State-owned insurers rally up to 11%; GIC Re, New India hit 52-week highs

In an exchange filing on Thursday, GIC Re said that the global rating agency AM Best has revised the credit rating outlooks of GIC Re to positive from stable

Shares of state-owned insurance companies were in demand and rallied up to 11 per cent on the BSE in Friday’s otherwise subdued market.

The share price of New India Assurance Company (New India) (up 11 per cent at Rs 194.55) and General Insurance Corporation of India (GIC Re) (up 8 per cent at Rs 287.05) hit their respective 52-week highs.

Shares of Life Insurance Corporation of India was up 4 per cent to Rs 642.80. In comparison, the S&P BSE Sensex was down 0.06 per cent at 65,976 at 10:02 AM.

In the past two weeks, the stock price of