GIC Re declares USD455 mn profit

General Insurance Corporation of India (GIC Re) has earned a gross profit of USD455 million during the year 2014-15 with a growth of 22.75 percent. The profit after tax would be USD434 million.

The Corporation has proposed a dividend of 125.60 percent amounting to USD86.91 million for the year 2014-15. During 2014-15 the Corporation wrote gross global premiums of USD2,444 million registering a growth of 3.4 percent over the previous year which is considered reasonable in the current backdrop of global reinsurance market scenario.

The income from investments during the year was USD685 million. The Corporation’s Assets rose to USD12,569 million during 2014-15. The net worth of the Corporation at the end of 2014-15 stood at USD2,093 million.

GIC Re is now on a move to enhance its presence in SAARC countries and to top it with a syndicate in the Lloyd’s of London. The organisation is working to make India

Nuclear Insurance Pool for the Indian nuclear industry operational as soon as possible.