Page 2 - Gic Re

GIC Re net profit rises 6.1% to Rs 732 crore in June quarter of FY24

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 net profit jumps 43% on year to Rs 2,564 cr in Jan-Mar quarter

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

Irdai names LIC, GIC as 'domestic systemically important' insurers

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

New India Assurance, GIC Re rally up to 12% on heavy volumes

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

Insurance regulator Irdai proposes changes to reinsurance regulations

Seeks to revise order of preference while placing reinsurance business

GIC Re part of Rs 500-crore insurance pool to cover imports from Russia

While it will be called the fertiliser pool with a corpus of Rs 500 crore, it can be used to cover the risks of oil and gas imports too

Dominance won't fade even if obligatory cession is zero: GIC Re chairman

'In the Indian market, the four big businesses are motor, health, fire, and agri'

General Insurance Corp logs Q4 PAT at Rs 2,005 cr, cuts underwriting loss

The General Insurance Corporation of India (GIC Re) closed last year with a higher after tax profit and gross premium income

GIC Re set to participate in reinsuring Kudankulam power plant units

Currently, Indian general insurers have to cede at least 5 per cent of their business to GIC Re till FY22

GIC Re witnesses over four-fold jump in net profit to Rs 1,010 crore

The company on Wednesday reported an over four-fold jump in its net profit

GIC Re's standalone net loss widens to Rs 771 crore in June quarter

GIC Re on Friday reported widening of its standalone net loss to Rs 771.73 crore for the June 2021 quarter on the back of huge underwriting losses.

How GIC's ownership problem is keeping insurance biz from growing up

Government shareholding and preferential regulation have skewed the reinsurer's efficiency and, by extension, that of the non-life insurance industry's too

We've done heavy pruning in crop portfolio: GIC Re chairman & MD Srivastava

We will be looking to prune our portfolio to make GIC Re a healthier entity, said MD Srivastava

New India Assurance, GIC Re hit 20% upper circuit on privatization buzz

As on December 31, 2020, the government held 85.78 per cent stake in GIC RE, and 85.44 per cent holding in the New India Assurance Company.

Irdai maintains 5% obligatory cession to GIC Re in FY21, fixes commission

Obligatory cession is the part of the business, or premium, that general insurers are required to cede on every policy sold to GIC Re

Irdai says LIC, GIC Re, New India are too big to fail, need more control

The three are seen as key players to deal with systemic risks and moral hazard issues, have been told to raise corporate governance levels and promote a sound risk management culture

Top headlines: Vodafone wins case against govt, Harley in talks with Hero

From Vodafone International winning arbitration case against govt to Election Commission announcing Bihar poll dates, Business Standard bring you top news of the evening

GIC Re reports 7.8% drop in pre-tax profit at Rs 1,101 cr in Q4FY20

Net profit of the reinsurer jumped 98 per cent to Rs 1,197 crore in Q4FY20 compared to 603 crore in the same period a year ago due to lower tax provisions

New products to cover pandemics are the need of the hour: GIC Re chief

In a Q&A, Devesh Srivastava, the CMD of India's largest reinsurer, also dwells on the moves made to cu losses in the crop segment and Covid-19 impact on his firm, among other things

GI Council urges IRDAI for easier MTM rules to take on Covid-19 disruption

Wants regulator to allow companies to consider MTM losses as on Feb 29, instead of March 31 for the purpose of drawing up the P&L accounts