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Farm, marine segments lift GIC Re net fivefold to Rs 1,419 cr

Tuesday, November 14, 2017

(L-R) V C Jain - CFO & GM, Alice G Vaidyan - CMD, D R Waghela - GM and B N Narasimhan - GM, of GIC Re. at a press conference in Mumbai to announce its Q2 financial performance.

The sole state-run reinsurer GIC Re yesterday posted a near fivefold jump in net at Rs 1,419 crore for the quarter to September helped by better underwriting and higher growth in agriculture and marine segments.

The company, which went public during the quarter, had reported a net of Rs 251.79 crore in the year ago period. For the half year ended September, profit jumped 89.3% to Rs 1,809.22 crore as against Rs 955.81 crore in the year ago period.

"The major segments that have turned profitable are agriculture and marine, but overall we've grown across segments," chairman and managing director Alice G Vaidyan told reporters here yesterday.

The underwriting profit during the quarter was Rs 757.36 crore as against a loss of Rs 668.36 crore. Half yearly gross premium was Rs 91.75 crore compared to a loss of Rs 473.70 crore a year ago.

Gross premium came down to Rs 7,209.61 crore from Rs 10,176.68 crore for the quarter, while for the gross written premium was Rs 24,404.37 crore compared to Rs 16,118.37 crore.

The combined ratio for the half year was 99.4% as against 99.1%. The net premium written during the quarter stood at Rs 5,865.89 crore compared to Rs 9,438.12 crore a year ago.

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