Digital insurer Acko crosses Rs 2,000 Cr revenue mark in FY24
Acko's revenue from operations was Rs 2,106.25 crore, up 19.76% from FY23. The company also reported narrower losses for FY24, down 9.28% from the previous fiscal year.
Digital insurer Acko has crossed the Rs 2,000-crore revenue mark in FY24.
The Bengaluru-based company's revenue from operations was Rs 2,106.25 crore, a 19.76% increase from Rs 1,758.64 crore in FY23.
Acko reported a narrower loss for FY24, with total losses at Rs 669.98 crore, down 9.28% from Rs 738.55 crore in FY23, according to the consolidated financial statements filed with the Registrar of Companies.
The largest share of Acko’s expenditures was recorded as 'other expenses', which surged 12.85% to Rs 2,455.77 crore, from Rs 2,176.11 crore in FY23. Notably, the commission paid to other selling agents saw a massive jump, growing 512.31% to Rs 210.33 crore compared to Rs 34.35 crore in FY23.
Advertising and promotional expenses remained stable at Rs 562.73 crore in FY24, a slight increase from Rs 559.20 crore in the previous year.
Miscellaneous expenses amounted to Rs 1,519.14 crore, up from Rs 1,452.76 crore. These encompass various charges such as call centre operations, office expenses, and foreign exchange losses.
Acko paid Rs 829.83 crore in claims, a 3.54% increase over the Rs 801.45 crore paid in FY23. The insurer also recorded a gross change in outstanding claims of Rs 306.42 crore and ceded Rs 339.78 crore in reinsurance premiums.
Total employee benefit expenses increased slightly by 1.51%, reaching Rs 354.63 crore in FY24, up from Rs 349.34 crore in the previous year.
ACKO Tech, the parent company of ACKO General Insurance, has ventured into the life insurance market with the ACKO flexi term plan.
Edited by Swetha Kannan