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General Insurance Corporation of India (GIC Re), the sole domestic reinsurer posted a 19.5 per cent rise in its net profit for FY15 at Rs 2,694 crore.
The company had posted a profit after tax of Rs 2,253 crore in FY14.
The gross premium income grew by 3 per cent at Rs 15,183 crore in FY15 as compared with Rs 14,680 crore in FY14.
The underwriting loss increased by 50.5 per cent at Rs 1,335 crore for FY15 up from Rs 887 crore in FY14.
A K Roy, Chairman and Managing Director of GIC Re said that FY15 was a benign year since there were no catastrophic events. "The rise in profit was due to the market conditions and better investment income.”
The reinsurer expects a 10 per cent rise in premium income for FY16.
The investment income stood at Rs 4,253 crore for FY15, up 22 per cent as against Rs 3,482 crore in FY14.
GIC Re's net worth at the end of March 2015 stood at Rs 13,002 crore from Rs 10,969 crore at end of March end 2013-14.
The business mix stood at 57-43 respectively for domestic and global business. Roy hopes to bring it down to 50-50 in the future.
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