General Insurance Corporation Of India GIC Re

New private players, including Valueattics Re, Jio Financial Services & Allianz are set to increase competition in India's reinsurance sector. However, experts believe GIC Re's position remains robust

GIC Re on Saturday said its Dubai Branch has received a VAT demand notice of approximately Rs 90.42 crore from the Federal Tax Authority (FTA) of the United Arab Emirates. The VAT demand notice comprises United Arab Emirates Dirham (AED) 12,868,602.71 in net due tax and AED 25,966,807.36 in administrative penalties. The demand notice relates to discrepancies in VAT returns filed for January 2018 to December 2020, GIC Re said in a regulatory filing. GIC Re is currently reviewing the order in detail and intends to file a reconsideration request with the Authority within the statutory timeline, it said. There is no material impact on financials, operations or other activities of the Corporation due to the above-mentioned order, it said.

GIC Re's Q4 net profit fell 17.4% YoY to ₹2,182.89 crore due to underwriting loss; full-year profit up 3.1% to ₹6,701.36 crore; solvency ratio improves to 370%

Obligatory cession is the portion of business that Indian non-life insurers must mandatorily reinsure with GIC Re

The company has no minimum capital requirement and can be set up with a capital of £1. The corporation will initially subscribe to the minimum capital as may be necessary, at face value

India Mortgage Guarantee Corporation (IMGC), has announced a partnership with GIC Housing Finance Ltd (GICHFL) to offer innovative mortgage guarantee-backed home loan products. This strategic collaboration aims to introduce innovative mortgage guarantee-backed home loan products to prospective salaried and self-employed home loan customers, specifically designed to enhance accessibility and affordability in the growing housing finance sector, a joint statement said on Monday. By combining IMGC's expertise in mortgage guarantees with GICHFL's extensive network, the partnership will enable it to offer more flexible and secure home loan products to a wider range of borrowers, it said. Mortgage guarantee as a product plays a crucial role in helping lender partners foray into responsible lending with minimal risk and helping home buyers fulfill their dreams of owning a home through higher eligibility and lower equated monthly installments, it said. Speaking on the partnership, IMCG Chie

In one month, the stock prices of ICICI Prudential, HDFC Life and SBI Life have fallen between 6 per cent and 10 per cent, as against the 2 per cent decline in BSE Sensex

The outlook for both ratings has been revised to stable. In addition, AM Best has reaffirmed GIC Re's India National Scale Rating (NSR) of aaa.IN (Exceptional) with a stable outlook

The decline in GIC Re's share price follows the central government's announcement of its plan to reduce its stake in the company by 6.78 percent to raise about Rs 4,700 crore.

Stake sale for non-retail investors begins on Wednesday, retail investors to bid on Thursday

We plan to finish at around Rs 42,000-43,000 crore for FY25, up 15-16 per cent from last year at Rs 37,000 crore, driven by the health segment to a great extent, said GIC CMD Narayanan

The obligatory cession was reduced from 5 per cent to 4 per cent in FY23. The regulator has been reducing the obligatory cession over time

Seeks to revise order of preference while placing reinsurance business

While it will be called the fertiliser pool with a corpus of Rs 500 crore, it can be used to cover the risks of oil and gas imports too

Currently, India has one domestic reinsurance company, the state-owned General Insurance Corporation (GIC Re)

The General Insurance Corporation of India (GIC Re) closed last year with a higher after tax profit and gross premium income

Most large floats by the government have failed to create long-term wealth for investors

The position of CMD of New India has been lying vacant since former chairman Atul Sahai retired on February 28

Government shareholding and preferential regulation have skewed the reinsurer's efficiency and, by extension, that of the non-life insurance industry's too

GIC Re is the largest reinsurer in the domestic reinsurance market in India and leads most of the domestic companies' treaty programmes and facultative placements