INSUBCONTINENT EXCLUSIVE:
Mumbai: State-owned reinsurance company General Insurance Corporation of India, or GIC Re, reported 71% drop in net profit for the quarter
ended March 31, 2018 mainly due to spike in underwriting losses.
During the quarter, net profit rose to Rs 751.6 crore for the quarter ended
March 31, 2018 against net profit of Rs 2,572 crore a year earlier
The company saw combined ratio deteriorate to 104% from 99.7% a year ago due to huge losses from catastrophe in Harvey, Irma and Maria
quarter fell 8% during the quarter to Rs 8,525 crore
The company reported incurred claim ratio of 86.5% against 81% due to losses global catastrophe events
Its gross premium rose 24.5% for the full year to Rs 41,799 crore
Profit after tax for the full year rose 3% to Rs 3,233.59 crore compared to Rs 3,127.67 crore for the previous year ended
31.03.2017.
Solvency margin fell to 1.72 times from 2.4 rimes a year ago
return on equity deteriorated to 15% from 17.4% a year ago.
Shares of the company rose 0.8% from the previous close to Rs 691.60 on the BSE
