GIC Q4 PAT down 19.7% at Rs 603 cr on provisioning for IL&FS exposure

GIC had an exposure of Rs 788 crore in the IL&FS group companies and it has provisioned Rs 437.71 crore for the same

State-owned reinsurer General Insurance Corporation on Thursday reported a 19.7 per cent decline in its profit after tax (PAT) in the March quarter (Q4) and a 31.30 per cent fall in the financial year 2018-19 (FY19) on account of accelerated provisioning for exposure to IL&FS and tax provisions on profits made from sale of investments after the change in law.

The reinsurer's PAT in Q4 stood at Rs 603.37 crore, compared to Rs 751.60 crore in the year ago period. The PAT for the entire FY19 stood at Rs 2,224 crore, compared to Rs 3,233 crore for FY18.

GIC had