GIC Re’s underwriting losses widen by 71.1% YoY for end-March

Its combined ratio increased to 111.82%.

GIC Re’s gross premium income inched up 1.6% year-on-year (YoY) to ₹37,181.76 crore from ₹36,591.59 crore for the quarter ending March. 

However, underwriting losses widened (71.1% YoY) to ₹4,006.56 crore. 

Investment income grew 9.7% YoY to ₹11,620.40 crore. The solvency ratio improved to 3.25, up from 2.61. 

Profit Before Tax slightly rose 1.7% YoY ₹7,877.93 crore, whilst profit after tax climbed 2.9% YoY to ₹6,497.30 crore. 

Total assets increased to ₹1,78,285.82 crore from ₹1,57,124.60 crore.

The combined ratio increased to 111.82% from 109.31%, and the adjusted combined ratio went up to 88.02% from 86.96%.