New Delhi: At a Board Meeting held in Mumbai on Thursday, General Insurance Corporation of India (GIC Re) declared its financial performance for the fiscal year ended March 31, 2023. The company reported several notable achievements and improvements in key financial indicators. Further, the national insurer registered a growth in its PAT from Rs 2,005.74 crores in FY22 to Rs 6,312.5 crores in FY23.
The company recorded a Gross Premium Income of Rs 36,591.59 crore, compared to Rs 43,208.46 crore in the previous fiscal year (2021-2022). GIC Re reduced its underwriting loss to Rs. 2,341.37 crore, a significant improvement from Rs. 4,266.11 crores in the previous fiscal year.
The company achieved an Investment Income of Rs 10,594.00 crores, surpassing the previous fiscal year's figure of Rs 9,562.29 crores. Solvency Ratio is 2.61 in FY23 as compared to 1.96 in FY22. GIC Re's Total Assets reached Rs 1,57,124.60 crore in FY23 compared to Rs 1,44,887.37 crores in FY22, indicating steady growth.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)