General Insurance Corporation of India (GIC Re) has reported strong financial results for the quarter and nine months ending December 31, 2024. The company’s reviewed standalone and consolidated financial statements reflect solid growth in premium earnings and investment income, demonstrating resilience in India’s reinsurance sector.
Key Financial Highlights (Standalone Results):
- Gross Premiums Written: ₹10,10,573 lakh for Q3 FY25, up 12.1% from ₹9,01,470 lakh in the same period last year.
- Net Premium Earned: ₹8,47,774 lakh, reflecting stable revenue growth.
- Income from Investments (Net): ₹1,70,779 lakh, with continued strong returns.
- Net Profit: ₹1,67,662 lakh for the quarter, a 16.5% YoY increase from ₹1,43,884 lakh in Q3 FY24.
Key Financial Ratios:
- Solvency Ratio: 3.52, up from 2.94 in Q3 FY24, indicating a strong capital position.
- Incurred Claim Ratio: 87.83%, improving from 103.09% in the same period last year.
- Combined Ratio: 107.83%, showing better operational efficiency compared to 120.47% in Q3 FY24.
Consolidated Performance:
- Gross Premiums Written: ₹10,10,573 lakh for Q3 FY25, confirming a positive growth trajectory.
- Net Premium Earned: ₹8,47,774 lakh, reflecting stable performance.
- Investment Income (Net): ₹1,70,779 lakh, continuing a strong investment strategy.
- Profit for the Year: ₹4,93,299 lakh for the nine-month period ending December 31, 2024.
The corporation’s financial results were reviewed by statutory auditors SHBA & Co LLP and SARA & Associates, with an unmodified opinion on the financial statements.
GIC Re’s financial results reflect its strong underwriting practices, disciplined investment strategy, and improving claims ratio. The company also received a reaffirmation of its financial strength rating, with AM Best assigning an ‘A- (Excellent)’ rating with a stable outlook.
Chairman-cum-Managing Director of GIC Re stated, “Our continued financial resilience and focus on underwriting discipline have contributed to our stable performance this quarter. We remain committed to strengthening our market position and delivering value to our stakeholders.”
With a strong solvency ratio and increasing profitability, GIC Re is well-positioned to navigate market uncertainties while maintaining growth in the Indian and international reinsurance segments.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
