Covid-19 impact: GIC Re reports a pre-tax loss of Rs 811.22 crore in Q1FY21

Its investment income for the reporting quarter dropped 18.5 per cent to Rs 1,142.83 crore in Q1FY21, compared to Rs 1,401.90 crore in the same period last financial year

India’s largest reinsurer, General Insurance Corporation (GIC Re), recorded a pre-tax loss of Rs 811.22 crore in the first quarter, compared to a pre-tax profit of Rs 138.90 crore in the corresponding period of the previous year. In the previous quarter, the reinsurer had reported a pre-tax profit of Rs 1,101 crore.

Its net loss in Q1FY21 stood at Rs 557.46 crore, compared to a net profit of Rs 108.59 crore in Q1FY20. GIC Re’s gross premium income in Q1FY21 dropped 24 per cent to Rs 15,881.55 crore, compared to Rs 20,813.12 crore. It, however, recorded a 25.3 per cent growth