Mumbai: General Insurance Corp. of India (GIC Re), the country’s only reinsurer, on Wednesday announced a net profit of 2,848 crore for the financial year ended 31 March.

In a release, the reinsurer said it grew by 21.41% in terms of gross premium collections during the financial year.

“During the year the corporation wrote a gross global premium of 18,436 crore. The premium split between the domestic and the overseas business during 2015-16 was 55% and 45%, respectively," the company said.

GIC Re has proposed a dividend of 200% of share capital amounting to 860 crore for the year 2015-16.

As on 31 March, GIC Re’s total investment stood at 34,050 crore, as compared to 30,694 crore at the end of March 2015.

The corporation has assets worth 79,554 crore at present.

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