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GIC Re announced financial performance for the Nine months ended 31^st December,2023 at the Board Meeting of company held in Mumbai today.

We give below the details of our financial performance for the Nine months ended 31.12.2023:

Gross Premium Income of the company was ? 28,458.11 crore for the Nine months ended 31.12.2023 as compared to ? 29,221.85 crore for the Nine months ended 31.12.2022.

Underwriting Loss is ? 4,576.63 crore for the Nine months ended 31.12.2023 as compared to ? 3,233.80 crore for the Nine months ended 31.12.2022.

Investment Income is ? 8,648.92 crore for Nine months ended 31.12.2023 as compared to ? 7,696.79 crore for the Nine months ended 31.12.2022.

Solvency Ratio is 2.94 as on 31.12.2023 as compared to 2.38 as on 31.12.2022.

The company recorded Profit Before Tax of ? 4,706.58 crore for the Nine months ended 31.12.2023 as compared to Profit Before Tax of ? 4,745.17 crore for the Nine months ended 31.12.2022.

Profit After Tax for the Nine months ended 31.12.2023 recorded as ?3,854.82 crore as compared to Profit After Tax of ? 3,748.66 crore for the Nine months ended 31.12.2022.

Total Assets are ? 1,74,882.51 crore as on 31.12.2023 as compared to ? 1,58,526.70 crore as on 31.12.2022.

Net Worth of the company (without fair value change account) recorded at ?35,031.89 crore on 31.12.2023 as against ? 29,761.80 crore as on 31.12.2022.

Net Worth of the company (including fair value change account) recorded as ? 77,626.89 crore on 31.12.2023 as against ? 63,556.21 crore as on 31.12.2022.

Combined Ratio is 117.99 % for the Nine months ended 31.12.2023 as against 114.68 % for the Nine months ended 31.12.2022.

Adjusted Combined Ratio is 94.43 % for the Nine months ended 31.12.2023 as against 93.63% for the Nine months ended 31.12.2022.

International and Domestic Business Composition

Breakup of Gross Premium