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India's insurance regulator has granted approval for Go Digit Life Insurance, which will be backed by Canadian billionaire Prem Watsa's Fairfax Financial Holdings. The new firm will become the country's 25th life insurer and is expected to start with an initial capital of INR7bn-INR10bn ($95m-$136m). Fairfax is likely to hold a 30%-40% stake in the joint venture initially, with Go Digit Infoworks owning 80% of Go Digit Life. The life insurer may also place minority stakes with certain banks to strengthen its bancassurance network.

Go Digit will be the 25th firm in India’s insurance sector, which clocked new business premium of ₹3.7 trillion in 2022-23.

‘Go Digit Life’ is the latest venture of $400 million IPO-bound Go Digit General Insurance (Digit) as it looks to foray into life insurance market

Axis Bank's announcement comes just a month after HDFC Bank said it will pick up 9.94 per cent stake in the IPO-bound Go Digit.

In just five years, Go Digit has grown to become the 13th largest non-life insurer in India. Amid that scorching growth, it's showing deftness in managing its business risk. As it expands, it will be challenged on both those fronts.