GIC's net zooms 200% to Rs 598 cr

General Insurance Corporation of India (GIC), the only reinsurer in the country, on Friday said its net profit increased nearly 200 per cent to Rs 598 crore in 2005-06 from Rs 200 crore a year earlier. Its net incurred claims were to the tune of Rs 4, 573 crore in 2005-06.

GIC's net earned premium income in 2005-06 was Rs 4,459 crore, nearly flat compared with Rs 4,373 crore a year earlier.

GIC's income from investments during the year increased by 23 per cent over a year earlier. During 2005-06, its investment income was Rs 1,718 crore against Rs 1,398 crore in 2004-05.

GIC declared a dividend of 20 per cent for the year 2005-06. The total investment of the reinsurer as on March 31, 2006, was Rs 22,134 crore against Rs 15,434 crore last year. Its total assets increased to Rs 26,424 crore at the end of March 2006 from Rs 18,784 crore a year earlier.