Asian News - India: GIC Re declares US$455 million profit for 2014-15
Source: Asia Insurance Review | Jul 2015
General Insurance Corporation of India (GIC Re), has earned a profit before tax of US$455 million during the year 2014-15, a growth of 22.75%. The profit after tax is $434 million. The Corporation has proposed a dividend of 125.60%, amounting to $86.91 million for the year 2014-15.
During 2014-15, GIC Re wrote a gross global premium of $2,444 million registering a growth of 3.4% over the previous year which is considered reasonable in the current backdrop of the global reinsurance market.
Total investments as of end March 2015 stood at $4,502 million while in the previous year, the figure was $4,263 million. Income from investments during the year was $685 million. The Corporation’s assets rose to $12,569 million during 2014-15 while its net worth at the end of 2014-15 stood at $2,093 million.
In keeping with its policy of “The Indian reinsurer with a global footprint”, GIC Re continues to make forays into major international markets. It already has a 100% owned subsidiary in South Africa, a joint venture reinsurance company in Bhutan, a corporate membership of Lloyd’s of London and eventual reinsurer status in Brazil. GIC Re is now on a move to enhance its presence in SAARC countries and to top it with a syndicate in the Lloyd’s of London.
GIC Re is also working to make the India Nuclear Insurance Pool for the Indian nuclear industry operational as soon as possible. A. M. Best & Co. has retained the financial strength rating of “A - (Excellent)” for the Corporation. Indian rating agency CARE has also reaffirmed “AAA(In)” rating to GIC Re for its claims-paying ability.