GIC Re announced its financial results for the half-year ended September 30, 2024, showcasing growth in premium income and profitability. Here are the key highlights:
- Gross Premium Income: The company reported a gross premium income of ₹20,819.16 crore for H1 FY25, reflecting a YoY increase of 5.8% from ₹19,679.85 crore in H1 FY24. However, on a QoQ basis, the gross premium declined by 32.2% from ₹12,405.68 crore in Q1 FY25 to ₹8,413.49 crore in Q2 FY25.
- Net Premium: Net premium stood at ₹19,142.27 crore for H1 FY25, up from ₹18,197.98 crore in H1 FY24, showing a YoY growth of 5.2%. QoQ, net premium declined by 34.1% from ₹11,538.51 crore in Q1 FY25 to ₹7,603.76 crore in Q2 FY25.
- Investment Income: Investment income for H1 FY25 was ₹6,242.32 crore, an increase from ₹5,825.38 crore in H1 FY24, representing a YoY growth of 7.1%. QoQ, it rose by 26.3% from ₹2,758.99 crore in Q1 FY25 to ₹3,483.34 crore in Q2 FY25.
- Profit Before Tax: Profit before tax was reported at ₹3,674.29 crore for H1 FY25, marking a YoY increase of 32.1% from ₹2,782.78 crore in H1 FY24. QoQ, it grew by 63.6% from ₹1,393.16 crore in Q1 FY25 to ₹2,281.13 crore in Q2 FY25.
- Net Profit After Tax: Net profit after tax for H1 FY25 stood at ₹2,897.12 crore, a YoY increase of 24% compared to ₹2,336.87 crore in H1 FY24. On a QoQ basis, net profit rose by 79.5% from ₹1,036.36 crore in Q1 FY25 to ₹1,860.76 crore in Q2 FY25.
- Combined Ratio: The combined ratio improved to 111.64% for H1 FY25 from 116.98% in H1 FY24. The adjusted combined ratio for H1 FY25 was 88.86%, compared to 93.63% in the previous half-year period.
These results indicate that GIC Re has achieved substantial growth in profitability and operational efficiency, with improved investment income and a stronger combined ratio. The company’s financial performance reflects strategic growth amid changing market conditions.
