General Insurance Corp. slips after brokerage maintains 'hold' rating

General Insurance Corporation of India slipped 4.07% to Rs 247.50 after a foreign brokerage maintained its 'hold' rating on the stock.

Flood losses, hurricane claims, crop losses resulted in deterioration of loss ratio, noted the brokerage.

The brokerage, however, raised price target for the stock to Rs 285 from Rs 265 per share, implying over 15% potential upside from current levels.

General Insurance Corporation of India reported a net loss of Rs 595.45 crore in Q2 September 2019 as against net profit of Rs 513.84 crore in Q2 September 2018. Total income of the general insurer rose 4.14% to Rs 13412.49 crore in Q2 September 2019 from Rs 12879.70 crore in Q2 September 2018.

 

General Insurance Corporation of India (GIC Re) is the largest reinsurer in the domestic reinsurance market in India.

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