The country's only reinsurer General Insurance Corporation of India Ltd (GIC Re) reported a 31% drop in net profit to ₹2,224.31 crore for the full year ended 31 March 2019. This is the first announcement of annual results following the listing of the company on stock exchanges last year. For the quarter ended March 2019, net profit fell 19.7% to ₹603.37 crore compared to ₹751.6 crore during the same time last year.
Growth in gross premium rose 6% to ₹44,238 crore for the fiscal year 2018-19 compared to ₹41,799.37 crore last year. Its domestic business saw a 3.9% growth in gross premium to ₹30,972 crore while international business saw a 10.7% growth in growth premium to ₹13,265.79 crore.Around 33.5% growth in gross premium came from marine business while life insurance saw a growth of 24.3%.
Investment income rose 18.7% to ₹6,401.34 crore for the year ended March 2019 compared to ₹5,392.03 crore during the same period last year
Its solvency ratio rose to 2.06% as on 31 March 2019 comapred to 1.72 during the same time last year
Its underwriting losses amounted to ₹2211.46 crore for the fiscal year 2018-19 compared to ₹1497.42 crore in the previous year.