GIC Re records a net profit of Rs2,848 crore
The reinsurer said it grew by 21.41% in terms of gross premium collections during the financial year ended 31 March
Mumbai: General Insurance Corp. of India (GIC Re), the country’s only reinsurer, on Wednesday announced a net profit of Rs.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 Rs.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 Rs.860 crore for the year 2015-16.
As on 31 March, GIC Re’s total investment stood at Rs.34,050 crore, as compared to Rs.30,694 crore at the end of March 2015.
The corporation has assets worth Rs.79,554 crore at present.
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