GIC Re's profit climbs to $12m in Q1 2024

Its assets grew to $2.22b.

GIC Re’s profits for the quarter ended June (Q1 2024) increased to $12.35m (₹1,036.36 crore), up from $8.72m (₹731.79 crore).

The company reported a gross premium income of $147.81m (₹12,405.68 crore), up from $106.29m (₹8,917.71 crore) in the same quarter last year.

Underwriting losses narrowed to $15.34m (₹1,288.53 crore) from $18.57m (₹1,557.44 crore) year-on-year.

Investment income increased to $32.86m (₹2,758.99 crore) from $30.81m (₹2,559.31 crore). The solvency ratio improved to 3.36 as of June 30, 2024, compared to 2.88 a year earlier.

The company’s total assets grew to $2.22b (₹1,86,552.46 crore), up from $1.95b (₹1,63,928.08 crore). 

The net worth (excluding fair value change account) stood at $460.36m (₹38,635.23 crore), whilst the net worth (including fair value change account) was $1.02b (₹85,926.02 crore), compared to $393.09m (₹32,984.27 crore) and $829.13m (₹69,650.29 crore) respectively, in the previous year.

The combined ratio improved to 109.60% from 118.47%, and the adjusted combined ratio improved to 92.97% from 95.97% year-on-year.