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GIC Re announces Financial Performance for the Half Year ended September 2020

Posted On: 2020-11-13 11:09:03


GIC Re announced financial performance for the Half Year Ended September 30, 2020 at a Board Meeting of company held in Mumbai today.

Global scenario for Insurance Industry for the FY 2020-21 has shown weak trends due to COVID19 situation for most classes while benefitting a few. As compared to Q1, there is a growth in business volume during Q2 FY21.

Although Covid-19 influence remains on the Insurance Industry, severity of the impact is gradually reducing and the same is reflected in the results of the industry. GIC Re's financials for the half year ended 30th September 2020 have shown indications of positivity and signals turnaround in the near future. Investment Income for the half year ended September 2020 has increased significantly. GIC Re's international business has shown a growth rate of 31 %. Further, Solvency ratio has improved to 1.63. Our underwriting performance is expected to show better trends going forward and this will result in further strengthening of GIC Re's position.

Financial performance for the half year ended 30.09.2020:

- Gross Premium Income of the company was Rs. 26,533.05 crore for the half year ended 30.09.2020 as compared to Rs. 30,272.33 crore in the half ended 30.09.2019. A comparison of quarter 2 of 2020-21, with quarter 2 of 2019-20 shows an increase of 12.6%.

- Incurred Claims Ratio remained in the same range, which was 96.6% in the Half year ended 30.09.2019 and 97.0% in the half year ended 30.09.2020.

- Underwriting Loss recorded Rs. 3930. 71 crore in Half year ended 30.09.2020 as against loss of Rs. 3154.16 crore in half year ended 30.09.2019. Underwriting loss only for the 2nd quarter 2020-21 is recorded at Rs. 2159.35 Crore as against 2nd quarter 2019-20 underwriting loss of Rs. 2,299. 79 crore.

- Investment Income of Rs. 3,910.17 crore for the half ended 30.09.2020 as compared to Rs. 3,197.01 crore for the half ended 30.09.2019.

- Solvency Ratio is increased to 1.63 as on 30.09.2020, as compared to 1.53 as on 31.3.2020.

- The company recorded Loss Before Tax of Rs. 398.94 crore in half ended 30.09.2020 as against Loss before tax of Rs 481.13 crore in the half year ended 30.09.2019. For the 2nd quarter 2020-21, there has been a Profit Before Tax of Rs. 412.28 Cr.

- Loss After Tax for the half year ended 30.09.2020 recorded as Rs. 327.42 crore as compared to Loss after Tax of Rs. 486.86 crore for half year ended 30.09.2019. There has been Profit After Tax of Rs.230.05 Crore recorded for Quarter ended 30.09.2020.

- Total Assets were Rs. 1,26,167.89 crore as on 30.09.2020 as compared to Rs. 1,26.080.50 crore as on 30.09.2019.

- Net Worth of the company (without fair value change account) recorded as Rs. 20,123.59 crore on 30.09.2020 as against Rs. 20,529.45 crore as on 31.03.2020.

- Net Worth of the company (including fair value change account) recorded as Rs. 39,628.66 crore on 30.09.2020 which is more, as compared to Rs. 35,425.87 crore as on 31.03.2020.

- Combined Ratio is 116.13% for the Half year ended 30.09.2020 as compared to 111.31% for the half year ended 30.09.2019 and 114.38% for Financial Year 2019-20.

- Adjusted Combined Ratio is 102.89 % for the half year ended 30.09.2020 as compared to 102.56% for half year ended 30.09.2019 and 102.47% for Financial Year 2019-20.

Shares of General Insurance Corporation of India was last trading in BSE at Rs.127.05 as compared to the previous close of Rs. 124.7. The total number of shares traded during the day was 26082 in over 1146 trades.

The stock hit an intraday high of Rs. 128.5 and intraday low of 124.15. The net turnover during the day was Rs. 3290448.


Source: Equity Bulls

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