GIC Q4 Net Profit Surges To ₹1,197 Crore
Money & Banking
State-run GIC Re saw its net profit nearly double to ₹1,197.41 crore in the fourth quarter of 2019-20 as against ₹603.37 crore in the same period a year ago.
In the January to March 2020 quarter, gross premium increased nearly 14 per cent to ₹9,217.84 crore as against ₹8,089.35 crore a year ago.
GIC had an underwriting loss of ₹463.58 crore in the fourth quarter last fiscal versus an underwriting profit of ₹101.16 crore a year ago.
However, in fiscal year 2019-20, it registered a net loss of ₹359.09 crore compared to a net profit of ₹2,224.31 crore in 2018-19.
Devesh Srivastava, Chairman and Managing Director, GIC Re, said: “Fiscal 2020 has seen the insurance industry register severe claims world-wide as well as in India. The explosion of the Covid-19 pandemic has aggravated the situation leading to an impact on the financial markets and the economy in general.”
He noted that the strong performance in the fourth quarter has offset a large proportion of the losses incurred in the first three quarters of 2019-20.
GIC’s solvency ratio stood at 1.53 as on March 31, 2020.
Published on
June 24, 2020
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State-run GIC Re saw its net profit nearly double to ₹1,197.41 crore in the fourth quarter of 2019-20 as against ₹603.37 crore in the same period a year ago.
In the January to March 2020 quarter, gross premium increased nearly 14 per cent to ₹9,217.84 crore as against ₹8,089.35 crore a year ago.
GIC had an underwriting loss of ₹463.58 crore in the fourth quarter last fiscal versus an underwriting profit of ₹101.16 crore a year ago.
However, in fiscal year 2019-20, it registered a net loss of ₹359.09 crore compared to a net profit of ₹2,224.31 crore in 2018-19.
Devesh Srivastava, Chairman and Managing Director, GIC Re, said: “Fiscal 2020 has seen the insurance industry register severe claims world-wide as well as in India. The explosion of the Covid-19 pandemic has aggravated the situation leading to an impact on the financial markets and the economy in general.”
He noted that the strong performance in the fourth quarter has offset a large proportion of the losses incurred in the first three quarters of 2019-20.
GIC’s solvency ratio stood at 1.53 as on March 31, 2020.
Published on
A letter from the Editor
Dear Readers,
The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill.
In these difficult times, we, at BusinessLine, are trying our best to ensure the newspaper reaches your hands every day. You can also access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute.
But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.
I appeal to all our readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. You can help us by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section.
Our subscriptions start as low as Rs 199/- per month. A yearly package costs just Rs. 999 – a mere Rs 2.75 per day, less than a third the price of a cup of roadside chai..
A little help from you can make a huge difference to the cause of quality journalism!
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