• Losses and profits in 2020–21
  • Digital Insurance Chairman Kamesh Goyal

(Milcah Anila, Intern Journalist) MUMBAI: Digital Insurance, an online general insurance company, is all set to make a profit and a loss within the current financial year, said its chairman Kamesh Goyal. The company is promoted by Fairfax Financial Holdings, a Canadian NRI billionaire love interest. It has already invested $ 140 million (Rs 1,036 crore) in digital.

A91 Partners, Faring Capital, and TVS Capital have also invested in Digital Insurance, which started operations in Bangalore in December 2017. Digital Insurance recorded a turnover of Rs 2,252 crore for the second year (2019–20), an increase of almost 87 percent over the revenue of Rs 1,205 crore in 2018-19.

He said the promoters had raised Rs 1,650 crore so far and no additional funds were required to achieve growth in the current financial year. Sales of motor insurance policies grew by 87 percent in August. But, industry growth is only one percent. He said there was a good demand for their motor and health policies.

If the trend continues, it is likely to post a small profit in the current financial year, he said. He said they had registered a loss of Rs 425 crore on first-year operations. Kamesh Goyal said it had a 2.6 percent stake in motor insurance and a 1.54 percent stake in general insurance at the end of June.

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