Finance Minister Nirmala Sitharaman set an ambitious target of Rs 105 lakh crore ($15.33 billion) from the sale of stakes in state-run companies, compared with Rs 85,000 crore the previous year, in her budget on July 8 for the fiscal year that began on April 1.
Gross premium collection during March quarter stood at Rs 8,089.35 crore as against Rs 8,525.02 crore in the year-ago period.
Combined ratio on GIC Re's international business is set to improve in second half of FY19.
Gross premium in Q1 increased 9.3 percent to Rs 18,791 crore compared to Rs 17,194 crore in corresponding quarter last fiscal.
General Insurance Corporation of India has reported a sales total income from operations of Rs 1,014.36 crore and a net profit of Rs 771.42 crore for the quarter ended Jun-2018
Akash Jain is confident that economic recovery is on its way and that should help corporate earnings grow in double digits in FY19.
Last December, the Lloyd's Franchise Board granted 'in principle' approval to GIC Re to create 'GIC Syndicate 1947', the company said in a statement.
The funds that have gone to promoters and other existing investors like private equity players are for the shares sold by them for partial or full exit from the firms.
The stock did touch a high of Rs 867 and low of Rs 850 (the price in pre-opening trade) in early trade.
GIC Re's IPO was oversubscribed 1.38 times during October 11-13. The reinsurance company had fixed the price band at Rs 855-912 for its IPO.
The issue comprises a fresh issue of 1,72,00,000 shares by the Corporation and an offer for sale of 10,75,00,000 shares by the promoter.
The reinsurance company has fixed the price band at Rs 855-912 for its IPO which closes on October 13.
Way2Wealth has come out with its report on MAS Financial services IPO , The research firm has recommended to “ Subscribe ” the IPO in its research report as on October 10, 2017.
The Government of India will offload 10 percent stake in the company through offer for sale issue.
The non-life industry collected Rs 91519.50 crore as gross premium for the first three quarters of this financial year, showing a growth of 31 percent.
Allowing general insurance companies to get listed when none of the private players are listed could raise questions in certain quarters
Public sector reinsurer General Insurance Corporation of India (GIC Re) could be among the first general insurers to be listed on the stock exchanges with the Cabinet approving their Initial Public Offering (IPO). In an interview with M Saraswathy, Alice G Vaidyan, chairman and managing director of GIC Re talks about their plans ahead of the IPO.
Till now, GIC Re was the only Indian reinsurance company. It is entitled to the right of first refusal and also has the privilege of cessions which means a portion of risk is to be mandatorily ceded to it by an insurer.
The company's net profit was at Rs 25.83 crore in the same period a year ago. Total income of the company during the quarter under review rose to Rs 215.55 crore as against Rs 178.69 crore in the year-ago period, it said in a BSE filing.
The realty major is in talks with several foreign private equity (PE) players to raise up to USD 500 million. When contacted, DLF refused to comment saying it doesn't comment on market speculation.
Reinsurance co GIC Re‘s efforts to expand into newer areas of reinsurance, like nuclear and natural disaster reinsurance have hit a dead end.