Aided by better underwriting and higher growth in agriculture and marine segments, public sector reinsurer GIC Re has posted 465 per cent jump in net profit at Rs 1,419 crore for the quarter ended September as against of Rs 251 crore in the year ago period.
For the half year ended September, profit jumped 89 per cent to Rs 1,809 crore as against Rs 955 crore in the year ago period. “The major segments that have turned profitable are agriculture and marine, but overall we’ve grown across segments,” chairman and managing director Alice G Vaidyan said.
The underwriting profit during the quarter was Rs 757.36 crore as against a loss of Rs 668.36 crore. Half yearly gross premium was Rs 91.75 crore compared to a loss of Rs 473.70 crore a year ago. Gross premium came down to Rs 7,209.61 crore from Rs 10,176.68 crore for the quarter, while for the gross written premium was Rs 24,404.37 crore compared to Rs 16,118.37 crore. The combined ratio for the half year was 99.4 per cent as against 99.1 per cent. The net premium written during the quarter stood at Rs 5,865.89 crore.