29 May 2018Insurance

GIC Re posts combined ratio of 104% in FY 2017

General Insurance Corporation of India (GIC Re) has reported a combined ratio of 104 percent for the financial year ended 31.3.2018 after 99.7 percent in the period ended 31.3.2017.

The incurred claims ratio deteriorated to 86.5 percent from 81.0 percent over the period.

The financial year of 2017 was impacted by record insured losses from global catastrophe events such as hurricanes Harvey, Irma and Maria in the US and the Caribbean alongside Mexican earthquakes and California wildfires, the company explained in a statement.

GIC Re recorded profit after tax for the year ended 31.3.2018 of ₹3,233.59 crore ($467.6 million) after ₹3,127.67 crore for the same period a year ago. Investment income increased by 17.6 percent year on year to ₹5,392.03 crore in the 2017 financial year. Gross premium income increased 24.5 percent year on year with premium of ₹41,799.37 crore.

“CIC Re’s performance has been remarkable in respect to premium growth and maintaining profitability for this financial year against the backdrop of this record global catastrophic loss activity,” said chairman and managing director of GIC Re Alice Vaidyan.

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