GIC Re witnesses premium income fall in 9M’23

Its premium income fell to INR28,458.1 crore.

India-based reinsurer, GIC Re, saw its premium income dip 2.61% in the nine months to December 2023 (9M’23), accumulating INR28,458.1 crore.

On the other hand, investment income during the period saw INR8,648.92 crore, this was 12.4% higher on a year-on-year (YoY) basis.

ALSO READ: GIC Re posts higher premium income in 1H23

Underwriting loss stood at INR4,576.63 crore in 9M’23, surging 41.5% YoY. Earnings before tax in 9M’23 inched up 2.83% to INR3,854.82 crore.

The company saw its assets fall to INR1,74,822.51 crore, previously INR1,58,526.70 crore.