GIC Re logs Rs 673 crore net proft

作者:SANDRA    發表日期:2018-02-14 01:59:17

State-owned reinsurance major GIC Re today posted Rs 672.76 crore net profit for the quarter to December driven by better combined ratio which improved to 101.1 percent and better returns from investment.

The reinsurer had reported a net loss of Rs 400.99 crore in the same quarter last year.

This is the first earnings announcement by the company after its listing on October 25, 2017 after a Rs 11,176-crore initial public offer, making it the biggest public offering in seven years and the third largest after Coal India and Reliance Power.

date = new Date(); date.setTime(date.getTime()+(1*24*60*60*1000)); $.cookie("dfp_cookie_article", "Y1", {expires: date,path:"/",domain: ".moneycontrol.com"});

But on debut day the GIC Re counter slumped close to 15 days slumped after its issue price was fixed at Rs 912.

date = new Date(); date.setTime(date.getTime()+(1*24*60*60*1000)); $.cookie("dfp_cookie_article", "Y1", {expires: date,path:"/",domain: ".moneycontrol.com"});

related news

Bank of England's Gertjan Vlieghe says further rate rise likely

Oman visit will impart 'substantial momentum' to ties: PM Modi

FB drive to encourage voters' participation in Meghalaya polls

"We had an exceptionally good quarter due to the improvement in the combined ratio which stood at 101.1 percent from 105.9 percent earlier. Profit also grew as all the verticals, including motor, marine and fire among others, performed well.

"Our investment income also improved apart from a reduction in the claims ratio, which added to the profits," Alice Vaidyan, chairman and managing director told reporters here this evening.

Looking at this trend, the company is looking at closing the current fiscal on a high, she added.

Incurred claims ratio improved to 90 percent during the reporting quarter, against 100.1 percent in the same period last year. The overall claims stood at Rs 6,000 crore.

Investment income grew by over 35 percent to Rs 1,195.59 crore from Rs 883.94 crore a year-ago.

Gross premium also grew by over 8 percent to Rs 8,869.98 crore from Rs 8,205.53 crore.

In the first nine months of the fiscal year, net profit jumped five-fold to Rs 2,481.99 crore from Rs 554.82 crore, she said, adding gross direct premium income grew 36.8 percent with premium of Rs 33,274.35 crore in the nine months to December from Rs 24,323.61 crore.

For the nine months of the current fiscal, investment income rose 28.4 percent to Rs 3,611.85 crore from Rs 2,811.85 crore.

Talking about segments, she said, the fire business grew 20.1 percent with a gross premium of Rs 6,978.57 crore for the first nine months.

Similarly, agriculture premium grew 72.7 percent to Rs 12,120.78 crore over the past year, and health premium went up 28.2 percent to Rs 4,042.32 crore.

Motor and marine premia grew 27.6 percent and 14.6 percent, respectively.

Talking about the future plan, Vaidyan said the company, which is the 12th largest reinsurer globally, is targeting to be among the top 10 by year to March.

In the general reinsurance segment, GIC Re is already the eighth largest player globally, she added.

The GIC Re counter closed barely unchanged at Rs 746.00, up 0.11 percent in the run-up to the earnings announcement on the BSE whose benchmark Sensex rallied 0.87 percent.

 

本文來源:http://www.moneycontrol.com/news/business/earnings/gic-re-logs-rs-673-crore-net-proft-2506521.html

本文固定鏈接: http://www.makeup-time.com/82235.html
轉載請注明:SANDRA 2018-02-14 01:59:17 於 綜合資訊站 發表

上一篇: :下一篇
返回頂部