GIC Re announces Financial Performance for the Year ended 31.03.2022

GIC Re announced financial performance for the year ended 31st March 2022 at the Board Meeting of company held in Mumbai on May 27, 2022.

Financial performance for the Year ended 31.03.2022:

- Gross Premium Income of the company was Rs. 43,208.46 crore for the year ended 31.03.2022 as compared to Rs. 47,014.38 crore for the year ended 31.03.2021.

- Underwriting Loss is Rs. 4,266.11 crore for the year ended 31.03.2022 as compared to Rs. 5,488.45 crore for the year ended 31.03.2021.

- Investment Income is Rs. 9,562.29 crore for year ended 31.03.2022 as compared to Rs. 8,820.86 crore for the year ended 31.03.2021.

- Solvency Ratio is 1.96 as on 31.03.2022 as compared to 1.74 as on 31.03.2021.

- The company recorded Profit Before Tax of Rs. 3,560.14 crore for the year ended 31.03.2022 as compared to Profit Before Tax of Rs. 3,163.38 crore for the year ended 31.03.2021.

- Profit After Tax for the year ended 31.03.2022 recorded as Rs. 2,005.74 crore as compared to Profit After Tax of Rs. 1,920.44 crore for the year ended 31.03.2021.

- Total Assets are Rs. 144,887.37 crore as on 31.03.2022 as compared to Rs. 1,34,661.22 crore as on 31.03.2021.

- Net Worth of the company (without fair value change account) recorded at Rs. 24,439.72 crore on 31.03.2022 as against Rs. 22,452.34 crore as on 31.03.2021.

- Net Worth of the company (including fair value change account) recorded as Rs. 55,657.73 crore on 31.03.2022 as against Rs. 49,643.19 crore as on 31.03.2021.

- Combined Ratio is 112.08% for the year ended 31.03.2022 as against 112.03% for the year ended 31.03.2021.

- Adjusted Combined Ratio is 93.11 % for the year ended 31.03.2022 as against 95.85% for the year ended 31.03.2021.

- The Board of Directors of the Company have declared interim dividend at the rate of Rs 2.25 per equity share (on face value of Rs 5/- each) and 8th June 2022 has been fixed as record date for payment of interim dividend.

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 31.03.2022 are given below:

- Consolidated Gross Premium Income of the company was Rs. 44,034.37 crore for the year ended 31.03.2022 as compared to Rs. 47,549.85 crore for the year ended 31.03.2021.

- Investment Income of the group was Rs. 9,627.38 crore for the year ended 31.03.2022 as compared to Rs. 8,822.51 crore for the year ended 31.03.2021.

- Consolidated Profit Before Tax for the year ended 31.03.2022 was Rs. 3,754.65 crore as compared to Profit Before Tax of Rs. 3,069.32 crore for the year ended 31.03.2021.

- Consolidated Profit After Tax for year ended 31.03.2022 was Rs. 2,386.28 crore as compared to Profit After Tax of Rs. 1,991.59 crore for the year ended 31.03.2021.

- Incurred claims Ratio is 92.79% for the year ended 31.03.2022 as compared to 92.36% for the year ended 31.03.2021.

- Group's net worth (without fair value change account) for the year ended 31.03.2022 is Rs. 27,226.00 crores as compared to Rs. 24,727.13 crore for the year ended 31.03.2021.

Shares of General Insurance Corporation of India was last trading in BSE at Rs. 114.85 as compared to the previous close of Rs. 113.70. The total number of shares traded during the day was 12321 in over 431 trades.

The stock hit an intraday high of Rs. 116.30 and intraday low of 114.15. The net turnover during the day was Rs. 1414974.00.

Source : Equity Bulls

Keywords

GeneralInsuranceCorporationofIndia INE481Y01014 GICRE Q4FY22 FY2022 ResultUpdate