Reinsurance News

GIC Re’s combined ratio hits 123% in Q2

16th August 2021 - Author: Charlie Wood

GIC Re has announced a combined ratio of 123.36% for the second quarter of 2021, a considerable slide from the 112.16% previously registered in Q2 2020.

GIC ReAdjusted Combined Ratio is 112.35% against 105.88% for the prior year period

Gross Premium Income stands at $192.6 million for second quarter, down from the $214.1 million secured in the prior year period

Underwriting loss is $37.9 million for the quarter, climbing further from last year’s $23.8 million.

Investment income is $24.1 million for the quarter, up marginally from $15.3 million.

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The company recorded Loss Before Tax of $15.7 million as opposed to $10.9 million for the second quarter in 2020.

Loss After Tax for quarter was $10.3 million as compared to $7.5 million a year earlier.

Net Worth of the company (without fair value change account) recorded at $286 million, up from against $265 million in Q2 2020.

 

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