GIC Re reports 7.8% drop in pre-tax profit at Rs 1,101 cr in Q4FY20

Country’s largest reinsurer – General Insurance Corporation (GIC Re) – has reported a 7.8 per cent decline in pre-tax profit in Q4FY20. The reinsurer’s pre-tax profit for the March quarter stood at Rs 1,101 crore compared to Rs 1,194 crore in Q4FY19. Net profit of the reinsurer jumped 98 per cent to Rs 1,197 crore in Q4FY20 compared to 603 crore in the same period a year ago due to lower tax provisions.

Combined Ratio of the reinsurer for FY20 stood at 114 per cent compared to 106 per cent in FY19. If the combined ratio is less than 100,