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GIC Re announced financial performance for the half year ended 30^th September 2023 at the Board Meeting of company held in Mumbai today.

We give below the details of our financial performance for the half year ended 30.09.2023:

• Gross Premium Income of the company was ? 19,679.85 crore for the half year ended 30.09.2023 as compared to ? 19,122.45 crore for the half year ended 30.09.2022.
• Underwriting Loss is ? 3,029.04 crore for the half year ended 30.09.2023 as compared to ?1,696.07 crore for the half year ended 30.09.2022.
• Investment Income is ? 5,555.91 crore for half year ended 30.09.2023 as compared to ? 5,096.75 crore for the half year ended 30.09.2022.
• Solvency Ratio is 2.82 as on 30.09.2023 as compared to 2.25 as on 30.09.2022.
• The company recorded Profit Before Tax of ? 2,782.78 crore for the half year ended 30.09.2023 as compared to Profit Before Tax of ? 3,450.08 crore for the half year ended 30.09.2022.
• Profit After Tax for the half year ended 30.09.2023 recorded as ? 2,336.87 crore as compared to Profit After Tax of ? 2,549.65  crore for the half year ended 30.09.2022.
• Total Assets are ?  1,67,640.89 crore as on 30.09.2023 as compared to ? 1,53,384.76 crore as on 30.09.2022.
• Net Worth of the company (without fair value change account) recorded at ?33,266.61 crore on 30.09.2023 as against ? 28,006.66 crore as on 30.09.2022.
• Net Worth of the company (including fair value change account) recorded as ? 71,376.53 crore on 30.09.2023 as against ? 60,585.14 crore as on 30.09.2022.
• Combined Ratio is 116.98 % for the half year ended 30.09.2023 as against 113.92 % for the half year ended 30.09.2022.
• Adjusted Combined Ratio is 95.11 % for the half year ended 30.09.2023 as against 92.07% for the half year ended 30.09.2022.

Summary of Revenue and Profit and Loss Account

International and Domestic Business Composition

Breakup of Gross Premium

Incurred Claim 

Combined Ratio

Consolidated Financials of GIC Re

GIC Re's group includes subsidiary companies namely, GIC Re South Africa, GIC Re Corporate Member, London, and GIC Perestrakhovanie LLC, Moscow. The group also includes three associate companies namely GIC Re Bhutan, India International Insurance Pte Ltd, Singapore and Agriculture Insurance Company of India Ltd. The group performance highlights based on Consolidated Financial Statements for the half year ended 30.09.2023 are given below:

•    Consolidated Gross Premium Income of the company was ? 19,962.02 crore for the half year ended 30.09.2023 as compared to ? 19,367.00 crore for the half year ended 30.09.2022.
•    Investment Income of the group was ?5,590.37 crore for the half year ended 30.09.2023 as compared to ? 5,111.19 crore for the half year ended 30.09.2022.
•    Consolidated Profit Before Tax for the half year ended 30.09.2023 was ? 3,008.94 crore as compared to Profit Before Tax of ?3,701.64 crore for the half year ended 30.09.2022.
•    Consolidated Profit After Tax for half year ended 30.09.2023 was ? 2,666.60 crore as compared to Profit After Tax of ? 2,945.89 crore for the half year ended 30.09.2022.
•    Incurred claims Ratio is 95.72 % for the half year ended 30.09.2023 as compared to 95.01 % for the half year ended 30.09.2022.
•    Group's net worth (without fair value change account) for the half year ended 30.09.2023 is ?36,498.86 crores as compared to ? 31,091.00 crore for the half year ended 30.09.2022.

Summary of Revenue and Profit and Loss Account of Consolidated Financials

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