New India Assurance, GIC Re hit 20% upper circuit on privatization buzz

As on December 31, 2020, the government held 85.78 per cent stake in GIC RE, and 85.44 per cent holding in the New India Assurance Company.

Shares of two listed state-owned insurance companies, New India Assurance Company (Rs 164.20) and General Insurance Corporation of India or GIC Re (Rs 170.90), were locked in the upper circuit of 20 per cent on the BSE on Thursday on report that the government is considering privatisation of United India Insurance and General Insurance Corporation.

As on December 31, 2020, the government held 85.78 per cent stake in GIC RE, and 85.44 per cent in the New India Assurance Company, the shareholding pattern data shows.

GIC Re is the largest reinsurer in the domestic reinsurance market in India