GIC Re Q4 net profit jumps 43% to Rs 2,564 crore

The net commission also declined to Rs 823.93 crore compared to Rs 2,003.48 crore in the corresponding quarter of the previous fiscal.

GIC Re on Friday posted a 43 percent rise in net profit to Rs 2,564 crore for the fourth quarter ended March 2023.

The state-owned re-insurer had earned a profit of Rs 1,795 crore in the same quarter a year earlier.

During the quarter, the company collected a gross premium of Rs 7,369.74 against Rs 10,303.81 crore in the year-ago period, GIC Re said in a regulatory filing.

The net commission also declined to Rs 823.93 crore compared to Rs 2,003.48 crore in the corresponding quarter of the previous fiscal.

For the entire 2022-23, GIC Re recorded a three-fold rise in net profit to Rs 6,312.50 crore from Rs 2,005.74 crore in the preceding financial year.

The solvency Ratio of the company increased to 2.61 from 1.96 at the end of March 2022.

The total Assets of the company rose to Rs 1,57,124.60 crore against Rs 1,44,887.37 crore in the previous year.

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.