{"id":152174,"date":"2024-06-03T06:00:17","date_gmt":"2024-06-03T05:00:17","guid":{"rendered":"https:\/\/www.reinsurancene.ws\/?p=152174"},"modified":"2024-06-03T15:29:20","modified_gmt":"2024-06-03T14:29:20","slug":"gic-re-posts-solid-net-profit-increase-in-latest-results","status":"publish","type":"post","link":"https:\/\/www.reinsurancene.ws\/gic-re-posts-solid-net-profit-increase-in-latest-results\/","title":{"rendered":"GIC Re posts underwriting loss in fiscal full year, CR deteriorates to 111.8%"},"content":{"rendered":"

GIC Re, the Indian public sector reinsurer, has posted an underwriting loss of \u20b94,006.56 crore for the fiscal year ended 31st March 2024 (FY24), compared to the \u20b92,341.37 crore loss from the prior year.<\/p>\n

\"GICAt the same time, the firm also posted a combined ratio of 111.8%, representing a deterioration of 2.5 percentage points year on year.<\/p>\n

Moreover, GIC Re also posted net profit after tax for FY24 of \u20b96,497.30 crore, 2.9% higher than the \u20b96,312.50 crore figure that was posted in the prior year.<\/p>\n

Gross Premium Income sat at \u20b937,181.76 crore for FY24, a slight increase compared to \u20b936,591.59 crore from the prior year.<\/p>\n

Moving towards the last quarter of FY24 (Q4 FY24), GIC Re reported a 3.08% increase in net profit, climbing to \u20b92,642.48 crore, compared to \u20b92,563.84 crore in the same period in the previous year.<\/p>

\"Artemis<\/a><\/div><\/div>\n

As well as this, standalone net premium witnessed a solid increase, as it reached \u20b97,904 crore, compared to \u20b96,234 crore in the year-ago period.<\/p>\n

At the same time, underwriting profit for Q4 FY24 sat at \u20b9570.06 crore, representing a decrease from the \u20b9892.43 crore figure that GIC Re posted in the same period last year.<\/p>\n

And lastly, the organisation’s combined ratio for Q4 FY24 sat at 89.26%, compared to 89.15% from the previous year.<\/p>\n","protected":false},"excerpt":{"rendered":"

GIC Re, the Indian public sector reinsurer, has posted an underwriting loss of \u20b94,006.56 crore for the fiscal year ended 31st March 2024 (FY24), compared to the \u20b92,341.37 crore loss from the prior year. At the same time, the firm also posted a combined ratio of 111.8%, representing a deterioration of 2.5 percentage points year […]<\/p>\n","protected":false},"author":15,"featured_media":48370,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[132,597],"class_list":["post-152174","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-gic-re","tag-results"],"acf":[],"yoast_head":"\nGIC 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