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Informist, Monday, Feb. 3, 2025

--GIC Oct-Dec net profit INR 16.21 bln vs INR 15.18 bln year ago 

--GIC Oct-Dec total income INR 104.79 bln vs INR 102.42 bln year ago 

--GIC Apr-Dec net profit INR 45.18 bln vs INR 38.55 bln year ago 

--GIC Apr-Dec total income INR 336.24 bln vs INR 331.38 bln year ago 

MUMBAI – General Insurance Corp. of India reported a net profit of INR 16.21 billion for the quarter ended December, up 6.8% on year. Sequentially, the bottom line of the company fell by nearly 13%. For the nine months ended December, the company reported a net profit of INR 45.18 billion,

The gross premiums increased to INR 99.67 billion in Oct-Dec from INR 84.13 billion in Jul-Sept and INR 87.78 billion as reported a year ago. The net premiums rose to INR 92.81 billion from INR 78.53 billion a year ago. The total income rose to INR 104.79 billion from INR 102.42 billion a year ago.

The incurred claims by the company fell to INR 75.00 billion from INR 82.84 billion a quarter ago and INR 79.98 billion a year ago. The incurred claim ratio of the re-insurance company stood at 87.83% as on Dec. 31 lower than 93.65% a quarter ago.

The re-insurance company reported a combined ratio of 107.83%, lower than 114.05% reported a quarter ago and 120.47% a year ago. The underwriting loss narrowed to INR 5.82 billion in the reporting quarter from INR 15.47 billion as reported a year ago. The solvency ratio was 3.52 times as of Dec. 31, compared with 2.94 times a year ago.

In a separate filing, the board of the re-insurance company got the in-principle approval for the incorporation of GIC Re, India Service Co, a wholly owned subsidiary of the company. "The approval from Insurance Regulatory and Development Authority of India (IRDAI) for formation of Wholly Owned Subsidiary shall be sought before making the investment and directives as per Foreign Exchange Management (Overseas Investment) Directions, 2022 shall be complied with," the filing said.

On the National Stock Exchange, shares of General Insurance Corp. of India closed 3.9% lower at INR 388.35 on Monday.  End

Reported by Kshipra Petkar

Edited by Akul Nishant Akhoury

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