16% 72% Other 59% 56% 80% 45% 88% Total 74% 67% 70% 59% 72% 10 P
Slide 11: NAT CAT and Large Losses Apr to Mar 2024
NAT CAT and Large Losses Apr to Mar 2024 Particulars Net to us (₹ cr) Cyclone Biparjoy Jun-23 6.9 North Flood Jul 23 9.1 Large Loss 1 20.9 GLOF Lhonak Lake 17.1 Cyclone Michaung Dec 23 15.4 Total FY 2023-24 69.4 Note: Impact of above on the (net) claim ratio for the year 2023-24 is 1.0% (Engineering
Slide 12: Leveraging Technology
Leveraging Technology In-house built AI-ML microsystems that we expect will become more efficient over time and support future growth We developed bots for our various partners and functions to automate 51.0% of our policies were issued via APIs in FY2024 with 3.9 cr cumulative repetitive tasks poli
Slide 13: Thank You
Thank You 13 PRIVATE AND CONFIDENTIAL
Slide 14: Additional Information
Additional Information 14 PRIVATE AND CONFIDENTIAL
Slide 15: Reserving Triangle Disclosure: Whole Account
Reserving Triangle Disclosure: Whole Account Incurred Losses and Allocated Expenses (Ultimate Movement) ₹ cr YE 31-Mar- YE 31-Mar- YE 31-Mar- YE 31-Mar- YE 31-Mar- YE 31-Mar- YE 31-Mar- Particulars (As at 31st March 2024) 2018 2019 2020 2021 2022 2023 2024 End of First Year (Original Estimate) 6.9 3
Slide 16: Reserving Triangle Disclosure: Motor TP
Reserving Triangle Disclosure: Motor TP Incurred Losses and Allocated Expenses (Ultimate Movement) ₹ cr YE 31-Mar- YE 31-Mar- YE 31-Mar- YE 31-Mar- YE 31-Mar- YE 31-Mar- YE 31-Mar- Particulars (As at 31st March 2024) 2018 2019 2020 2021 2022 2023 2024 End of First Year (Original Estimate) 5.1 204.4
Slide 17: Reserving Triangle Disclosure: Whole Account Excl. Motor TP
Reserving Triangle Disclosure: Whole Account Excl. Motor TP Incurred Losses and Allocated Expenses (Ultimate Movement) ₹ cr YE 31-Mar- YE 31-Mar- YE 31-Mar- YE 31-Mar- YE 31-Mar- YE 31-Mar- YE 31-Mar- Particulars (As at 31st March 2024) 2018 2019 2020 2021 2022 2023 2024 End of First Year (Original
Slide 18: IFRS Earning
IFRS Earning ₹ cr Particulars Mar-23 Mar-24 Profit as per IGAAP 36 182 Networth as per IGAAP 2,325 2,515 RONW as per IGAAP 1.7% 7.5% Leases and security deposit [IFRS 16 & 9] -1 -3 Deferred acquisition cost [IFRS 17] 408 251 Unrealised Gain/(loss) on Investments – URGL [IFRS 9] -104 259 Provision ba
Slide 19: Go Digit Gross Direct Premium vs Industry Gross Direct Premium
Go Digit Gross Direct Premium ₹ cr 7,941 29% 32% 6,160 4,674 93% 2,418 21% 1,971 1,626 Mar'21 Mar'22 Mar'23 Mar'24 Q4 FY23 Q4 FY24 Industry Gross Direct Premium ₹ cr 13% 16% 2,89,738 2,56,894 11% 2,20,772 1,98,715 9% 69,662 76,252 Mar'21 Mar'22 Mar'23 Mar'24 Q4 FY23 Q4 FY24 19 PRIVATE AND CONFIDENTI
Slide 20: Glossary
Glossary Abbreviations Full Form FY Financial Year Q Quarter OD Own Damage TP Third Party Lacs Lakhs Cr Crore PA Personal Accident API Application Programming Interface GWP Gross Written Premium GDP Gross Domestic Premium CY Current Year PY Previous Year AI-ML Artificial Intelligence - Machine Learn
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