GIC Re posts solid net profit increase in latest results

Published on June 3, 2024

GIC Re, the Indian public sector reinsurer, has posted net profit after tax for the fiscal year ended 31 March 2024 (FY24) of ₹6,497.30 crore, 2.9% higher than the ₹6,312.50 crore figure that was posted in the prior year.

GIC ReIn Q4 FY24, standalone net premium grew by 26.78% to reach ₹7,904 crore, compared to ₹6,234 crore in the year-ago period.

Additionally, other income (less outgoings) recorded a profit of ₹217.30 crore, reversing a loss of ₹272.83 crore in Q4 FY23.

At the same time, underwriting profit for the quarter sat at ₹570.06 crore, a decrease from ₹892.43 crore that GIC Re posted in the same period last year.

The organisation’s combined ratio improved to 89.26% in Q4 FY24, compared to 120.47% in Q3 FY24.

Furthermore, GIC Re also reported a 3.08% increase in net profit for the last quarter of FY24 (Q4 FY24), as it reached ₹2,642.48 crore, compared to ₹2,563.84 crore in the same period in the previous year.

The post GIC Re posts solid net profit increase in latest results appeared first on ReinsuranceNe.ws.

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