GIC Re, the largest reinsurer in the domestic reinsurance market, has reported a 26.6 per cent increase in standalone net profit for the third quarter ended December 31, 2023, at ₹1,518 crore (₹1,199 crore).

For the nine months ended December 31, 2023, standalone net profit came in at ₹3,855 crore, up 2.8 per cent over net profit of ₹3,749 crore recorded in same period last fiscal.

However for the quarter under review, standalone net premium declined 18 per cent to ₹7,853 crore (₹9,561 crore). Other income (less outgoings) surged 62 per cent to ₹378 crore (₹233 crore).

GIC Re’s consolidated net profit for the nine month period ended December 31, 2023, declined 1.7 per cent to ₹4,105 crore (₹4,178 crore).

On a consolidated basis, Net premium in the first nine months for the current fiscal stood at ₹26,186 crore, lower than ₹27,460 crore in same period last fiscal, the company said in an exchange filing.