 "GIC Re witnesses over four-fold jump in net profit to Rs 1,010 crore")
General Insurance Corporation of India (GIC Re) on Wednesday reported an over four-fold jump in its net profit to Rs 1,010.55 crore for the quarter ended September 30.
The public sector general insurer had posted a net profit of Rs 230.05 crore in the year-ago quarter ended September 2020. Sequentially, there was a net loss of Rs 771.73 crore in the June 2021 quarter.
The company's gross premium, however, was down to Rs 8,374.72 crore during July-September 2021, compared with Rs 10,651.50 crore in the year-ago period, GIC Re said in a regulatory filing.
The claims incurred during the quarter were Rs 9,596.31 crore during the quarter, nearly flat from Rs 9,589.87 crore a year ago.
Shares of GIC Re on Wednesday closed at Rs 140.30 apiece on the BSE, up 0.39 per cent from the previous close.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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