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Business News/ Companies / GIC Re records a net profit of Rs2,848 crore
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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

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

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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ABOUT THE AUTHOR
Anirudh Laskar
Anirudh reports on significant corporate matters including large mergers and acquisitions, India's emerging e-commerce sector and regulatory issues in the corporate and financial services industry. Over the past 17 years, he has covered many beats including banking, NBFCs, aviation, automobile, insurance, markets, SEBI, IRDAI, mutual funds, investment banking, private equity, deals, and conglomerates.
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Published: 29 Jun 2016, 07:37 PM IST
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