FY24 results of Acko General Insurance

27 November 2024

The results highlight Acko's continued efforts to strengthen its position in the Indian insurance market, emphasizing innovation, customer-centric solutions, and financial prudence despite ongoing challenges.

• ​Financial Highlights: Acko achieved a total revenue of ₹1,391 Cr in FY24, reflecting significant growth compared to ₹966 Cr in the previous year. However, total expenditure also increased to ₹1,847 Cr from ₹1,517 Cr, resulting in a net loss after tax of ₹456 Cr, an improvement over the ₹551 Cr loss reported in FY23. The company recorded a Gross Written Premium (GWP) of ₹1,870 Cr and maintained a healthy solvency ratio of 1.89, indicating its financial stability and adherence to regulatory requirements.
  
• Operational Achievements: Acko demonstrated its commitment to innovation and customer satisfaction by expanding its product portfolio. New offerings included the Acko Secure Shield Plus and Acko Event-Based Personal Accident Policy and the introduction of international travel insurance for retail customers. Acko also filed a new health cover designed for specially-abled individuals, showcasing its focus on inclusivity. In claims management, the company adopted automation for specific claims like windshield damage and expanded its network to over 4,000 hospitals. Notable features such as advance cash for non-network hospitalization and other customer-focused enhancements further streamlined the claims experience.
  
• Strategic Initiatives: The company emphasized broadening its range of motor, health, and travel insurance products while continuing to refine its investment strategies to balance risk and returns. With an Expense of Management (EOM) ratio of 55%, Acko remains focused on optimizing operational efficiencies.
  
• Future Outlook: The company’s growth strategy targets significant expansion in the retail health and motor insurance segments. Acko aims to enhance its service delivery by leveraging digital innovations and customer-friendly claims processes. Additionally, the company seeks to capitalize on the increasing penetration of insurance in India by introducing data-driven and tailored solutions to meet evolving market needs.