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GIC Re Q2 outcomes: Posts internet revenue of Rs 230 cr

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General Insurance Corporation of India (GIC Re) on Friday reported a internet revenue of Rs 230.06 crore for the quarter ended September 2020.

The state-owned insurer had posted a internet lack of Rs 595.44 crore within the corresponding interval of the earlier monetary 12 months.

Its gross premium throughout July-September 2020 grew to Rs 10,651.50 crore, in contrast with Rs 9,459.21 crore within the year-ago interval, GIC Re stated in a regulatory submitting.

Net premium was barely up at Rs 8,846.07 crore, from Rs 8,798.70 crore.

However, for the primary half ended September of 2020-21, the insurer had a internet lack of Rs 327.42 crore, which narrowed as in comparison with Rs 486.86 crore within the first half of 2019-20.

Global situation for the insurance coverage trade for 2020-21 has proven weak developments because of the COVID-19 state of affairs for many lessons whereas benefitting a number of. As in comparison with the primary quarter of the present monetary 12 months, there was a development in enterprise quantity through the second quarter, GIC Re stated.

“GIC Re’s financials for the half 12 months ended September 30, 2020, have proven indications of positivity and alerts turnaround within the close to future.

“Investment earnings for the primary half of 2020-21 has elevated considerably. GIC Re’s worldwide enterprise has proven a development charge of 31 per cent,” it stated.

The firm’s gross premium earnings was Rs 26,533.05 crore for first half of this fiscal, in contrast with Rs 30,272.33 crore a 12 months in the past interval. A comparability of the second quarter of this fiscal with a 12 months in the past exhibits a rise of 12.6 per cent, it added.

Investment earnings grew to Rs 3,910.17 crore for the half 12 months, from Rs 3,197.01 crore a 12 months in the past.

GIG Re’s group consists of subsidiary firms — GIG Re South Africa, GIC Re Corporate Member, London, and GIC Perestrakhovanie LLG, Moscow. The group additionally consists of three affiliate firms — GIC Re Bhutan, India International Insurance Pte Ltd, Singapore and Agriculture Insurance Company of India Ltd.

Shares of GIC Re on Friday rose 1.88 per cent to Rs 127.05 apiece on the BSE.

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