GIC Re logs consolidated net loss of Rs497cr in Q1; Gross premium income stands at Rs15,983cr

Consolidated gross premium income was at Rs15,982.75cr in the quarter under review, as against to Rs21,110.36cr a year ago same period.

Sep 08, 2020 08:09 IST India Infoline News Service

Result Analysis
General Insurance Corporation of India (GIC Re) has recorded a consolidated net loss of Rs497.02cr during the quarter ending June 2020 (Q1FY21) period as compared to a net profit of Rs192.07cr in the corresponding period of the previous year.

Consolidated gross premium income was at Rs15,982.75cr in the quarter under review, as against to Rs21,110.36cr a year ago same period.

Meanwhile, consolidated net premium came in at Rs14,657.03cr in Q1FY21, lower compared to a premium of Rs19,698.88cr of Q1FY20. Also, earned premium was at Rs13,657.26cr in the latest period against Rs16,841.22cr a year ago same quarter. 

Furthermore, the investment income of the group stood at Rs1,178.22cr in the latest quarter, against Rs1,412.67cr for the quarter ended June 2019.

The group's net worth (without fair value change account) for the quarter ending June 2020, stands at Rs22,017.25cr as against Rs24,559.76cr for corresponding quarter of the previous year.

On Tuesday, GIC Re's stock will remain in focus following Q1 announcement. In the previous closing, GIC Re stock settled at Rs144.90 per piece up 0.40% on Sensex.

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