GIC Re

India plans to sell a total of 10 per cent stake in the insurer in tranches to meet the market regulator's minimum public shareholding norm, Reuters reported last year

DMart, Larsen & Toubro, Mphasis, General Insurance Company, Godawari Power (GPIL) and New India Assurance (NIACL) across market categories look favourably placed on technical charts.

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%

Cession is the portion of insurance premiums that insurers pass on to a reinsurer, in this case, GIC Re

Aurobindo Pharma, IPCA Labs, Oil India, Mazagon Dock and GIC RE are the 5 midcap stocks that can potentially surge up to 24% from present levels, suggests technical charts.

We have been trying to reduce the underwriting losses. The domestic business has more or less remained where it is, said Ramaswamy Narayanan

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

The underwriting loss of the company decreased by 26 per cent to Rs 1,088.43 crore from Rs 1,471.61 crore

Stock Market Today: Adani Enterprises has successfully raised $500 million through a share sale, marking its return to the equity markets after a previous cancellation.

Shares of GIC Re, the country's largest reinsurance company, have rallied over 75 per cent in the past one year. The company is currently valued at Rs 69,825 crore

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.

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 implementation of Ind-AS 117 and its assumptions on liability and other insurance-related changes in regulations could be a future cause of concern

Obligatory cession refers to the part of the business that general insurance companies have to mandatorily cede to the national reinsurer

GIC Re on Thursday reported a 6.1 per cent increase in net profit at Rs 732 crore in the June quarter, despite a steep fall in gross premium income and massive underwriting of losses. The company -- the country's only reinsurer -- had recorded a net profit of Rs 689.72 crore in the year-ago period, it said. GIC Re said its gross premium income in the first quarter of the current fiscal declined to Rs 8,917.71 crore from Rs 11,021.83 crore a year ago. It underwrote Rs 1,557.44 crore losses in the quarter under review compared to that of Rs 776.29 crore in the year-ago period. The mounting underwriting of losses saw the combined ratio -- a key profitability metric in general insurance -- falling to 118.47 during the quarter as against 110.97 for the year-ago period. The adjusted combined ratio -- the sum of the loss ratio and the expense ratio -- stood at 97.24 as against 97.01 in the year-ago quarter. The solvency ratio of the state-run firm rose to 2.88 from 2.14. Total assets o

GIC Re on Friday posted a 43 per cent rise in net profit to Rs 2,564 crore for the fourth quarter ended March 2023. The state-owned re-insurer had earned a profit of Rs 1,795 crore in the same quarter a year earlier. During the quarter, the company collected a gross premium of Rs 7,369.74 against Rs 10,303.81 crore in the year-ago period, GIC Re said in a regulatory filing. The net commission also declined to Rs 823.93 crore compared to Rs 2,003.48 crore in the corresponding quarter of the previous fiscal. For the entire 2022-23, GIC Re recorded a three-fold rise in net profit to Rs 6,312.50 crore from Rs 2,005.74 crore in the preceding financial year. The solvency Ratio of the company increased to 2.61 from 1.96 at the end of March 2022. The total Assets of the company rose to Rs 1,57,124.60 crore against Rs 1,44,887.37 crore in the previous year. GIC Re is the largest reinsurer in the domestic reinsurance market in India and leads most of the domestic companies' treaty program

These were the same institutions that were identified as DSII in 2021-22

In the past one month, shares of New India Assurance Company (up 30 per cent) and GIC Re (up 18 per cent) outperformed the S&P BSE Sensex, which was up less than 2 per cent during the period

Seeks to revise order of preference while placing reinsurance business