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.

ALSO READ: India’s first-year premiums contraction eases in September

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%.

Also Read

Philippine life insurance sector slated for 5.4% CAGR by 2028

Property insurance industry to exceed $152b by 2028

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