General Insurance Corporation of India (GIC Re)

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GIC RE
  • Creation date: 22 November 1972, Mumbai, India
  • Classes of business: Life and non-life
  • Rating: A.M Best / B++ / Stable
  • Regional presence:
    3 subsidiaries: South Africa, London and Moscow
    3 Class of business: Dubai, Labuan and London
    1 representation office in Brazil
  • Number of employees: 567

GIC Re in 2020

Michel M. Liès
Devesh Srivastava
Chairman of the Board of Directors and CEO
Share capital116 580 000 USD
Turnover of6 781 904 000 USD
Total assets15 442 475 000 USD
Shareholder’s equity12 407 428 000 USD
Net result47 723 000 USD
Net non-life loss ratio97.43%
Net non-life management expenses ratio17.19%
Net non-life combined ratio114.62%

Read also | GIC Re: results as at 30 June 2022

Management

Devesh Srivastava  Chairman of the Board of Directors and Chief Executive Officer (CEO)
Suchita Gupta Chief Financial Officer (CFO)
Deepak Prasad Marketing and underwriting Manager
Jayashree Ranade Investments Manager
Jayashri Balkrishna Chief Risk Officer (CRO)
Madhulika Bhaskar Director of Internal Audit
Satheesh Bhat Actuary (non-life)
Vikash Kumar Sharma Actuary (life)

Shareholding as at 31/03/2020

Indian State85.78%
Institutional Investors12.38%
Others1.84%

GIC Re: main technical highlights

Figures in millions USD
Highlights20162017201820192020
Gross written premiums
2 7805 1766 4256 3576 782
Gross non-life written premiums
2 7455 1206 3576 2796 655
Gross life written premiums
35566778127
Net written premiums
2 4694 6505 7845 6046 201
Net non-life written premiums
2 4414 5985 7265 5316 081
Net earned premiums
2 2884 1175 8555 4145 867
Net non-life earned premiums
2 2524 0815 7975 3455 762
Net incurred losses
1 9453 3365 0654 8485 719
Net non-life incurred losses
1 9203 2835 0024 7635 614
Management expenses
5548701 0129141 047
Non-life management expenses
5528681 0129131 045
Net non-life loss ratio (1)
-----
Net non-life management expenses ratio (2)
-----
Net non-life combined ratio (3)
-----
Net result after taxes
430482497320-48

* Fiscal year as at 31 March
(1) Net non-life loss ratio = Net non-life incurred losses / Net non-life earned premiums
(2) Non-life management expenses / Written premiums net of non-life reinsurance
(3) Net non-life combined ratio = Net non-life loss ratio + net non-life management expenses ratio

GIC Re: turnover breakdown per class of business

Figures in millions USD
Class of business2016201720182019
Agricultural risks
1951 5032 0201 910
Fire
9771 2521 5371 482
Motor
6771 0211 2371 200
Health
378643814740
Marine
153172204255
Aviation
68102115163
Engineering
134135152148
Miscellaneous accident (1)
164291279382
Total non-life
2 7455 1206 3576 279
Life
35566778
Grand total
2 7805 1766 4256 357

Turnover 2019 breakdown per class of business

GIC RE Turnover

GIC Re: net non-life written premiums per class of business

Figures in millions USD
Class of business 20162017201820192020
Agricultural risks
1811 3981 8311 6411 858
Fire
7749281 2041 1561 361
Motor
6771 0211 2371 2001 255
Health
378626796735737
Marine
129137166204237
Aviation
548997130161
Engineering
116131149126146
Miscellaneous accident (2)
134268247340327
Total non-life
2 4414 5985 7265 5316 081

GIC Re: net non-life earned premiums per class of business

Figures in millions USD
Class of business 20162017201820192020
Agricultural risks
1321 2771 8181 6221 839
Fire
6798661 1261 1551 204
Motor
6258621 3281 1941 149
Health
348509897671770
Marine
142163133175213
Aviation
717393111138
Engineering
111126138133130
Miscellaneous accident (2)
144204266285317
Total non-life
2 2524 0815 7975 3455 762

GIC Re: net non-life incurred losses per class of business

Figures in thousands USD
Class of business2016201720182019
Agricultural risks
2131 0291 9441 475
Fire
5206769821 192
Motor
5888309721 015
Health
321456630592
Marine
9511641118
Aviation
5067101130
Engineering
35577082
Miscellaneous accident (2)
9751262159
Total non-life
1 9203 2835 0024 763

GIC Re: net non-life management expenses per class of business

Figures in millions USD
Class of business2016201720182019
Agricultural risks
26 157231107
Fire
 197 265280322
Motor
130181230182
Health
81130172121
Marine
28263441
Aviation
11151830
Engineering
3232-35
Miscellaneous accident (2)
45634775
Total non-life
5528681 012913

(1) Evolution in local currency
(2) Including workmen's compensation, personal accident, third party liability and credit insurance
Exchange rate as at 31/03/2020 : 1 INR = 0.01329 USD ; 31/03/2019 : 1 INR = 0.01437 USD; at 31/03/2018: 1 INR = 0.01537 USD; at 31/03/2017 : 1 INR = 0.01541 USD ; at 31/03/2016 : 1 INR = 0.01508 USD

GIC Re: net non-life loss ratio per class of business

Class of business2016201720182019
Agricultural risks
162.16%80.60%106.94%90.94%
Fire
76.58%78.07%87.26%103.20%
Motor
94.03%96.36%73.18%85.08%
Health
92.28%89.58%70.25%88.28%
Marine
67.07%71.34%30.88%67.49%
Aviation
70.21%91.22%108.82%117.51%
Engineering
31.87%45.21%50.60%61.60%
Miscellaneous accident (1)
67.05%24.74%98.60%55.60%
Total non-life
85.23%80.44%86.28%89.12%

(1) Including workmen's compensation, personal accident, third party liability and credit insurance

GIC Re: net non-life management expenses ratio per class of business

Class of business2016201720182019
Agricultural risks
14.43%11.23%12.62%6.52%
Fire
25.47%28.50%23.21%27.80%
Motor
19.24%17.70%18.60%15.13%
Health
21.58%20.79%21.63%16.52%
Marine
22.13%18.74%20.31%19.99%
Aviation
21.25%17.19%18.88%22.91%
Engineering
27.60%24.53%-0.05%28.24%
Miscellaneous accident (1)
33.97%23.50%18.98%22.18%
Total non-life
22.62%18.89%17.67%16.50%

(1) Including workmen's compensation, personal accident, third party liability and credit insurance

GIC Re: net non-life combined ratio per class of business

Class of business2016201720182019
Agricultural risks
176.59%91.83%119.56%97.46%
Fire
102.05%106.57%110.47%131.00%
Motor
113.27%114.06%91.78%100.21%
Health
113.86%110.37%91.88%104.80%
Marine
89.20%90.08%51.19%87.48%
Aviation
91.46%108.41%127.70%140.42%
Engineering
59.47%69.74%50.55%89.84%
Miscellaneous accident (1)
101.02%48.24%117.58%77.78%
Total non-life
107.85%99.33%103.95%105.62%

(1) Including workmen's compensation, personal accident, third party liability and credit insurance

GIC Re: evolution of net ratios

GIC Re net ratios
GIC-Re

Contact

Head Office170, Jamshedji Tata Road, Churchgate, Mumbai - 400 020, India
Phone+91 22 2286 7000 
Fax+91 22 2288 4010
E-mail info [at] gicofindia [dot] com
Websitewww.gicofindia.com
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