GIC Re

The underwriting loss of the company decreased by 26 per cent to Rs 1,088.43 crore from Rs 1,471.61 crore

Stock Market Today: Adani Enterprises has successfully raised $500 million through a share sale, marking its return to the equity markets after a previous cancellation.

Shares of GIC Re, the country's largest reinsurance company, have rallied over 75 per cent in the past one year. The company is currently valued at Rs 69,825 crore

The decline in GIC Re's share price follows the central government's announcement of its plan to reduce its stake in the company by 6.78 percent to raise about Rs 4,700 crore.

We plan to finish at around Rs 42,000-43,000 crore for FY25, up 15-16 per cent from last year at Rs 37,000 crore, driven by the health segment to a great extent, said GIC CMD Narayanan

The implementation of Ind-AS 117 and its assumptions on liability and other insurance-related changes in regulations could be a future cause of concern

Obligatory cession refers to the part of the business that general insurance companies have to mandatorily cede to the national reinsurer

GIC Re on Thursday reported a 6.1 per cent increase in net profit at Rs 732 crore in the June quarter, despite a steep fall in gross premium income and massive underwriting of losses. The company -- the country's only reinsurer -- had recorded a net profit of Rs 689.72 crore in the year-ago period, it said. GIC Re said its gross premium income in the first quarter of the current fiscal declined to Rs 8,917.71 crore from Rs 11,021.83 crore a year ago. It underwrote Rs 1,557.44 crore losses in the quarter under review compared to that of Rs 776.29 crore in the year-ago period. The mounting underwriting of losses saw the combined ratio -- a key profitability metric in general insurance -- falling to 118.47 during the quarter as against 110.97 for the year-ago period. The adjusted combined ratio -- the sum of the loss ratio and the expense ratio -- stood at 97.24 as against 97.01 in the year-ago quarter. The solvency ratio of the state-run firm rose to 2.88 from 2.14. Total assets o

GIC Re on Friday posted a 43 per cent rise in net profit to Rs 2,564 crore for the fourth quarter ended March 2023. The state-owned re-insurer had earned a profit of Rs 1,795 crore in the same quarter a year earlier. During the quarter, the company collected a gross premium of Rs 7,369.74 against Rs 10,303.81 crore in the year-ago period, GIC Re said in a regulatory filing. The net commission also declined to Rs 823.93 crore compared to Rs 2,003.48 crore in the corresponding quarter of the previous fiscal. For the entire 2022-23, GIC Re recorded a three-fold rise in net profit to Rs 6,312.50 crore from Rs 2,005.74 crore in the preceding financial year. The solvency Ratio of the company increased to 2.61 from 1.96 at the end of March 2022. The total Assets of the company rose to Rs 1,57,124.60 crore against Rs 1,44,887.37 crore in the previous year. GIC Re is the largest reinsurer in the domestic reinsurance market in India and leads most of the domestic companies' treaty program

These were the same institutions that were identified as DSII in 2021-22

In the past one month, shares of New India Assurance Company (up 30 per cent) and GIC Re (up 18 per cent) outperformed the S&P BSE Sensex, which was up less than 2 per cent during the period

Seeks to revise order of preference while placing reinsurance business

While it will be called the fertiliser pool with a corpus of Rs 500 crore, it can be used to cover the risks of oil and gas imports too

'In the Indian market, the four big businesses are motor, health, fire, and agri'

The General Insurance Corporation of India (GIC Re) closed last year with a higher after tax profit and gross premium income

Currently, Indian general insurers have to cede at least 5 per cent of their business to GIC Re till FY22

The company on Wednesday reported an over four-fold jump in its net profit

GIC Re on Friday reported widening of its standalone net loss to Rs 771.73 crore for the June 2021 quarter on the back of huge underwriting losses.

Government shareholding and preferential regulation have skewed the reinsurer's efficiency and, by extension, that of the non-life insurance industry's too

We will be looking to prune our portfolio to make GIC Re a healthier entity, said MD Srivastava