GIC Re Q4FY24 results: Net profit increases 3% to Rs 2,642.48 crore

GIC Re, the public sector reinsurer, on Tuesday posted a 3.08 per cent increase in net profit for the last quarter of FY24 (Q4 FY24) to Rs 2,642.48 crore as against Rs 2,563.84 crore in the year-ago period.

Sequentially, the net profit was up 74.08 per cent from Rs 1,518 crore in Q3 FY24.

For FY24, net profit came in at Rs 6,497.30 crore, up 2.9 per cent over the net profit of Rs 6,312.50 crore recorded in the same period last fiscal.

Total assets of GIC Re stood at Rs 1.78 trillion as on March 31, 2024, compared to Rs 1.57 trillion as on March 31, 2023.

However, for the quarter under review, standalone net premium grew by 26.78 per cent to Rs 7,904 crore as against Rs 6,234 crore. Other income (less outgoings) reported a profit of Rs 217.30 crore compared to a loss of Rs 272.83 crore in Q4 FY23.

The underwriting profit of the firm stood at Rs 570.06 crore as against Rs 892.43 crore in the year-ago period.

The expenses of management (EoM) of GIC Re dropped by nearly 15 per cent to Rs 116.09 crore during the quarter under review in comparison to Rs 138.3 crore in the corresponding year-ago period.

However, the net commission of the PSU company rose by 80 per cent year-on-year (Y-o-Y) to Rs 1,490.71 crore from Rs 823.91 crore in the year-ago period.

The combined ratio of the company stood at 89.26 per cent in Q4 FY24 as against 120.47 per cent in Q3 FY24.