Ramaswamy Narayanan, CMD, GIC Re On Q1 Earnings, Net Premium, Underwriting Profit & FY25 Outlook

GIC Re announced strong financial results for the quarter ending June 30, 2024, at its board meeting in Mumbai. The company reported a significant increase in gross premium income to ₹12,405.68 crore from ₹8,917.71 crore in the same quarter of the previous year. Underwriting losses decreased to ₹1,288.53 crore from ₹1,557.44 crore, while investment income rose to ₹2,758.99 crore from ₹2,559.31 crore. The solvency ratio improved to 3.36 from 2.88, and the company’s profit before tax increased to ₹1,393.16 crore from ₹935.18 crore. Profit after tax also saw an uptick, reaching ₹1,036.36 crore compared to ₹731.79 crore previously. Total assets grew to ₹1,86,552.46 crore from ₹1,63,928.08 crore, and net worth excluding the fair value change account stood at ₹38,635.23 crore, up from ₹32,984.27 crore. Including the fair value change account, net worth was ₹85,926.02 crore, up from ₹69,650.29 crore. The combined ratio improved to 109.60% from 118.47%, and the adjusted combined ratio bettered to 92.97% from 95.97%. This performance reflects GIC Re’s robust growth in premium income, reduced underwriting losses, and enhanced profitability, demonstrating effective risk management and investment strategies. Catch Sakshi Batra in conversation with Ramaswamy Narayanan, CMD, GIC Re discussing the earning for FY25.