GIC Re’s underwriting loss narrows in 9M’24 as premiums rise
- May 26, 2025
- Posted by: Beth Musselwhite
- Category: Insurance
GIC Re, the Indian public sector reinsurer, reported an underwriting loss of ₹2,959.34 crore for the nine months ended December 31, 2024, compared to a loss of ₹4,576.63 crore for the same period in 2023, although gross premiums increased from ₹28,458.11 crore to ₹30,786.87 crore year-over-year.
The reinsurer’s net premiums rose from ₹26,051.33 crore in 9M’23 to ₹28,423.30 crore in 9M’24.
Earned premiums also saw a slight increase, rising from ₹26,348.95 crore to ₹27,450.11 crore.
In terms of incurred claims, GIC Re reported ₹24,819.45 crore in 9M’24, down from ₹25,998.50 crore in 9M’23.
GIC Re’s combined ratio improved to 110.46% for the nine months ended December 31, 2024, compared to 117.99% for the same period in the prior year.
Investment income for 9M’24 was ₹8,869.50 crore, a slight decrease from ₹9,186.92 crore in 9M’23.
Profit before tax for 9M’24 was ₹5,842.98 crore, up from ₹4,706.58 crore in 9M’23. Profit after tax for 9M’24 stood at ₹4,518.47 crore, compared to ₹3,854.82 crore last year.
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