GIC Re's Profit Surge Amidst Premium Dip

GIC Re reported a 16% increase in net profit, reaching Rs 1,861 crore for September 2024. Last year's figure was Rs 1,605 crore. Despite the profit spike, gross premium revenue fell to Rs 8,413 crore from Rs 10,762 crore. The company shared this performance in its latest report.

In the financial landscape, GIC Re has announced a significant 16 percent rise in net profit for the September 2024 quarter, amounting to Rs 1,861 crore. This growth marks an increase from the Rs 1,605 crore recorded during the same period in the previous year.

Despite this positive profit development, the company faced a decline in gross premium earnings, which dropped to Rs 8,413 crore from Rs 10,762 crore in the corresponding quarter of the prior year.

The insurance firm conveyed these details in a recent statement, highlighting the mixed performance indicators in its financial results.

(With inputs from agencies.)