GIC Re announced Financial Performance for year 2022-2023

GIC Re announced financial performance for the year ended 31st March 2023 at the Board Meeting of company held in Mumbai.

GIC Re announced Financial Performance for year 2022-2023
Mr. Devesh Srivastava, CMD, GIC Re

Mumbai: GIC Re announced financial performance for the year ended 31st March 2023 at the Board Meeting of company held in Mumbai on 26 May 2023.

Given below the details of our financial performance for the Year ended 31.03.2023:

  • Gross Premium Income of the company was Rs. 36,591.59 crore for the year ended 31.03.2023 as compared to  Rs. 43,208.46 crore for the year ended 31.03.2022.
  • Underwriting Loss reduced to Rs. 2,341.37 crore for the year ended 31.03.2023 as compared to  Rs.  4,266.11 crore for the year ended 31.03.2022. 
  • Investment Income is  Rs. 10,594.00 crore for the year ended 31.03.2023 as compared to Rs. 9562.29 crore for the year ended 31.03.2022.
  • Solvency Ratio is 2.61 as on 31.03.2023 as compared to 1.96 as on 31.03.2022.
  • The company recorded Profit Before Tax of Rs.  7749.44 crore for the year ended 31.03.2023 as compared to Profit Before Tax of  Rs. 3,560.14 crore for the year ended 31.03.2022.
  • Profit After Tax for the year ended 31.03.2023 recorded as  Rs. 6312.50 crore as compared to Profit After Tax of  Rs.  2,005.74 crore for the year ended 31.03.2022.
  • Total Assets are  Rs. 1,57,124.60 crore as on 31.03.2023 as compared to Rs. 1,44,887.37 crore as on 31.03.2022.
  • Net Worth of the company (without fair value change account) recorded at  Rs.  32,356.08* crore on 31.03.2023 as against Rs.  24,439.72 crore as on 31.03.2022.
  • Net Worth of the company (including fair value change account) recorded as  Rs.  61,700.11 crore on 31.03.2023 as against Rs. 55,657.73 crore as on 31.03.2022.
  • Combined Ratio is 109.31% for the year ended 31.03.2023 as against 112.08% for the year ended 31.03.2022.
  • Adjusted Combined Ratio is 86.95% for the year ended 31.03.2023 as against 93.11 % for the year ended 31.03.2022.

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About General Insurance Corporation of India (GIC Re)
GIC Re is the largest reinsurer in the domestic reinsurance market in India and leads most of the domestic companies' treaty programmes and facultative placements. It has steadfastly maintained its leadership position in the Indian reinsurance market. While foreign reinsurers have opened branch operations in India since early 2017, GIC Re has continued to maintain its market leadership and market share.

GIC Re has been identified as Domestic Systemically Important Insurers (D-SIIs) for 2022-23 by insurance regulator IRDAI.

Internationally, GIC Re is an effective reinsurance partner for the Afro-Asian region, leading the reinsurance programmes of several insurance companies in Middle East and North Africa, and Asia including SAARC countries.

GIC Re has been ranked 15th largest global reinsurer group by A M Best, based on gross reinsurance written premium figures in 2021.  It has branch offices in London and Kuala Lumpur.  In April 2018, syndicate fully capitalised by GIC Re became operational at Lloyd's of London.  This syndicate is expected to scale up over the next few years towards achieving the medium-term management objective of achieving 60:40 (domestic: international) risk portfolio composition.  Additionally, GIC Re has 100% subsidiary in South Africa and  Russia and also  associate companies in Bhutan, Singapore and India. GIC Re is transacting business across the world in 160 countries. 

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GIC Re being committed to the capacity for the domestic need as well as of the subcontinent, it has proved to be a reliable Global reinsurer over many decades. Pandemic lockdown followed by global economic slowdown in 2020 has impacted performance of major global reinsurance players. Despite such setbacks, A M Best has assessed GIC Re’s balance sheet strength as strong with adequate operating performance, and favorable business profile.  Over the years, GIC Re has catered to domestic support through managing Pools and proved a formidable partner for all the social financial schemes of Government of India.

GIC Re`s business model enables it to benefit from the expected growth of both the primary insurance and reinsurance markets in India as well as other large and fast-growing markets like SAARC, South East Asia, Latin America, Africa and China.

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