GIC Re on Tuesday posted a 3% increase in net profit to Rs 2,642 crore for the fourth quarter ended March 2024 compared to Rs 2,564 crore in the same quarter a year earlier. During the quarter, the company collected a gross premium of Rs 8,724 against Rs 7,370 crore in the year-ago period, GIC Re said in a regulatory filing.
Total income of the re-insurer, however, declined to Rs 9,157 crore in the March quarter compared to Rs 9,259 crore in the same quarter a year ago.
The net commission improved to Rs 1,491 crore compared to Rs 824 crore in the corresponding quarter of the previous fiscal.
For the entire 2023-24, GIC Re recorded a 3% rise in net profit to Rs 6,497 crore from Rs 6,313 crore in the preceding financial year.
The solvency Ratio increased to 3.25 from 2.61 at the end of March 2023. Total assets of the company rose to Rs 1,78,286 crore against Rs 1,57,125 crore in the previous year.
Networth of the company (including fair value change account) recorded as Rs 81,330 crore on March 31, 2024, as against Rs 63,750 crore at the end of March last year.
GIC Re is the largest reinsurer in the domestic reinsurance market in India and leads most of the domestic companies' treaty programmes and facultative placements.
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