Driven by higher investment income and lower underwriting loss and despite a lower premium, India's national reinsurer General Insurance Corporation of India (GIC Re) on Thursday said it closed the nine months, ended December 31, 2022, with a higher net profit of Rs 3,749.15 crore.
According to GIC Re, the net profit for the nine month period was Rs 3,749.15 crore as compared to Rs 210.34 crore logged during the corresponding period of the previous year.
The company's gross premium for the nine months ended December 31, 2022 was Rs 29,221.85 crore as compared to Rs 32,904.65 crore for the period ended December 31, 2021.
The reinsurer had cut its underwriting loss to Rs 3,233.31 crore during the period under review, down from Rs 6,580.30 crore posted during the corresponding period of the previous year.
The incurred claims for the period under review stood at Rs 27,092.77 crore, down from Rs 32,291.54 crore logged for the period ended December 31, 2021.
For the nine months period GIC Re had earned an investment income of Rs 7.696.79 crore as against Rs 6,735.70 crore earned during the previous year's corresponding period.
The Combined Ratio was 114.68 per cent for the nine months ended December 31, 2022 as against 122.58 per cent for nine months ended December 31, 2021.