GIC Re reports 9.7% profit jump to Rs 1,922 crore driven by improved claims and underwriting

Mumbai: General Insurance Corporation of India (GIC Re) has reported a 9.7% year-on-year increase in quarterly profit after tax, helped by an improvement in claims and underwriting performance. For the June quarter, the company on Thursday said profit after tax increased to Rs 1,922 crore compared with Rs 1,752 crore a year earlier.

Gross premium income rose 8.8% to Rs 13,475 crore from Rs 12,388 crore in the year-ago quarter. The incurred claims ratio improved to 85.04% from 90.42%, while underwriting loss narrowed by 20.3% to Rs 724 crore from Rs 908 crore a year earlier.

GIC Re’s combined ratio, which measures claims and expenses against premiums, improved to 104.88% from 106.94%. A ratio above 100% indicates an underwriting loss.