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GIC Re announced financial performance for the year ended 31^st March 2023 at the Board Meeting of company held in Mumbai today.

We give below the details of our financial performance for the Year ended 31.03.2023:

• Gross Premium Income of the company was ? 36,591.59 crore for the year ended 31.03.2023 as compared to ? 43,208.46 crore for the year ended 31.03.2022.
• Underwriting Loss reduced to ? 2,341.37 crore for the year ended 31.03.2023 as compared to ? 4,266.11 crore for the year ended 31.03.2022.
• Investment Income is ? 10,594.00 crore for the year ended 31.03.2023 as compared to ? 9562.29 crore for the year ended 31.03.2022.
• Solvency Ratio is 2.61 as on 31.03.2023 as compared to 1.96 as on 31.03.2022.
• The company recorded Profit Before Tax of ? 7749.44 crore for the year ended 31.03.2023 as compared to Profit Before Tax of ? 3,560.14 crore for the year ended 31.03.2022.
• Profit After Tax for the year ended 31.03.2023 recorded as ? 6312.50 crore as compared to Profit After Tax of ? 2,005.74 crore for the year ended 31.03.2022.
• Total Assets are ? 1,57,124.60 crore as on 31.03.2023 as compared to ? 1,44,887.37 crore as on 31.03.2022.
• Net Worth of the company (without fair value change account) recorded at ? 30,306.58 crore on 31.03.2023 as against ? 24,439.72 crore as on 31.03.2022.
• Net Worth of the company (including fair value change account) recorded as ? 61,700.11 crore on 31.03.2023 as against ? 55,657.73 crore as on 31.03.2022.
• Combined Ratio is 109.31% for the year ended 31.03.2023 as against 112.08% for the year ended 31.03.2022.
• Adjusted Combined Ratio is 86.95% for the year ended 31.03.2023 as against 93.11 % for the year ended 31.03.2022.

Summary of Revenue and Profit and Loss Account 

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International and Domestic Business Composition

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Breakup of Gross Premium

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Incurred Claims and Combined Ratio

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