GIC Re Q1 FY24-25: Posts Profit at Rs 1,036.36 cr

Mumbai, August 09,2024: GIC Re announced financial performance for the Quarter ended 30th June ,2024 at the Board Meeting of company held in Mumbai today.

Details of the financial performance for the quarter ended 30.06.2024:

• Gross Premium Income of the company was Rs 12,405.68 crore for the quarter ended 30.06.2024 as compared to Rs 8,917.71 crore for the quarter ended 30.06.2023.
• Underwriting Loss is Rs 1,288.53 crore for the quarter ended 30.06.2024 as compared to Rs 1,557.44 crore for the quarter ended 30.06.2023.
• Investment Income is Rs 2,758.99 crore for quarter ended 30.06.2024 as compared to Rs 2,559.31 crore for the quarter ended 30.06.2023.
• Solvency Ratio is 3.36 as on 30.06.2024 as compared to 2.88 as on 30.06.2023.
• The company recorded Profit Before Tax of Rs 1,393.16 crore for the quarter ended 30.06.2024 as compared to Profit Before Tax of Rs 935.18 crore for the quarter ended 30.06.2023.
• Profit After Tax for the quarter ended 30.06.2024 recorded as Rs 1,036.36 crore as compared to Profit After Tax of Rs 731.79 crore for the quarter ended 30.06.2023.
• Total Assets are Rs 1,86,552.46 crore as on 30.06.2024 as compared to Rs 1,63,928.08 crore as on 30.06.2023.
• Net Worth of the company (without fair value change account) recorded at Rs 38,635.23 crore on 30.06.2024 as against Rs 32,984.27 crore as on 30.06.2023.
• Net Worth of the company (including fair value change account) recorded as Rs 85,926.02 crore on 30.06.2024 as against Rs 69,650.29 crore as on 30.06.2023.
• Combined Ratio is 109.60 % for the quarter ended 30.06.2024 as against 118.47 % for the quarter ended 30.06.2023.
• Adjusted Combined Ratio is 92.97% for the quarter ended 30.06.2024 as against 95.97% for the quarter ended 30.06.2023.