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May 2017 General Insurance Corporation of India (GIC Re) has published its financial results ending March 31, 2017. The Indian Reinsurer achieved a profit after tax of 482.2 million USD, up by 10% in comparison with the previous year. With 5.18 billion USD, the company's turnover reported a dramatic growth of 82.2%.
The combined ratio stabilized at 99.7% against 107.4% for the 2015-2016 year.
This good performance would be accounted for by the development of the agriculture portfolio, especially following the introduction of the new crop insurance scheme in the country: Mantri Fasal Bima Yojana (PMFBY). It should be noted that GIC Re leads the agriculture reinsurance treaties of 15 insurance companies out of the 18 present on the market.
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