Initiate Equal-weight with target price of Rs 338
Strong market share and ROE trajectory ahead, but priced in
Believe Go Digit can take advantage of the secular growth offered by India's non-life insurance industry
Strong execution on growth while balancing risk and profits
Expect GDPI CAGR of 25% in FY24-28 with a share gain of over 100 bps
Expect combined ratio to improve from 109% in FY24 to 103% in FY29, led by HD scale
See 25% CAGR for investment gains, driven by strong AUM buildup
Expect net profit CAGR of 59% through FY28 with ROE reaching 19%, up from 7% in FY24
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