GIC Re Q2 profit jumps over five-fold to Rs1,419 crore
New Delhi: General Insurance Corp. of India Ltd (GIC Re) on Monday reported over five-fold jump in standalone net profit to Rs1,419.11 crore for the September quarter. This is first quarter for which the reinsurance firm has reported results after being listed last month.
GIC Re had clocked a net profit of Rs251.79 crore in the July-September quarter of the previous fiscal. “The profit for the period includes prior income of Rs175.73 crore on account of retro income of marine insurance business,” it said.
GIC Re is the largest reinsurance company in the country in terms of gross premiums in 2016-17, while accounting for almost 60% of the premium ceded by Indian insurers to the company.
Total income of the company grew to Rs10,714.69 crore for the second quarter as against Rs7,415.55 crore in the same period of previous fiscal, GIC Re said in a regulatory filing to exchanges. The net premium written during the quarter stood at Rs5,865.89 crore compared to Rs9,438.12 crore a year ago.
The company said after the initial public offer (IPO) of the corporation, the number of equity shared increased from 86 crore to 87.72 crore and percentage of government holding reduced to 85.78%.
GIC Re is also an international players in the reinsurance business and underwrote business from 161 countries by 31 March, 2017.
On Monday, shares of General Insurance Corp. of India Ltd (GIC Re) fell 1.20% to Rs810 apiece while the benchmark Sensex shed 0.84% to end the day at 33,033.56 points.