GIC Re: Net profit decrease for the year 2019-2020

GIC ReGeneral Insurance Corporation of India (GIC Re) has published its annual results as at 31 March 2020. The Indian reinsurer reported a net loss of 3.59 billion INR (47.7 million USD) against a net profit of 22.24 billion INR (319.67 million USD) as at 31 March 2019.

The company’s annual turnover increased by 15.35%: moving from 442.38 billion INR (6.36 billion USD) at the end of the year 2019 to 510.30 billion INR (6.78 billion USD) twelve months later.

In 2019-2020, the balance sheet was impacted by 63.67 billion USD (846.26 million USD) of losses. The combined ratio was set at 114% compared to 106% in the previous year. The solvency ratio of 1.53 slightly higher exceeded the one required by the regulation (1.5).

As at 31 March 2020, the investment income rose by 11.3% and was set at 71.2 billion INR (946.34 million USD) against 64.01 billion INR (919.8 million USD) during 2018-2019.

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