New Delhi, Aug 7 (PTI) GIC Re on Thursday posted a 69 per cent surge in net profit to Rs 1,752 crore for the first quarter ended June 2025.
The state-owned reinsurance company had earned Rs 1,036 crore
in the same quarter in the previous financial year.
Total income of the re-insurer rose to Rs 13,352 crore in the June quarter compared to Rs 11,964 crore in the same quarter a year ago, GIC Re said in a regulatory filing.
During the quarter, the company collected a lower gross premium of Rs 12,388 crore against Rs 12,405 crore in the year-ago period. The decline was due to IRDAI’s change in the accounting of long-term policies in October 2024 and thus figures are not exactly comparable with June 30, 2024, it said.
During the quarter, the company’s underwriting loss narrowed to Rs 907 crore as against Rs 1,289 crore in the same period a year ago.
The solvency ratio increased to 3.85 from 3.36 at the end of June 2024.
Total assets of the company rose to Rs 1,97,540 crore against Rs 1,86,552 crore in the previous year.
Net Worth of the company (including fair value change account) increased by 4.17 per cent to Rs 89,513 crore as against Rs 85,926 crore as on June 30, 2024.
GIC Re is the largest reinsurer in the domestic reinsurance market in India and leads most of the domestic companies’ treaty programmes and facultative placements. PTI DP DP MR
