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GIC Re announced financial performance for the Quarter ended 30th June ,2024 at the Board Meeting of company held in Mumbai today.
Below are the details of the financial performance for the quarter ended 30.06.2024:
- Gross Premium Income of the company was ₹ 12,405.68 crore for the quarter ended 30.06.2024 as compared to ₹8,917.71 crore for the quarter ended 30.06.2023.
- Underwriting Loss is ₹ 1,288.53 crore for the quarter ended 30.06.2024 as compared to ₹ 1,557.44 crore for the quarter ended 30.06.2023.
- Investment Income is ₹ 2,758.99 crore for quarter ended 30.06.2024 as compared to ₹ 2,559.31 crore for the quarter ended 30.06.2023.
- Solvency Ratio is 3.36 as on 30.06.2024 as compared to 2.88 as on 30.06.2023.
- The company recorded Profit Before Tax of ₹ 1,393.16 crore for the quarter ended 30.06.2024 as compared to Profit Before Tax of ₹ 935.18 crore for the quarter ended 30.06.2023.
- Profit After Tax for the quarter ended 30.06.2024 recorded as ₹ 1,036.36 crore as compared to Profit After Tax of ₹ 731.79 crore for the quarter ended 30.06.2023.
- Total Assets are ₹1,86,552.46 crore as on 30.06.2024 as compared to ₹ 1,63,928.08 crore as on 30.06.2023.
- Net Worth of the company (without fair value change account) recorded at ₹ 38,635.23 crore on 30.06.2024 as against ₹ 32,984.27 crore as on 30.06.2023.
- Net Worth of the company (including fair value change account) recorded as ₹ 85,926.02 crore on 30.06.2024 as against ₹ 69,650.29 crore as on 30.06.2023.
- Combined Ratio is 109.60 % for the quarter ended 30.06.2024 as against 118.47 % for the quarter ended 30.06.2023.
- Adjusted Combined Ratio is 92.97% for the quarter ended 30.06.2024 as against 95.97% for the quarter ended 30.06.2023.
Summary of Revenue and Profit and Loss Account (₹’ crore)
| S No | Particulars | Quarter ended | Year ended | ||
| 30.06.2024 | 30.06.2023 | 31.03.2024 | 31.03.2024 | ||
| 1 | Gross Premium | 12,405.68 | 8,917.71 | 8,723.65 | 37,181.76 |
| 2 | Net Premium | 11,538.51 | 8,231.17 | 7,904.46 | 33,955.79 |
| 3 | Earned Premium | 10,063.57 | 8,632.56 | 7,227.11 | 33,576.07 |
| 4 | Incurred Claims | 9,034.28 | 8,205.39 | 4,981.91 | 30,980.41 |
| 5 | % of Earned Premium | 89.8% | 95.1% | 68.9% | 92.3% |
| 6 | Net Commission | 2,196.82 | 1,840.94 | 1,490.71 | 6,246.75 |
| 7 | % of Net Premium | 19.0% | 22.4% | 18.9% | 18.4% |
| 8 | Expenses of Management | 91.37 | 86.28 | 116.09 | 392.97 |
| 9 | % of Net Premium | 0.8% | 1.0% | 1.5% | 1.2% |
| 10 | Profit/(Loss) on Exchange | (18.39) | (59.13) | (18.20) | 96.77 |
| 11 | Premium Deficiency | 11.23 | (1.74) | 50.15 | 59.27 |
| 12 | Underwriting Profit/(Loss) | (1,288.53) | (1,557.44) | 570.06 | (4,006.56) |
| 13 | Investment Income (Net of exp) | 2,758.99 | 2,559.31 | 2,971.48 | 11,620.40 |
| 14 | Transfer to Catastrophe Reserve | 0 | 0 | 587.50 | 587.50 |
| 15 | Other income less outgoings | (77.30) | (66.69) | 217.30 | 851.58 |
| 16 | Profit/ (Loss) Before Tax | 1,393.16 | 935.18 | 3,171.34 | 7,877.93 |
| 17 | Tax | 356.79 | 203.40 | 528.86 | 1,380.62 |
| 18 | Profit/ (Loss) After Tax | 1,036.36 | 731.79 | 2,642.48 | 6,497.30 |
| 19 | Combined Ratio | 109.60% | 118.47% | 89.26% | 111.82% |
International and Domestic Business Composition (₹’ crore)
| Gross Premium | Quarter ended 30.06.2024 | Share | Quarter ended 30.06.2023 | Share | Growth |
| Domestic | 10,360.63 | 84% | 5,547.35 | 62% | 86.8% |
| International | 2,045.04 | 16% | 3,370.37 | 38% | -39.3% |
| Total | 12,405.68 | 100% | 8,917.71 | 100% | 39.1% |
Breakup of Gross Premium (₹’ crore)
| Gross Premium | Quarter ended 30.06.2024 | Quarter ended 30.06.2023 | Growth | ||||
| A) Fire | 3,824.66 | 3,351.21 | 14.1% | ||||
| B) Miscellaneous – Total | 7,778.28 | 4,749.93 | 63.8% | ||||
| Misc – Motor | 1,567.76 | 2,577.74 | -39.2% | ||||
| Misc – Health | 2,876.80 | 452.22 | 536.1% | ||||
| Misc – Agriculture | 1,979.80 | 618.45 | 220.1% | ||||
| Misc – Other LOBs | 1,353.92 | 1,101.52 | 22.9% | ||||
| C) Marine | 325.77 | 521.92 | -37.6% | ||||
| Marine – Cargo | 126.24 | 450.11 | -72.0% | ||||
| Marine – Hull | 199.53 | 71.81 | 177.8% | ||||
| D) Life | 476.97 | 294.65 | 61.9% | ||||
| Total – A+B+C+D | 12,405.68 | 8,917.71 | 39.1% | ||||
