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GIC Re expects to register profit in FY13 on claims-free year

India Infoline News Service | Mumbai |

GIC would be announcing its financial results for FY13 at the end of this month

General Insurance Corporation of India (GIC Re) said that it is expecting to register a net profit of more than Rs. 10 billion for FY13 on account of profits from the domestic operations and a claims-free year, according to a media report.

GIC would be announcing its financial results for FY13 at the end of this month.

In FY12, the national reinsurer had reported a major underwriting loss of around Rs. 40 billion due to five major international catastrophes that occurred during 2011, such as the earthquake in Japan, floods in Thailand, Australia and New Zealand. These impacted the company’s profit.

GIC Re said there were no major catastrophes except the Hurricane Sandy storm to which our exposure was very negligible and, therefore, it would be reporting profits for 2012-13 including underwriting profits, the report added.


 

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