GIC Re posts higher premium income in 1H23

However, its underwriting loss increased.

GIC Re’s gross premium income reached ₹19,679.85 crore, compared to ₹19,122.45 crore in the same period last year.

Its underwriting loss, however, increased to ₹3,029.04 crore from ₹1,696.07 crore.

Investment income rose to ₹5,555.91 crore from ₹5,096.75 crore, whilst the solvency ratio improved to 2.82 from 2.25.

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Profit before tax was ₹2,782.78 crore, down from ₹3,450.08 crore. Profit after tax was ₹2,336.87 crore, compared to ₹2,549.65 crore.

Total assets increased to ₹1,67,640.89 crore from ₹1,53,384.76 crore. 

Net Worth (without fair value change) was ₹33,266.61 crore, up from ₹28,006.66 crore. Net Worth (including fair value change) was ₹71,376.53 crore, compared to ₹60,585.14 crore.

The combined ratio was 116.98% compared to 113.92%, whilst the adjusted combined ratio was 95.11% compared to 92.07%.