General Insurance Corporation of India (GIC Re) has reported a 50.83% year-on-year jump in its consolidated net profit to Rs 2,062.03 crore for the second quarter this fiscal as the operating profit grew 67.7%. The reinsurer had posted a net profit of Rs 1,367.11 crore for the same period last year.
Its operating profit rose to Rs 1,703.12 crore for the quarter under review from Rs 1,015.56 crore in the same period of FY22, according to a stock exchange filing.
Net premium written, however, saw a 2.5% Y-o-Y fall during the period under review at Rs 7,405.25 crore, compared with Rs 7,596.98 crore for the corresponding period last fiscal.
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Gross premium income of the company stood at Rs 19,122.45 crore for the half year ended September 30, 2022, compared with Rs 22,664.64 crore for the year-ago period. “Underwriting loss reduced to Rs 1,696.07 crore for the half year ended 30.09.2022, compared to Rs 4,209.11 crore for the half year ended 30.09.2021,” the company said in a release.
The combined ratio was 113.92% for H1FY23, against 121.57% for H1FY22.
The solvency ratio was 2.25 as on September 30, 2022, compared to 1.88 and 2.14 as on September 30, 2021 and June 30, 2022 respectively, it added.