GIC Re net profit up 10% for FY17

MUMBAI: General Insurance Corporation of India (GIC Re), the National Reinsurer, has reported 10% growth in profit after tax to Rs 3,127 crore in 2016-17 over previous year.

Better underwriting and risk assessment helped GIC bring down its combined ratio to 99.7% in the year 2016-17 as compared to 107.4% in the previous year.

GIC is in the process to file its papers for initial public offering. “We will soon apply to Irda and Sebi for listing approvals,” said Alice Vaidyan chairman and managing director GIC Re. “We are hopeful that listing should happen in this financial year.”