New Delhi, Nov 13 (PTI) GIC Re, the state-owned reinsurer in its first ever quarterly results after being listed on exchanges last month, today reported over five-fold jump in standalone net profit to Rs 1,419.11 crore for the September quarter.
The company had clocked a net profit of Rs 251.79 crore in the July-September quarter of the previous fiscal.
“The profit for the period includes prior income of Rs 175.73 crore on account of retro income of marine insurance business,” it said.
The General Insurance Corporation of India (GIC) Re is the largest reinsurance company in the country in terms of gross premiums in 2016-17, while accounting for almost 60 per cent of the premium ceded by Indian insurers to the company.
Total income of the company grew to Rs 10,714.69 crore for the second quarter as against Rs 7,415.55 crore in the same period of previous fiscal, GIC Re said in a regulatory filing to exchanges.
The net premium written during the quarter stood at Rs 5,865.89 crore compared to Rs 9,438.12 crore a year ago.
The company said after the initial public offer (IPO) of the corporation, the number of equity shared increased from 86 crore to 87.72 crore and percentage of government holding reduced to 85.78 per cent.
GIC Re is also an international players in the reinsurance business and underwrote business from 161 countries by March 31, 2017.
Shares of the company closed 1.20 per cent down at Rs 810 per scrip on BSE today.
This is published unedited from the PTI feed.