General Insurance Corporation of India Limited (GIC Re) reported four-fold jump in its net profit to Rs1,010.55cr for the quarter ended September 30. The public sector general insurer had posted a net profit of Rs230.05cr in the same quarter of last fiscal.
The company's gross premium, however, was down to Rs8,374.72cr in Q2FY22, compared with Rs10,651.50cr in Q2FY21.
The company stock was bullish during early trade on Thursday amid bearish markets. At around 9.30 am, General Insurance Corporation of India was trading at Rs146.65 per piece up by Rs6.35 or 4.53% from its previous closing of Rs140.30 per piece on the BSE. The scrip opened at Rs142.50 and has touched a high and low of Rs146.65 and Rs142.50 respectively.
Profit After Tax for H1FY22 recorded as Rs238.82cr as compared to Loss After Tax of Rs327.42cr for H1FY21. Total Assets are Rs1,46,132.46cr as on September 30, 2021 as compared to Rs1,26,167.89cr as on September 30, 2020.
The company recorded a Profit Before Tax of Rs47.03cr for H1FY22 as compared to a Loss Before Tax of Rs398.94cr in H1FY21. Profit Before Tax for second quarter of FY22 recorded as Rs1,213.75cr as compared to Rs412.28cr for second quarter of previous year.
Gross Premium Income of the company was Rs22,664.64cr for the Half Year ended September, 30, 2021 as compared to Rs26,533.05cr for the Half year ended September, 30, 2020. Underwriting Loss is Rs4,209.11cr for H1FY22 as compared to Rs3,930.71cr in H1FY21.
Net Worth of the company (without fair value change account) recorded at Rs22,691.57cr on September 30, 2021 as against Rs20,123.59cr as on September 30, 2020. Net Worth of the company (including fair value change account) recorded as Rs55,088.24cr on September 30, 2021 as against Rs39,628.66cr as on September 30, 2020.
The company said in a filing that combined Ratio is 121.57% for H1FY22 as against 116.13 % for H1FY21. Adjusted Combined Ratio is 104.40 % for the H1FY22 as against 102.89 % for H1FY21.
Investment Income is Rs4,464.56cr for H1FY22 as compared to Rs3,910.17cr for H1FY21. Solvency Ratio is 1.88 as on September 30, 2021 as compared to 1.63 as on September 30, 2020. Incurred Claims Ratio is 98.5% as on September 30, 2021 as compared to 104.3% as on September 30, 2020.