GIC Re, the Indian public sector reinsurer, has reported an underwriting loss of approximately ₹2,376.95 crore for the half year ended on September 30th, 2024, (H1 2024), as compared to a loss of around ₹3,029.04 crore for the same period in 2023.
The reinsurer’s combined ratio improved slightly at 111.64 % for H1’24 as compared to 116.98 % for H1’23. Meanwhile, the adjusted combined ratio is 88.86% for H1’24, also an improvement from last year’s 93.63%.
In terms of gross premium ratio, the domestic contribution was 78% or ₹16,330.80 for H1’24, representing growth of 24.8%. The international segment saw a decrease of 31.9% and contributed 24.8% to the gross premiums at ₹4,488.36 for the half year 2024.
The company’s gross premium income reported was approximately ₹20,819.16 crore for H1’24 as compared to ₹19,679.85 crore for H1’23.
Additionally, investment income for H1’24 hit ₹6,242.32 crore, an increase from last year’s ₹5,825.38 crore.
GIC Re’s solvency ratio also improved to 3.42 from 2.82 for H1’24.
The reinsurer’s profit before tax was ₹3,674.29 crore for the half year 2024, compared to ₹2,782.78 crore for H1’23.
Profit after tax for H1’24 is ₹2,897.12 crore compared to ₹2,336.87 crore last year.
Looking at the asset book the total assets currently stands at ₹1,94,881.75 crore, compared to ₹1,67,640.89 crore last year.
The company’s net worth (without fair value change account) was recorded at ₹39,481.33 crore for H1’24, against ₹33,266.61 crore last year.
The post GIC Re’s underwriting loss narrows for H1’24, CoR stands at 111.64% appeared first on ReinsuranceNe.ws.