Dominance won't fade even if obligatory cession is zero: GIC Re chairman

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

State-owned reinsurer GIC Re’s net profit jumped 42 per cent to Rs 1,795 crore in the March quarter. For FY22, it was Rs 2,005 crore, up 4.4 per cent. Post the company’s earnings, Devesh Srivastava, chairman & managing director, GIC Re, spoke to Subrata Panda on how it plans to increase the share of the life insurance business in its portfolio. The company also unveiled its plans in GIFT city. Edited excerpts:

The obligatory cession was reduced from 5 per cent to 4 per cent. What kind of an impact will that have?

The Indian general insurance market is about Rs 2.2