1 June 2015 News

Profits hike at GIC Re

Indian reinsurer GIC Re posted a solid set of results for the fiscal year 2014, as its profits and gross premiums jumped.

The reinsurer posted a 22.8 percent jump in profit before tax to $455 million. Profits after tax were $434 million, while its global premiums grew 3.4 percent to $2.4 billion.

In addition, GIC Re proposed a dividend of 125.6 percent amounting to $86.9 million for the year 2014-15.

The reinsurer plans to enhance its presence in South Asian Association for Regional Cooperation (SAARC) countries and to launch a syndicate at Lloyd’s.

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