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GIC Re Ltd Q2 PAT up 6-fold at Rs1,348cr on sharp fall in insurance claims paid out

GIC Re Ltd reported 11.39% higher total revenues for the Sep-21 quarter on consolidated basis at Rs12,846cr

November 11, 2021 7:22 IST | India Infoline News Service
GIC Re Ltd reported 11.39% higher total revenues for the Sep-21 quarter on consolidated basis at Rs12,846cr. The revenues were higher by 1.17% on a sequential basis compared to Rs12,697cr in the Jun-21 quarter.

For the quarter, the net premiums earned were higher but the income from investments was flat. The claims paid out in the quarter were sharply lower by 44.5% lower at Rs6,345cr. Provisions for doubtful debts in the quarter was also lower at Rs52cr as compared to Rs145cr in the previous quarter.

Net profits for the Sep-21 quarter was up 6-fold at Rs1,348cr. The gains came largely on account of lower claims and lower provisions for doubtful debts. Solvency ratio increased from 1.63 to 1.88 on a yoy basis while the net retention ratio also improved yoy from 52.44 to 86.92.

Net profit turned around on sequential basis from a loss of Rs-1,039cr in the Jun-21 quarter. Net profit margin for the Sep-21 quarter stood at 10.49% compared to 1.98% in Sep-20 quarter and -8.19% in the Jun-21 quarter.


Financial highlights for Sep-21 compared yoy and sequentially


GIC Re Ltd
Rs in Crore Sep-21 Sep-20 YOY Jun-21 QOQ
Total Income (Rs cr) ₹ 12,845.77 ₹ 11,532.31 11.39% ₹ 12,697.00 1.17%
Net Profit (Rs cr) ₹ 1,348.15 ₹ 228.40 490.26% ₹ -1,039.69 -229.67%
Diluted EPS (Rs) ₹ 7.68 ₹ 1.30 ₹ -5.93
Net Margins 10.49% 1.98% -8.19%

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