ICICI Securities Limited
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Go Digit General Insurance Ltd. (GDGIL) is one of the leading digital full stack non-life insurance companies, leveraging its technology to power what the company believes to be an innovative approach to product design, distribution and customer experience for non-life insurance products. In the nine months ended December 31, 2023 and Financial Year 2023, the Company catered for approximately 82.5% (equating to Rs. 66.80 billion in the nine months ended December 31, 2023) and 82.1% (equating to Rs. 72.43 billion in Financial Year 2023), respectively, of the GWPs written by these digital full stack insurance players which, in addition to Company, includes Acko and Navi, making us the largest digital full stack insurance player in India, according to the RedSeer Report which has been commissioned and paid for by the Company exclusively in connection with the Offer.
As at December 31, 2023, there were 43.26 million people who were its customers or people who have availed the insurance benefits under various policies it issued since the inception of insurance operations in 2017. Of this 43.26 million, 27.74 million customers acquired in motor insurance product, 14.97 million customers acquired in health insurance products (including personal accident & travel) and 0.55 million customers acquired in other insurance products. It has an established track record of delivering growth.
For year/ period ended ( in Cr.)
Particulars | H1FY23 | FY22 | FY21 |
---|---|---|---|
Total Revenue | 39.19 | -293.64 | -118.55 |
Profit After Tax | 35.54 | -295.85 | -122.76 |
EPS | 0.41 | (3.55) | (1.50) |
OPM (%) | |||
PATM (%) |
For year/ period ended ( in Cr.)
Company Name | Market Cap (Cr.) | Price | P/BV | P/E | Sales (Cr.) FY23 |
Net Profits(Cr.) FY23 |
|
---|---|---|---|---|---|---|---|
|
*24,947 | 272 | 6.97 | 144.68 | 39.19 | 35.54 | |
New India Assurance | 36,042 | 219 | 1.32 | 38.8 | 41,007 | 1,050 | |
Star Health and Allied | 31,000 | 530 | 4.78 | 36.7 | 14,022 | 845 | |
*Market cap @upper band
• Simple and Tailored Customer Experience.
• It’s focus on empowering its distribution Partners.
• Advanced Technology Platform.
• Track record of long-standing relationships with an established customer base; and
• Experienced and qualified leadership and management team.
• To undertake its existing business activities; and
• To undertake the activities proposed to be funded from the Net Proceeds. Further, the Company expects to receive the benefits of listing the Equity Shares on the Stock Exchanges, which, the company believes, will enhance the visibility and its brand image among its existing and potential customers.
The insurance sector has witnessed sea change post Covid and rising awareness for necessity of insurance is auguring well for novel companies with technical base and new product portfolio that suits the requirements of prospects. Well-informed investors may park moderate funds for the long term rewards, others may avoid.
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