GIC Re’s profit in the fourth quarter reduces by 19.7% to Rs.603 crore

0
206

General Insurance Corporation of India (GIC Re) has registered a 19.7% decline in its net profit in the fourth quarter of the last financial year that ended on 31 March 2019. The insurer’s net profit, during the period under review, stood at Rs.603.37 crore, as against a net profit of Rs.751.60 crore during the fourth quarter of FY17-18.  

Rupees
General Insurance Corporation of India’s registered net profit has declined by 19.7% to Rs.603 crore, as against a net profit of Rs.751.60 crore in FY17-18.

The insurer’s gross premium collection during the fourth quarter of the last financial year stood at a sum of Rs.8,089.35 crore, in comparison to a gross premium collection of Rs.8,525.02 crore in the fourth quarter of the preceding year.  

The insurer’s profit after tax for FY18-19 reduced by 31.2% to touch Rs.2,224.30 crore, as against Rs.3,233.58 crore in the preceding year. This decline has been attributed to the increase in the tax provisions.  

General Insurance Corporation of India’s gross period increased to Rs.44,238 crore during the period under review. In comparison, the insurer has collected gross premiums of Rs.41,799.37 crore in the preceding year. Further, the insurer’s investment income for the last financial year increased by 18.7% to Rs.6,401.34 crore from Rs.5,392.03 crore in FY17-18. 

The insurer’s consolidated net profit, during the period under review, stood at Rs.2,757.57 crore, as against a consolidated net profit of Rs.3,145.54 crore in the preceding year. The consolidated gross premium increased by 7.9% to Rs.45,611.32 crore.  

Source: The Times of India 

LEAVE A REPLY

Please enter your comment!
Please enter your name here