HomeBusinessGIC Relogs PAT of Rs 2,005 Cr, Cuts Underwriting Loss

GIC Relogs PAT of Rs 2,005 Cr, Cuts Underwriting Loss

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The General Insurance Corporation of India (GICRe) ended last year with a higher after-tax profit and gross premium income.

The Board of Directors of the company has declared an interim dividend of Rs 2.25 for equity shares (on a face value of Rs 5, each) for this year.

GIC Re had a gross premium income in FY22 of Rs 43.208.46 crore compared with Rs 47.014.38 crore for its year ending March 31, 2021.

Last fiscal, the reinsurer made an after-tax profit Rs. 2,005.74 crore, as opposed to Rs 1,920.44 lakhs in FY21.

Last year, the company earned Rs 9,562.29 crore in investment income, an increase of Rs 8,820.86 crore.

Last year, the reinsurer’s underwriting losses were Rs 4,266.11 crore, a decrease of Rs 5,488.45 million in FY21.

The company’s solvency rate is 1.96 as of March 31, 2022, as opposed to 1.74 as of March 31, 20,21.

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