GIC Re achieves record growth in 2015-16
General Insurance Corporation of India (GIC Re), the national reinsurer of India, has reported growth of 21.4 percent during the period of April 1 2015 to March 31 2016.
GIC Re wrote a gross global premium of $2.8 billion. The premium split between domestic and the overseas business over the period was 55 percent and 45 percent respectively.
GIC Re’s profit before tax during the year 2015-16 was $445 million. Profit after tax would be $429 million. The company has proposed a dividend of 200 percent of share capital amounting to $129 million for the year 2015-16.
The total investments of GIC Re as on March 31 2016 stood at $5.2 billion while in the previous year the figure was $4.9 billion. The income from investments during 2015-16 was $639 million.
GIC Re’s assets were $12 billion during 2015-16. The net worth of GIC Re at the end of 2015-16 stood at $5.7 billion which includes $3.5 billion of fair value change account.
GIC Re’s also said that its agriculture reinsurance business had also performed well, with contributions to the Pradhan Mantri Fasal Beema Yojana agriculture insurance scheme introduced by the Government of India.
During 2015-16 GIC Re operationalised the India nuclear insurance pool for the Indian nuclear power industry.
