The International Regulatory and Development Authority of India (IRDA) says a total of $872 million in reinsurance premium was accepted by foreign reinsurance branches in 2017-18, with Swiss Re taking the largest share at $287 million.
Munich Re and SCOR reported $183 million and $166 million, respectively.
In the same time period, the IRDA said that foreign reinsurers infused assigned capital of $203 million.
Meanwhile, assigned capital of foreign reinsurance branches increased to $360 million as of 31 March 2018, up from from $156 million a year earlier.
Of all nine foreign reinsurance branches in India, the IRDA says three reported profit after tax whilst the remaining six reported a loss.
Swiss Re reported a post-tax profit of $8.5 million while Axa France and Lloyd’s reported a post-tax profit of $1.1 million and $280,857 respectively.
Overall, the total loss of all 9 foreign reinsurance branches was $45 million.
IRDA states that all foreign reinsurance branches, except RGA, has solvency margin above 1.50 as on 31 March 2018. RGA has the solvency margin of 1.20 as on 31 March 2018.
