GIC Re announces Q1 FY24 Results

by Psu Connect
Date: 10-08-23

Mumbai: GIC Re announced financial performance for the quarter ended 30th June 2023 at the Board Meeting of the company held in Mumbai today.

Details of the financial performance for the quarter ended 30.06.2023:

Gross Premium Income of the company was Rs 8,917.71 crore for the quarter ended 30.06.2023 as compared to Rs 11,021.83 crore for the quarter ended 30.06.2022.

Underwriting Loss is Rs 1,557.44 crore for the quarter ended 30.06.2023 as compared to Rs 776.29 crore for the quarter ended 30.06.2022.

Investment Income is Rs 2,454.94 crore for quarter ended 30.06.2023 as compared to Rs 1,890.43 crore for the quarter ended 30.06.2022.

Solvency Ratio is 2.88 as on 30.06.2023 as compared to 2.14 as on 30.06.2022.

The company recorded Profit Before Tax of Rs 935.18 crore for the quarter ended 30.06.2023 as compared to Profit Before Tax of Rs 988.71 crore for the quarter ended 30.06.2022.

Profit After Tax for the quarter ended 30.06.2023 recorded as Rs 731.79 crore as compared to Profit After Tax of Rs 689.72 crore for the quarter ended 30.06.2022.

Total Assets are Rs 1,64,258.75 crore as on 30.06.2023 as compared to Rs 1,46,178.09 crore as on 30.06.2022.

Net Worth of the company (without fair value change account) recorded at Rs 32,984.27 crore on 30.06.2023 as against Rs 26,345.14 crore as on 30.06.2022.

Net Worth of the company (including fair value change account) recorded as Rs 69,650.29 crore on 30.06.2023 as against Rs 55,341.65 crore as on 30.06.2022.

Combined Ratio is 118.47 % for the quarter ended 30.06.2023 as against 110.97 % for the quarter ended 30.06.2022.

Adjusted Combined Ratio is 97.24 % for the quarter ended 30.06.2023 as against 97.01 % for the quarter ended 30.06.2022.