GIC Re has stated that gross premium income in Q2 2022 was 23% lower than it was in Q2 2021.
The firm said in a statement that its gross premium income was INR 11,100.74 crore in the first half of this year, compared to INR 14,426.55 in the same period in 2021. Underwriting loss in Q2 2022 was INR 804,01.29 crore against a loss of INR 3,189,59 crore in Q2 2021.
However, the company recorded Profit Before Tax of INR 1,025.69 crore for Q2 2022 as compared to a loss before tax of INR 1,510.96 crore for Q2 2021.
Net premiums were also down between between the second quarters of 2021 and 2022, falling from INR 12,891.36 crore to 10,498.46 crore.
These latest results follow GIC Re reporting in May that its gross written premiums had jumped 16.9% between Q1 2021 an Q1 2022.
The firm also said that its profits had originated from investment income, saying that as a low interest rate regime emerged in the Indian economy, it would focus on moving away from this.
Back in January, Moody’s said that rising premium growth and government reform was expected to strengthen the profitability of insurers in India.
