GIC Re reports Q1 net loss of Rs 497.02 cr

New Delhi, Sep 8 (IANS) State-run General Insurance Corporation of India (GIC Re) on Tuesday reported a consolidated net loss of Rs 497.02 crore in the first quarter of the current financial year.

The company reported a net profit Rs 192.07 crore for corresponding quarter of the last fiscal.

Consolidated Gross Premium Income of the company was Rs 15,982.75 crore in the quarter ended June as compared to Rs 21,110.36 crore in the same quarter last fiscal, the company said in a regulatory filing.

Investment income of the group was Rs 1,178.22 crore for quarter ended July as compared to Rs 1,412.67 crore for the quarter ended June of 2018-2019.

Group’s net worth (without fair value change account) for April-June was Rs 22,017.25 crore as against Rs 24,559.76 crore for corresponding quarter of previous year.

GIC Re’s group includes subsidiary companies namely, GIC Re South Africa, GIC Re Corporate Member, London, and GIC Perestrakhovanie LLC,Moscow. The group also includes three associate companies namely GIC Re Bhutan, India International Insurance Pte Ltd, Singapore and Agriculture Insurance Company of India Ltd.