Money & Banking

GIC Re posts Q1 net loss of ₹771.73 crore

Our Bureau Mumbai | Updated on August 13, 2021

Reports underwriting loss of ₹2,811.17 crore

State-run reinsurer General Insurance Corporation of India registered a standalone net loss of ₹771.73 crore for the quarter ended June 30, 2021, against a net loss of ₹557.47 crore in the same period last fiscal.

Its gross premium income fell by 10 per cent to ₹14,289.92 crore for the quarter ended June 30, 2021 compared to ₹15,881.55 crore a year ago.

GIC Re reported an underwriting loss of ₹2,811.17 crore for the first quarter ended of this fiscal as against an underwriting loss of ₹1,771.35 crore in the corresponding period in 2020-21.

Its incurred claims ratio rose to 104.3 per cent as on June 30, 2021 as compared to 94.2 per cent a year ago.

The combined ratio was 123.36 per cent for the first quarter of the fiscal versus 112.16 per cent a year ago.

Published on August 13, 2021

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