India’s GIC Re Posts $455 Million Profit for Fiscal 2014-15

General Insurance Corporation of India (GIC Re), the sole Indian Reinsurer, announced that it has earned a profit before tax of $455 million during the year 2014-15 with a growth of 22.75 percent. The profit after tax would be $434 million.

GIC Re has also proposed a dividend of 125.60 percent amounting to $86.91 million for the year 2014-15.

During the 2014-15 fiscal year GIC Re wrote a gross global premium of $2.444 billion, “registering a growth of 3.4 percent over the previous year, which is considered reasonable in the current backdrop of global reinsurance market scenario,” said the announcement.

Total Investments of the Corporation as of March 31st, 2015 were $4.502 billion, an increase from the $4.263 billion in the previous year. Income from investments during the year was $685 million.

The Corporation’s Assets rose to $12.569 billion during 2014-15, and GIC Re’s net worth at the end of 2014-15 stood at $2.093 billion.

The earnings announcement also noted that in “keeping with its policy of ‘The Indian Reinsurer with a global footprint’, GIC Re continues to make forays into major international markets.

“We already have a 100 per cent owned subsidiary in South Africa, a joint venture reinsurance company in Bhutan, a corporate membership of Lloyd’s of London and eventual reinsurer status in Brazil.”

GIC Re also indicated that it is “now on a move to enhance its presence in SAARC countries and to top it with a syndicate in the Lloyd’s of London, the Mecca of Insurance. GIC Re is working to make India Nuclear Insurance Pool for the Indian Nuclear Industry operational as soon as possible.

Source: GIC Re

Topics Profit Loss Reinsurance