General Insurance Corporation of India (GIC Re) has posted 64% dip in the net profit to Rs 513.85 crore for the quarter ended September 2018 (Q2FY2019). Gross Premium Income of the company increased 15% with premium of 8325.95 crore for the quarter ended September 2018 from Rs 7209.61 crore in the previous quarter ended September 2017. The losses in the fire, healthy, aviation and engineering segment and sharp decline in the profit for crop segment on high base has impacted the overall performance of the company in Q2FY2019. The profit before tax dipped to Rs 169.90 crore in Q2FY2019 from Rs 1917.68 crore in Q2FY2018. Underwriting Loss surged to Rs 2001.82 crore in Q2FY2019 as against underwriting profit of Rs 750.2 crore in Q2FY2018. Investment Income for the quarter ended September 2018 increased 73% to Rs 2170.73 crore, as compared to Rs 1253.88 crore for the quarter ended September 2017. The Combined Ratio of the company jumped to 128.3% for Q2FY2019 as compared to 99.4% for Q2FY2018. Net Worth of the company (without fair value change account) increased 15% to Rs 21298 crore end September 2018 from Rs 18550 crore end September 2017. Growth in net worth (including fair value change account) was 5% at Rs 51266 crore end September 2018 as against Rs 49496 crore end September 2017. Return on Equity (ROE) (annualized) is 9.6% in the quarter ended September 2018 compared to 30.6% in the quarter ended September 2017. The Solvency Ratio of the company stood at 1.73x end September 2018, which is above the minimum required Solvency Ratio of 1.50x. The total Assets of the company increased 11% from Rs 107035 crore end September 2017 to Rs 118503 crore end September 2018. The book value of the company including fair value change account stood at Rs 300.2 per share and excluding fair value change account stood at Rs 122.0 per share end September 2018. Statement of Revenue Accounts: General Insurance Corporation of India | 1809 (3) | 1709 (3) | Var % | 1809 (6) | 1709 (6) | Var % | 1803 (12) | 1703 (12) | Var % | | 1. Premiums earned (Net) | 11009.07 | 9707.39 | 13 | 25593.34 | 22485.04 | 14 | 38096.05 | 26714.90 | 43 | | 2. Profit on sale of Investments (Net) | 1607.56 | 960.83 | 67 | 2427.19 | 1773.38 | 37 | 3830.87 | 3052.65 | 25 | | 4. Others | 263.06 | 46.47 | 466 | 470.79 | 23.67 | 1889 | -53.33 | -30.83 | - | | Total (A) | 12879.69 | 10714.69 | 20 | 28491.32 | 24282.09 | 17 | 41873.60 | 29736.72 | 41 | | | | | | | | | | | | 1. Claims Incurred (Net) | 11246.80 | 7878.63 | 43 | 24131.00 | 18586.33 | 30 | 32953.54 | 21646.41 | 52 | | 2. Commission | 1968.49 | 1075.54 | 83 | 3905.99 | 3728.25 | 5 | 6370.15 | 5404.40 | 18 | | 3. Operating Expenses related to Insurance Business | 60.24 | 49.47 | 22 | 117.86 | 102.38 | 15 | 216.44 | 239.73 | -10 | | 4. Premium Deficiency | -1.59 | 0.00 | - | 7.45 | 0.00 | - | 0.00 | 0.00 | 0 | | Total Expenses (B) | 13273.94 | 9003.64 | 47 | 28162.30 | 22416.96 | 26 | 39540.13 | 27290.54 | 45 | | | | | | | | | | | | Operating Profit/ Loss C=(A -B) | -394.25 | 1711.05 | PL | 329.02 | 1865.13 | -82 | 2333.47 | 2446.18 | -5 | | (a) Fire Insurance | -444.47 | -725.53 | - | -497.85 | -616.37 | - | 112.75 | 532.84 | -79 | | (b) Marine Insurance | 66.68 | 301.69 | -78 | 146.99 | 525.83 | -72 | 559.57 | 384.31 | 46 | | (c) Health | -319.50 | -69.20 | - | -180.89 | -121.81 | - | 831.96 | -244.34 | LP | | (d) Crop | 584.21 | 1722.38 | -66 | 860.09 | 1864.41 | -54 | -1322.46 | 6398.17 | PL | | (e) Motor | 2.30 | 188.54 | -99 | 66.23 | -125.53 | LP | 1693.11 | -113.25 | LP | | (c) Miscellaneous Insurance | -283.48 | 293.19 | PL | -65.57 | 338.60 | PL | 458.54 | -4511.55 | LP | | APPROPRIATIONS | | | | | | | | | | | Transfer to Shareholders' Account | -394.25 | 1711.04 | -PL | 329.00 | 1865.13 | -82 | 2333.46 | 2446.18 | -5 | | Transfer to Other Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Statement of Profit & Loss Account: General Insurance Corporation of India | 1809 (3) | 1709 (3) | Var % | 1809 (6) | 1709 (6) | Var % | 1803 (12) | 1703 (12) | Var % | | 1. Transfers from policyholders fund | -394.25 | 1711.04 | -123 | 329.00 | 1865.13 | -82 | 2333.46 | 2446.18 | -5 | | 2. Income from investments | 563.62 | 293.25 | 92 | 854.73 | 643.29 | 33 | 1562.39 | 1532.98 | 2 | | 3. Other income | 85.45 | 8.64 | 889 | 168.15 | 8.75 | 1822 | 10.85 | 17.21 | -37 | | Total (A) | 254.82 | 2012.93 | -87 | 1351.88 | 2517.17 | -46 | 3906.70 | 3996.37 | -2 | | | | | | | | | | | | 4. Provisions (Other than taxation) | 83.53 | 98.93 | -16 | 149.22 | 200.97 | -26 | 174.10 | 333.72 | -48 | | 5. Other expenses | 1.39 | -3.68 | PL | 3.03 | 7.14 | -58 | 64.33 | 38.79 | 66 | | | | | | | | | | | | Total (B) | 84.92 | 95.25 | -11 | 152.25 | 208.11 | -27 | 238.44 | 372.51 | -36 | | | | | | | | | | | | Profit before tax | 169.90 | 1917.68 | -91 | 1199.63 | 2309.06 | -48 | 3668.26 | 3623.86 | 1 | | Provision for taxation: | -343.95 | 498.58 | LP | -85.63 | 499.84 | LP | 434.67 | 496.19 | -12 | | Profit after tax | 513.85 | 1419.10 | -64 | 1285.26 | 1809.22 | -29 | 3233.59 | 3127.67 | 3 | | EPS (Rs) * | 11.72 | 32.36 | | 14.65 | 20.62 | | 18.43 | 17.83 | | | * on current equity of Rs 877.2 crore of face value of Rs 5 each, Figures in crore, Source: Capitaline Database |
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