General insurance company Digit Insurance on Friday announced that it has recorded ₹5,268 crore in gross written premiums in financial year 2021-2022. With this milestone, Digit is now one of the fastest growing private general insurers in India with over ₹5,000 crore in revenue in a single year. Notably, the company has raised a cumulative capital of ₹2,806 crore since its inception and is valued at over $3 billion.
Digit Insurance, led by its motor, property and health lines of business, reported a growth of 62% in FY21-22, while the overall industry growth stood at 10.9%. While from its motor portfolio alone, the insurance firm clocked in ₹3,276 crore in premiums with its market share (for motor business) going up to 4.7% in FY 21-22 from 3.7% in FY20-21. Since its inception, the company has serviced 99.56% of India’s total postal codes.
Digit sold over 77.6 lakh policies, an increase of 40% across all products, in FY21-22, compared to the previous financial year. Additionally, the company’s health portfolio saw a growth of 132% over FY20-21, led by group business.
Jasleen Kohli, MD and 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 collective efforts of our partners and employees have not only helped us accelerate our growth but has also ensured that more customers understand the importance of having adequate financial cushion.”
Meanwhile, Digit’s loss ratio – a metric that represents the ratio of losses to premiums earned – narrowed for both health as well as fire segments. The company’s health loss ratio decreased considerably to 47% in FY21-22 from 69% in the previous year.
Kohli further highlighted, “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.