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GIC Re: Weak earnings, low solvency blunt competitive advantage

GIC’s underwriting losses have increased to a level where they are not being offset by investment income and have started to hurt the reinsurer’s solvency ratio

June 29, 2020 / 12:25 PM IST
GIC Re: Weak earnings, low solvency blunt competitive advantage

General Insurance Corporation (GIC Re) (CMP: Rs 155, Mcap: Rs27,167 crore), the state-owned, and largest, reinsurance company in India, reported loss of Rs 350 crore in FY20 compared to a gain of Rs 2,224 crore in FY19. Full-year earnings were pulled down by huge losses in the first nine months of FY20 on the back of increased claims in the agriculture segment and higher provisioning on investment. While profit in the fourth quarter of FY20 helped reduce the large...

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