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GIC RE gains on Russian business license for subsidiary

Capital Market 

General Insurance Corporation of India informed that it has obtained license from the Central Bank of the Russian Federation for its subsidiary company, GIC Perestrakhovanie, Moscow, for commencement of reinsurance business.

The scrip rose 2.08% to Rs 243.15. It traded in the range of Rs 239 and Rs 243.15 so far during the day.

The license was received by the corporation on 12 February 2020. The license enables subsidiary to commence transacting domestic and international reinsurance business in Russia based on the capital invested by the corporation.

The company reported a consolidated net loss of Rs 1035.54 crore in Q3 December 2019 as compared to a net loss of Rs 377.34 crore in Q3 December 2018. Total incomes in the December quarter rose 20.3% YoY to Rs 10091.16 crore.

General Insurance Corporation of India (GIC RE) provides general insurance services. The company offers reinsurance products and solutions to direct general insurance companies which includes fire, marine, motor, engineering, agriculture, aviation, space, health, liability, credit, financial, and life insurance. It serves customers worldwide.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, February 13 2020. 09:17 IST