GIC Re Q1 net profit rises 98% to Rs 7.1 bn; gross premium income up 9.3%

Engineering reinsurance has seen a substantial turnaround from an underwriting loss of Rs 25.5 billion in Q1 FY2017 to an underwriting profit of Rs 109.14 billion as of Q1

General Insurance Corporation (GIC Re) has a posted a net profit growth of 98 per cent to Rs 7.1 billion for the quarter ended June 2018, as against Rs 3.9 billion in net profit during the same period in the last year.

Gross Premium Income has risen by 9.3 per cent, year on year, from Rs 172 billion in Q1 FY2018 to Rs 188 billion at the end of Q1 FY2019. While the amount of incurred claims has risen by 20.4 per cent from Rs 107 billion in Q1 FY2018 to Rs 129 billion in the first quarter of this fiscal.