GIC Results

General Insurance Corporation of India (GIC Re) on Thursday reported a net profit of Rs 1,201 crore for the third quarter ended December 2022. There was a loss of Rs 28.48 crore in the year-ago period. Sequentially, it posted a net profit of Rs 1,859.93 crore in the second quarter ended September 2022. Gross premium during the October-December quarter declined to Rs 10,099.40 crore from Rs 10,240 crore in the same period of the previous fiscal, GIC Re said in a regulatory filing. Its net premium income inched up to Rs 9,561.2 crore from Rs 9,332.56 crore but earned premium declined to Rs 8,648.76 crore from Rs 8,907 crore. The bottom line was saved by a fall in incurred claims during the quarter, which declined by more than a quarter to Rs 8,380.50 crore from Rs 10,857.83 crore, according to the company. Its underwriting loss came down massively to Rs 1,537.24 crore from Rs 2,371.2 crore, boosting the net income, which was also buoyed by a healthy jump in investment income at Rs

KKR sold the entire 26.8% stake worth Rs 9,400 cr as part of its exit strategy

GIC Re on Friday reported widening of its standalone net loss to Rs 771.73 crore for the June 2021 quarter on the back of huge underwriting losses.

Its total income came down to Rs 317.08 crore, compared with Rs 324.31 crore in the year-ago period

The company said it wrote gross premium of Rs 9,511.91 crore during the quarter, higher than Rs 8,656.75 crore a year ago period

Its net profit plunged 70 per cent YoY on the back of increased expenses, the financials of the company showed

GIC had an exposure of Rs 788 crore in the IL&FS group companies and it has provisioned Rs 437.71 crore for the same