GIC Re, the Indian public sector reinsurer, has posted an underwriting loss of ₹4,006.56 crore for the fiscal year ended 31st March 2024 (FY24), compared to the ₹2,341.37 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 on year.
Moreover, GIC Re also posted net profit after tax for FY24 of ₹6,497.30 crore, 2.9% higher than the ₹6,312.50 crore figure that was posted in the prior year.
Gross Premium Income sat at ₹37,181.76 crore for FY24, a slight increase compared to ₹36,591.59 crore from the prior year.
Moving towards the last quarter of FY24 (Q4 FY24), GIC Re reported a 3.08% increase in net profit, climbing to ₹2,642.48 crore, compared to ₹2,563.84 crore in the same period in the previous year.
As well as this, standalone net premium witnessed a solid increase, as it reached ₹7,904 crore, compared to ₹6,234 crore in the year-ago period.
At the same time, underwriting profit for Q4 FY24 sat at ₹570.06 crore, representing a decrease from the ₹892.43 crore figure that GIC Re posted in the same period last year.
And lastly, the organisation’s combined ratio for Q4 FY24 sat at 89.26%, compared to 89.15% from the previous year.
