Digit InsuranceYearly Revenue crosses INR 5,000 Crorein Fourth Full Year of Operations
Chennai : Digit Insurance, one of India’s fastest growing private general insurance companies, announced that it recorded INR 5,268crore in gross written premiums in FY21-22. With this milestone, Digit is now one of the fastest growingprivate general insurers in India with over INR 5,000 crore in revenuein a single year.The companyachieved this feat in less than five years of operations.
Led by its motor, property andhealth lines of business, the company reported a growth of 62% in FY21-22, while the overall industry growth stood at 10.9%.From its motor portfolio alone, Digit clockedin INR 3,276crore in premiums with its market share (for motor business)goingup to 4.7%in FY 21-22 from 3.7% in FY20-21. Since inception, the company has serviced 99.56% of India’s total postal codes.
In FY21-22,across all products, Digitsold over 77.6 lakh policies, an increase of 40% compared to the previous financial year. Further, the company’s health portfolio saw a growth of 132% over FY20-21, led by group business.
Commenting on the milestone, JasleenKohli, MD & CEO, Digit Insurance said, “As a young insurer, this indeed is a moment of pride for us but above all, it is a testament of our endeavors towards making insurance simple and more accessible. The collectiveefforts of our partners and employeeshave not only helped us accelerate our growth but has also ensured that more customers understand the importance of having adequate financial cushion.”
Digit’s loss ratio – a metric that represents the ratio of losses to premiums earned – narrowedfor both health as well as fire segments. The company’s health loss ratio decreasedconsiderably to 47% in FY21-22 from 69% in the previous year.
“Given our innovative group health products, we saw a strong growth in our health portfolio in FY21-22. We were also able to successfully lower our loss ratio by improving our underwriting models and claims management process. To sustain our overall business growth, we will continue to focus on deploying advanced tech tools to empower our partners as well as customers,” added Kohli.
