GIC Re posts $268.3m net profit for FY2021

Gross premiums during that period fell 7.1%.

The General Insurance Corporation of India (GIC Re) has recorded a consolidated net profit of $268.3m (INR199.16b) for the financial year 2021, according to media reports.

Gross premiums collected during that period fell 7.1% to INR470.14b from INR510.30b in FY2020. Incurred claims also dropped 14.4% to INR368.53b in FY21.

The incurred claims ratio improved to 92.4%, whilst the underwriting loss shrank to INR54.88b from INR63.67b in FY20.

Investment income rose 24% 24% to INR88.2b compared to INR71.25b in FY2020.

The solvency ratio improved to 1.74 as of 31 March this year.

The insurer said the pandemic has led to uncertainties on its growth front despite better financial performance. It expressed concerns over the pandemic's impact on business and economic growth and its effect on premium volume, particularly from SMEs.

Follow the link for more news on

GIC Re

India

Also Read

APAC emerges as leader in renewables insurance

Only 14% of rich people prioritise life insurance despite awareness

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit

Top News

APAC emerges as leader in renewables insurance

RE is projected to account for 45% of global electricity generation by 2030.

Insurance

10 hours ago

Only 14% of rich people prioritise life insurance despite awareness

41% of SEA saw potential family disputes from lack of a plan as top concern.

Insurance

11 hours ago

Zurich eyes to surpass 23% ROE in next three years

It also aims to achieve core EPS with a CAGR of over 9%.

Insurance

11 hours ago

IFRC-DREF triggers insurance payout after disaster relief demands exceed threshold

The policy provides up to $16.92m in coverage.The International Federation of Red Cross and Red Crescent Societies' Disaster Response Emergency Fund (IFRC-DREF) has triggered its first-ever insurance payout after disaster relief demands exceeded its deductible threshold.

Insurance

12 hours ago