GIC Re announces Financial Performance for the Year ended 31st March 2021

GIC Re announced financial performance for the year ended 3lst March, 2021 at a Board Meeting of company held in Mumbai on June 29, 2021.

- Gross Premium Income of the company was Rs. 47,014.38 crore for the year ended 31.03.2021 as compared to Rs. 51,030.13 crore for the year ended 31.03.2020.

- Incurred Claims Ratio which was 97.5% as on 31.03.2020 has been improved to 92.4% as on 31.03.2021.

- Underwriting Loss which was Rs. 6,367.18 crore for year ended 31.03.2020 has been improved Rs. 5,488.45 crore for year ended 31.03.2021. Underwriting loss only for the 4th quarter 2020-21 is recorded at Rs. 535.10 crore as compared to loss amount of Rs. 1,022.64 crore as on 3rd quarter 2020-21.

- Investment Income is Rs. 8,820.86 crore for year ended 31.03.2021 as compared to Rs. 7,125.48crore for year ended 31.03.2020.

- Solvency Ratio improved to 1.74 as on 31.03.2021, as compared to 1.53 as on 31.03.2020.

- The company recorded Profit Before Tax of Rs. 3,163.38 crore for year ended 31.03.2021 as against Loss before tax of Rs. 445.97 crore for the year ended 31.03.2020. For the 4th quarter 2020-21, there has been a Profit Before Tax of Rs. 2,045.48 crore.

- Profit After Tax for year ended 31.03.2021 recorded as Rs. 1,920.44 crore as compared to Loss after Tax of Rs. 359.09 crore for year ended 31.03.2020. There has been Profit After Tax of Rs. 1,260.44 crore recorded for Quarter ended 31.03.2021.

- Total Assets are Rs. 1,34,661.22 crore as on 31.03.2021 as compared to Rs. 1,16,196.20 crore as on 31.03.2020.

- Net Worth of the company (without fair value change account) recorded at Rs. 22,452.34 crore on 31.03.2021 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. 49,643.19 crore on 31.03.2021 as against Rs. 35,425.87 crore as on 31.03.2020.

- Combined Ratio is 112.03% for the year ended 31.03.2021 as against 114.38% for year ended 31.03.2020.

- Adjusted Combined Ratio is 95.85% for the year ended 31.03.2021 as against 102.47% for year ended 31.03.2020.

Consolidated Financials of GIC Re

GIC Re's group includes subsidiary companies namely, GIC Re South Africa, GIC Re Corporate Member, London, and GIC Perestrakhovanie LLC, Moscow. The group also includes three associate companies namely GIC Re Bhutan, India International Insurance Pte Ltd, Singapore and Agriculture Insurance Company of India Ltd. The group performance highlights based on Consolidated Financial Statements for the year ended 31.03.2021 are given below:

- Consolidated Gross Premium Income of the company was Rs. 47,549.85 crore for year ended 31.03.2021 as compared to Rs. 51,515.02 crore for year ended 31.03.2020.

- Investment Income of the group was Rs. 8,822.51 crore for year ended 31.03.2021 as compared to Rs. 7,146.88 crore for year ended 31.03.2020.

- Consolidated Profit After Tax for year ended 31.03.2021 was Rs. 1,991.59 crore as compared to Loss After Tax of Rs. 186.46 crore for year ended 31.03.2020.

- Incurred claims Ratio which was 97.3% for year ended 31.03.2020 has been improved to 92.4% for year ended 31.03.2021.

- Group's net worth (without fair value change account) for year ended 31.03.2021 is Rs. 24,727.13 crores as compared to Rs. 22,843.24 crores for year ended 31.03.2020.

Shares of General Insurance Corporation of India was last trading in BSE at Rs.204.2 as compared to the previous close of Rs. 198.55. The total number of shares traded during the day was 193744 in over 3835 trades.

The stock hit an intraday high of Rs. 207.6 and intraday low of 198.9. The net turnover during the day was Rs. 39606138.

Source : Equity Bulls

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