GIC Re logs PAT of 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.

The company’s Board of Directors has declared an interim dividend of Rs 2.25 per equity share (on face value of Rs 5 each) for the year under review.

During FY22, the GIC Re earned a gross premium income of Rs 43,208.46 crore as compared to Rs 47,014.38 crore for the year ended on March 31, 2021.

Last fiscal the reinsurer had earned an after tax profit of Rs.2,005.74 crore as compared to Rs 1,920.44 crore logged in FY21.

The company’s investment income last year was Rs 9,562.29 crore up from Rs 8,820.86 crore earned the previous fiscal.

The reinsurer’s underwriting loss last year was at Rs 4,266.11 crore down from Rs 5,488.45 crore during FY21.

The company’s solvency ratio is 1.96 as on March 31, 2022 as compared to 1.74 as on March 31, 2021.

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