GIC Re Reports 17% Drop in Q4 Profit, Declares Rs 10 Per Share Dividend
General Insurance Corporation of India (GIC Re) reported a 17% decline in Q4 net profit to Rs 2,183.00 crore. Gross premium income increased to Rs 10,367.00 crore, but the company faced an underwriting loss of Rs 392.00 crore. The combined ratio rose to 103.56%. Despite challenges, GIC Re's board recommended a dividend of Rs 10.00 per share. The company's solvency ratio improved to 3.70, indicating a strong capital position.
GIC Re's Q4 net profit declined 17% to ₹2,183.00 crore, but gross premium increased to ₹10,367.00 crore. Full-year profit rose 3% to ₹6,701.00 crore. Asset quality improved with GNPA ratio decreasing from 1.81% to 1.13%. The board recommended a dividend of ₹10 per equity share. Solvency ratio improved to 3.70, indicating strong financial position.
13Mar 25
Value Attics Reinsurance Set to Make History as India's First Private Sector Reinsurer
Value Attics Reinsurance is poised to become India's first private sector reinsurer, breaking the monopoly of state-owned General Insurance Corporation of India (GIC Re). This development is expected to increase competition, enhance reinsurance capacity, bring in global best practices, and potentially lead to more innovative products and competitive pricing in the Indian insurance sector.