GIC Re, the Indian reinsurance company, announced its financial results for the fiscal year ending March 31, 2024 (FY24).
Key Financial Highlights:
Gross Premium Income: ₹37,181.76 crore (compared to ₹36,591.59 crore in FY23)
Underwriting Loss: ₹4,006.56 crore (compared to ₹2,341.37 crore in FY23)
Investment Income: ₹11,620.40 crore (compared to ₹10,594.00 crore in FY23)
Solvency Ratio: 3.25 (as of March 31, 2023) compared to 2.61 (as of March 31, 2022)
Profit Before Tax (PBT): ₹7,877.93 crore (compared to ₹7,749.44 crore in FY23)
Profit After Tax (PAT): ₹6,497.30 crore (compared to ₹6,312.50 crore in FY23)
Total Assets: ₹1,78,285.82 crore (compared to ₹1,57,124.60 crore in FY23)
Key Points:
Growth in Gross Premium: GIC Re witnessed a modest increase in gross premium income, indicating a positive trend in the reinsurance business.
Higher Underwriting Loss: The underwriting loss increased significantly, reflecting the challenges faced by the reinsurance industry.
Strong Investment Income: Investment income continued to be a major contributor to the company's profitability, offsetting the underwriting loss.
Improved Solvency Ratio: The solvency ratio improved, indicating the company's strong financial position and ability to meet its obligations.
For further information and analysis, you can refer to the following resources:
ICICI Direct Analysis: https://www.icicidirect.com/research/equity/rapid-results/general-insurance-corporation-of-india
GIC Re Investor Relations Page: https://www.gicre.in/en/investors-public-disclosures/investors-en/financial-performance/financial-results
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