GIC Re reported 16% growth in total revenues for the Dec-20 quarter on consolidated basis at Rs11,222cr. In terms of top line growth, it came from net premiums and also from investment income.
In terms of sources of premium flows, fire insurance, motor insurance and agri insurance jointly contributed around 70% of the total income followed by health insurance premiums in the Dec-20 quarter.
The consolidated Profit after tax (PAT) for the Dec-20 quarter was at Rs931cr, which is a sharp turnaround from a net loss of Rs-1,036cr in the Dec-19 quarter. This sharp turnaround came on account of reduced underwriting losses
in Dec-20 quarter as the underwriting losses fell to nearly one-third from Rs2,752cr to just Rs967cr in Dec-10 quarter. As a result, the PAT margins turned around to 8.3% in Dec-20 quarter.
Financial highlights for Dec-20 compared yoy and sequentially
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General Insurance Corp |
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Rs in Crore |
Dec-20 |
Dec-19 |
YOY |
Sep-20 |
QOQ |
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Total Income (Rs cr) |
₹ 11,222 |
₹ 9,674 |
16.00% |
₹ 11,532 |
-2.69% |
|
Net Profit (Rs cr) |
₹ 931 |
₹ -1,036 |
-189.94% |
₹ 228 |
307.77% |
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Diluted EPS (Rs) |
₹ 5.31 |
₹ -5.90 |
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₹ 1.30 |
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Net Margins |
8.30% |
-10.70% |
|
1.98% |
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