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May 2015 GIC Re has published its financial statements as at March 31, 2015. The Indian reinsurer posted a net profit after tax increasing significantly by 22.7%. It passed from 353.6 million USD in 2013 to 434 million USD in 2014.
Despite a difficult environment, gross premiums of the company recorded a growth of 3.4% compared to the previous year. It now stands at 2.444 billion USD.
GIC Re continues its expansion worldwide. It has a full-owned subsidiary in South Africa and a joint venture in Bhutan (South Asia). It is a Lloyd's member and hopes to obtain a license in Brazil soon. The reinsurer eyes also Southeast Asia region, where it plans to significantly enhance its presence.