The General Insurance Corporation of India (GIC Re) closed last year with a higher after tax profit and gross premium income.
The company’s Board of Directors has declared an interim dividend of Rs 2.25 per equity share (on face value of Rs 5 each) for the year under review.
During FY22, the GIC Re earned a gross premium income of Rs 43,208.46 crore as compared to Rs 47,014.38 crore for the year ended on March 31, 2021.
Last fiscal the reinsurer had earned an after tax profit of Rs.2,005.74 crore as compared to Rs 1,920.44 crore logged in FY21.
The company’s investment income last year was Rs 9,562.29 crore up from Rs 8,820.86 crore earned the previous fiscal.
The reinsurer’s underwriting loss last year was at Rs 4,266.11 crore down from Rs 5,488.45 crore during FY21.
The company’s solvency ratio is 1.96 as on March 31, 2022 as compared to 1.74 as on March 31, 2021.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.