RabindraMumbai, November 10th, 2023: GIC Re announced financial performance for the half year ended 30th September 2023 at the Board Meeting of the company held in Mumbai.
We give below the details of our financial performance for the half year ended 30.09.2023:
Gross Premium Income of the company was ₹ 19,679.85 crore for the half year ended 30.09.2023 as compared to ₹ 19,122.45 crore for the half year ended 30.09.2022.
Underwriting Loss is ₹ 3,029.04 crore for the half year ended 30.09.2023 as compared to ₹1,696.07 crore for the half year ended 30.09.2022.
Investment Income is ₹ 5,555.91 crore for half year ended 30.09.2023 as compared to ₹ 5,096.75 crore for the half year ended 30.09.2022. Solvency Ratio is 2.82 as on 30.09.2023 as compared to 2.25 as on 30.09.2022.
The company recorded Profit Before Tax of ₹ 2,782.78 crore for the half year ended 30.09.2023 as compared to Profit Before Tax of ₹ 3,450.08 crore for the half year ended 30.09.2022.
Profit After Tax for the half year ended 30.09.2023 recorded as ₹ 2,336.87 crore as compared to Profit After Tax of ₹ 2,549.65 crore for the half year ended 30.09.2022.
Total Assets are ₹ 1,67,640.89 crore as on 30.09.2023 as compared to ₹ 1,53,384.76 crore as on 30.09.2022.
Net Worth of the company (without fair value change account) recorded at ₹33,266.61 crore on 30.09.2023 as against ₹ 28,006.66 crore as on 30.09.2022.
Net Worth of the company (including fair value change account) recorded as ₹ 71,376.53 crore on 30.09.2023 as against ₹ 60,585.14 crore as on 30.09.2022.
Combined Ratio is 116.98 % for the half year ended 30.09.2023 as against 113.92 % for the half year ended 30.09.2022. Adjusted Combined Ratio is 95.11 % for the half year ended 30.09.2023 as against 92.07% for the half year ended 30.09.2022.
Summary of Revenue and Profit and Loss Account
(₹’ crore)
| Particulars | Quarter ended | Half Year ended | Year ended | |||
| 30.09.23 | 30.06.23 | 30.09.22 | 30.09.23 | 30.09.22 | 31.03.23 | |
| Gross Premium | 10,762.14 | 8,917.71 | 8,100.62 | 19,679.85 | 19,122.45 | 36,591.59 |
| Net Premium | 9,966.81 | 8,231.17 | 7,355.04 | 18,197.98 | 17,848.72 | 33,644.43 |
| Earned Premium | 9,958.11 | 8,632.56 | 8,763.98 | 18,590.67 | 19,500.14 | 35,808.01 |
| Incurred Claims | 9,795.04 | 8,205.39 | 8,543.35 | 18,000.43 | 18,712.26 | 32,739.38 |
| % of Earned Premium | 98.4% | 95.1% | 97.5% | 96.8% | 96.0% | 91.4% |
| Net Commission | 1,653.69 | 1,840.94 | 1,425.41 | 3,494.63 | 3,080.96 | 5,610.51 |
| % of Net Premium | 16.6% | 22.4% | 19.4% | 19.2% | 17.3% | 16.7% |
| Expenses of Management | 87.33 | 86.28 | 75.51 | 173.61 | 125.31 | 404.44 |
| % of Net Premium | 0.9% | 1.0% | 1.0% | 1.0% | 0.7% | 1.2% |
| Profit/(Loss) on Exchange | 115.81 | (59.13) | 352.10 | 56.68 | 702.93 | 596.40 |
| Premium Deficiency | 9.46 | (1.74) | (8.41) | 7.72 | (19.40) | (8.54) |
| Underwriting Profit/(Loss) | (1,471.61) | (1,557.44) | (919.79) | (3,029.04) | (1,696.07) | (2,341.37) |
| Investment Income (Net of exp) | 3,100.97 | 2,454.94 | 3,206.32 | 5,555.91 | 5,096.75 | 10,594.00 |
| Transfer to Catastrophe Reserve | (512.55) | |||||
| Other income less outgoings | 218.23 | 37.68 | 174.83 | 255.91 | 49.40 | 9.37 |
| Profit/ (Loss) Before Tax | 1,847.60 | 935.18 | 2,461.36 | 2,782.78 | 3,450.08 | 7,749.44 |
| Tax | 242.51 | 203.40 | 601.44 | 445.91 | 900.43 | 1,436.94 |
| Profit/ (Loss) After Tax | 1,605.09 | 731.79 | 1,859.92 | 2,336.87 | 2,549.65 | 6,312.50 |
| Combined Ratio | 115.83% | 118.47% | 117.89% | 116.98% | 113.92% | 109.31% |
International and Domestic Business Composition
(₹’ crore)
| Gross Premium | Half year ended 30.09.2023 | Share | Half year ended 30.09.2022 | Share | Growth |
| Domestic | 13,087.98 | 67% | 13,422.96 | 70% | -2% |
| International | 6,591.86 | 33% | 5,699.49 | 30% | 16% |
| Total | 19,679.85 | 100% | 19,122.45 | 100% | 3% |
Breakup of Gross Premium
(₹’ crore)
| Gross Premium | Half year ended 30.09.2023 | Half year ended 30.09.2022 | Growth | ||
| A) Fire | 6,505.75 | 6,827.90 | -4.7% | ||
| B) Miscellaneous – Total | 11,424.83 | 10,908.99 | 4.7% | ||
| Misc – Motor | 4,426.08 | 3,302.82 | 34.0% | ||
| Misc – Health | 2,164.31 | 1,951.62 | 10.9% | ||
| Misc – Agriculture | 2,543.51 | 2,980.16 | -14.7% | ||
| Misc – Other LOBs | 2,290.93 | 2,674.39 | -14.3% | ||
| C) Marine | 1,035.63 | 674.90 | 53.4% | ||
| Marine – Cargo | 773.76 | 350.53 | 120.7% | ||
| Marine – Hull | 261.87 | 324.37 | -19.3% | ||
| D) Life | 713.63 | 710.65 | 0.4% | ||
| Total – A+B+C+D | 19,679.85 | 19,122.45 | 2.9% |
| Incurred Claim and Combined Ratio | ||||
| Particulars | Incurred Claims (₹ crore) | Combined Ratio (%) | ||
| Half Year ended | ||||
| 30.09.2023 | 30.09.2022 | 30.09.2023 | 30.09.2022 | |
| Domestic | 11,458.55 | 12,194.53 | 106.17% | 105.40% |
| International | 6,541.88 | 6,517.73 | 139.44% | 133.34% |
| Total | 18,000.43 | 18,712.26 | 116.98% | 113.92% |
| Particulars | Fire | Motor | Health | Agri | Cargo | Hull | Life |
| Incurred Claims (₹ crore) | |||||||
| Domestic | 2,939.55 | 1,936.71 | 1,655.76 | 2,954.94 | 214.95 | 115.16 | 518.31 |
| International | 2,134.36 | 1,883.87 | 15.17 | 8.68 | 1,543.84 | 392.61 | 67.06 |
| Total | 5,073.91 | 3,820.58 | 1,670.93 | 2,963.62 | 1,758.79 | 507.77 | 585.37 |
| Combined Ratio | |||||||
| Domestic | 108.16 | 111.17 | 112.63 | 104.22 | 99.59 | 110.64 | 78.63 |
| International | 100.54 | 130.56 | 315.38 | 44.59 | 592.48 | 255.33 | 194.89 |
| Total | 104.65 | 121.01 | 113.16 | 103.61 | 367.88 | 196.23 | 84.48 |
Note:
Combined Ratio = (Net incurred claims/ Net earned premium) + (Management expenses + Commission on reinsurance)/ Net written premium
Net Commission = Commission paid on reinsurance accepted – Commission on reinsurance ceded.
Consolidated Financials of GIC Re
GIC Re’s group includes subsidiary companies namely, GIC Re South Africa, GIC Re Corporate Member, London, and GIC Perestrakhovanie LLC, Moscow. The group also includes three associate companies namely GIC Re Bhutan, India International Insurance Pte Ltd, Singapore and Agriculture Insurance Company of India Ltd. The group performance highlights based on Consolidated Financial Statements for the half year ended 30.09.2023 are given below:
· Consolidated Gross Premium Income of the company was ₹ 19,962.02 crore for the half year ended 30.09.2023 as compared to ₹ 19,367.00 crore for the half year ended 30.09.2022.
· Investment Income of the group was ₹5,590.37 crore for the half year ended 30.09.2023 as compared to ₹ 5,111.19 crore for the half year ended 30.09.2022.
· Consolidated Profit Before Tax for the half year ended 30.09.2023 was ₹ 3,008.94 crore as compared to Profit Before Tax of ₹3,701.64 crore for the half year ended 30.09.2022.
· Consolidated Profit After Tax for half year ended 30.09.2023 was ₹ 2,666.60 crore as compared to Profit After Tax of ₹ 2,945.89 crore for the half year ended 30.09.2022.
· Incurred claims Ratio is 95.72 % for the half year ended 30.09.2023 as compared to 95.01 % for the half year ended 30.09.2022.
· Group’s net worth (without fair value change account) for the half year ended 30.09.2023 is ₹36,498.86 crores as compared to ₹ 31,091.00 crore for the half year ended 30.09.2022.
Summary of Revenue and Profit and Loss Account of Consolidated Financials
(₹’ crore)
| S No | Particulars | Half Year ended | |
| 30.09.2023 | 30.09.2022 | ||
| 1 | Gross Premium | 19,962 | 19,367 |
| 2 | Net Premium | 18,293 | 17,904 |
| 3 | Earned Premium | 18,651 | 19,596 |
| 4 | Incurred Claims | 17,853 | 18,617 |
| 5 | Incurred Claims Ratio (on earned premium) | 95.72% | 95.01% |
| 6 | Net Commission | 3,515 | 3,109 |
| 7 | Net Commission Percentage (on Net Premium) | 19.22% | 17.37% |
| 8 | Expenses of Management | 186 | 143 |
| 9 | Expenses of Management Ratio (on net premium) | 1.02% | 0.80% |
| 10 | Profit/(Loss) on Exchange | 59 | 717 |
| 11 | Premium Deficiency | 8 | (19) |
| 12 | Underwriting Profit/(Loss) | (2,853) | (1,537) |
| 13 | Investment Income net of expenses | 5,590 | 5,111 |
| 14 | Other Income less Outgoings | 271 | 128 |
| 15 | Profit/(Loss) Before Tax | 3,009 | 3,702 |
| 16 | Taxation | 447 | 931 |
| 17 | Share of Profit in Associate Companies | 105 | 175 |
| 18 | Profit/(Loss) After Tax | 2,667 | 2,946 |
