GIC Re Q1 net up 98%
Mumbai: India’s only reinsurance company General Insurance Corporation (GIC Re) reported a 98 per cent increase in net profit in the June quarter on lower underwriting losses.
During the quarter, GIC Re reported profit after tax of Rs 771.42 crore compared to Rs 390.11 crore in the corresponding quarter of the previous financial year. Underwriting loss fell to Rs 96.37 crore from Rs 658.47 crore, reflecting a sharp improvement in the performance of its core business. Gross domestic premium rose 9.3 per cent to Rs 18,791 crore; share of the domestic business rose 10.5 per cent to Rs 15,823 crore. Investment income fell to Rs 1,111.31 crore against Rs 1,163.02 crore.
Combined ratio, which reflects the profitability from core business, remained stable at 99.9 per cent. Combined ratio below 100 per cent reflects the company is making profit from core insurance. Solvency ratio was at 1.77 times.
During the quarter, GIC Re reported profit after tax of Rs 771.42 crore compared to Rs 390.11 crore in the corresponding quarter of the previous financial year. Underwriting loss fell to Rs 96.37 crore from Rs 658.47 crore, reflecting a sharp improvement in the performance of its core business. Gross domestic premium rose 9.3 per cent to Rs 18,791 crore; share of the domestic business rose 10.5 per cent to Rs 15,823 crore. Investment income fell to Rs 1,111.31 crore against Rs 1,163.02 crore.
Combined ratio, which reflects the profitability from core business, remained stable at 99.9 per cent. Combined ratio below 100 per cent reflects the company is making profit from core insurance. Solvency ratio was at 1.77 times.