Acquisitions fuel Roojai’s 49% growth forecast after ‘worst year’

After multiple acquisitions over the last few years, Thailand-based insurtech firm Roojai Group is close to reaping the fruits of its labor.

Snapping up three businesses – online insurers DirectAsia Thailand and FWD Insurance Thailand as well as insurance broker LifePal – has expanded Roojai’s reach and propelled it towards its goal of becoming a full-stack insurance company.

However, 2024 was grueling for the group.

Roojai founder and CEO Nicolas Faquet / Photo credit: Roojai Group

It was the “worst year” in its nine years of operations, as one-time costs from major acquisitions and heavy flooding weighed down the group’s financials, Roojai group CFO Nicolas Fauvarque tells Tech in Asia.

Founded in 2016, the digital insurance platform exclusively serves retail customers in Thailand and Indonesia. Its products include vehicle, health, travel, and home policies.

But with its overhaul into a full-stack digital insurance firm largely complete, Roojai is forecasting a 49% year-on-year growth in gross written premiums (GWPs) for its 2026 financial year, which runs from April 2025 through March 2026.

It expects half of that YoY growth to be organic, while the other half was driven by the integration of Direct Asia Thailand, which Roojai bought in December 2024.

As a group, expenses increased by 10% in FY 2024, mainly due to costs from purchasing the local business of FWD General Insurance, Fauvarque says. Excluding one-time costs, Roojai maintained “almost the same expenses” year on year, he adds.

Roojai is still in the thick of consolidating operations across the group and discontinuing parts of acquired businesses that don’t meet its risk appetite.

“Now, the focus is reaching profitability for the other businesses in Roojai Group,” Fauvarque says.

Profitable in Thailand

Roojai Group’s core Thai operations also posted a net profit on a year-to-date basis, Fauvarque shares.

Prior to 2024, the company operated as a managing general agent – an insurance intermediary handling sales, renewals, and claims management on policies underwritten by its local insurance partner, Krungthai Panich.

Roojai transitioned to a full-stack insurance after buying FWD General Insurance in Thailand in 2023.

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