GIC Re Q2 results: Net profit rises 16% to Rs 1,860.76 crore

Insurance giant GIC Re reported a net profit of Rs 1,860.76 crore for Q2 FY25, marking a 15.9% increase compared to Rs 1,605.09 crore in the same period last year. This growth was driven by a strong performance in investment income and a reduction in commission expenses.

Sequentially, the net profit surged by 74.4% from Rs 1,036.06 crore in Q1 FY25. Additionally, GIC Re's net profit from domestic reinsurance also rose by 73% year-on-year, reaching Rs 420.38 crore in Q2 FY25, up from Rs 242.51 crore a year earlier, supported by robust investment income and a decrease in commission.

Read Also : Mines Ministry Signs MoU with IEA on Cooperation in the Area of Critical Minerals

Net profit rose by 17.8% from Rs 356.8 crore in Q1 FY25. The investment income of the company grew by 6.6% to Rs 3,483.34 crore. However, the commission dropped by 9.67% to Rs 1,493.68 crore.

The net premium of the company declined by 23.71% to Rs 7,603.76 crore. The solvency ratio of the reinsurer as of September 30, 2024, stood at 342%, compared to 282% as of September 30, 2023. The combined ratio of the company narrowed to 114.0% from 115.83% during the same period.

Meanwhile, during the first half of FY24, the total assets stood at Rs 1.94 trillion as on September 30, 2024, compared to Rs 1.67 trillion as on September 30, 2023.

Read Also : NBCC Q2 results, Net Profit rises 53% to Rs 122 Crore