"We expect to increase the share of our foreign business to 50 per cent by 2015," GIC Chairman and Managing Director Yogesh Lohiya said.
At the end of 2007-08, overseas business accounted for 28 per cent of the reinsurer's business. The company has underwritten a gross premium of Rs 9,316 crore at the end of March 2008 and had total assets of Rs 900 crore, compared to Rs 600 crore in 2006-07. The company's net worth was estimated at Rs 6,689 crore.
On Thursday, GIC signed an agreement with Hannover Re to jointly develop life reinsurance business in India.
"This partnership will involve technical knowledge transfer, joint marketing and servicing of business with GIC Re providing the local market knowledge and introduction to the life market players in India. The revenue sharing agreement between GIC and Hannover Re will be in the ratio of 60:40 for five years. We will review it after that," said Lohiya.
GIC is also launching Retakaful
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