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The General Insurance Corporation (GIC Re) posted a profit after tax of ₹673 crore in the third quarter ended December 31, 2017. In the same quarter last year, the corporation had posted a loss of ₹401 crore.
Gross premium rose to ₹8,870 crore, up 8 per cent in the quarter. Insured claims were lower at ₹7,704 crore against ₹8,721 crore in the corresponding quarter of the previous fiscal.
Underwriting loss was lower at ₹419 crore against a loss of ₹1,402 crore in the same quarter of the previous fiscal.
For the nine-month period, GIC Re earned 75 per cent of its income in the domestic market and 25 per cent from the international market.
The GIC Re stock rose marginally to close at ₹745.75 on Monday. The stock had listed in October 2017 at ₹857, about 6 per cent lower than its issue price of ₹912.
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