GIC Re $1.7 billion IPO opens with a price band of Rs 855-912 per share

India's biggest reinsurer kicks off its initial public offering (IPO) today. The USD 1.7 billion issue opened with a price band of Rs 855-912 per share. In an interview to CNBC-TV18, Alice G Vaidyan, CMD of General Insurance Corporation of India (GIC) spoke at length about the IPO.

India is in a high growth phase and going forward it will be a stable growth for GIC Re and Indian insurer market as well, said Vaidyan.

Talking about business, she said GIC's combined ratio has been on a declining over the years and last fiscal year also it was well within 100 and this year Q1 also we have seen a decline. Going forward we are confident that this trend of decrease in combined ratio will continue given that GIC Re is focused on both growth and profitability, she added.

She further said that the market is moving to a profitable sale of insurance products.