Shares of General Insurance Corporation of India were on a roll on December 20, leaping nearly 11 percent to hit a record high of Rs 494.45, driven by a gush of trading volumes.
The stock witnessed an upsurge in trading volumes in the counter as around one crore shares changed hands on the exchanges so far, already well ahead of the one-month daily traded average of 14 lakh shares.
At 11.48 am, shares of GIC were trading at Rs 488.80 on the NSE. The stock has been buzzing in the past month as it surged close to 32 percent during this period.
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For the September quarter, the domestic reinsurer company reported a 15.9 percent on-year increase in net profit, coming at Rs 1,860.76 crore in Q2 FY25, up from Rs 1,605.09 crore in the same period last year. The growth was driven by strong investment income and a reduction in commission costs. On a sequential basis, the net profit surged by 74.4 percent from Rs 1,036.06 crore in the previous quarter.
At the end of the September quarter, GIC's solvency ratio stood at 342 percent, a sharp spike from 282 percent from the year ago period. The company’s combined ratio narrowed to 114.05 percent from 115.83 percent during the same period. The reinsurer also reported a 26 percent reduction in its underwriting loss, which fell to Rs 1,088.43 crore from Rs 1,471.61 crore.
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