 |
Results
12-Nov-24
|
 |
|
|
|
Analysis
|
|
General Insurance Corporation of India
|
Net profit rises 16% in Q2FY2025
|
|
|
General
Insurance Corporation of India (GIC Re) has posted 16% increase in the net
profit to Rs 1860.75 crore for the quarter ended September 2024 (Q2FY2025) from
Rs 1605.09 crore in Q2FY2024.
Gross
Premium Income of the company declined 22% with premium of Rs 8413.49 crore for
the quarter ended September 2024 from Rs 10762.14 crore in the previous quarter
ended September 2023.
The company has posted operating
profit of Rs 1353.20 crore in Q2FY2025 compared with operating profit of Rs 926.22
crore in the corresponding quarter last year, driven by the operating profit
for segments such as fire, crop, motor, health and miscellaneous, while the
segments such as marine recorded losses in Q2FY2025.
Investment Income increased 20% to Rs 1041.71
crore, while other income declined 72% to Rs 24.58 crore. The provisions increased
62% to Rs 64.75 crore in Q2FY2025. The company has posted 23% jump in the PBT
to Rs 2281.14 crore in Q2FY2025. The company has created tax provisions of Rs 420.38
crore. Net profit increased 16% to Rs 1860.75 crore for Q2FY2025.
Solvency
Ratio improved to 3.42x end September 2024 as compared to 2.42x end September
2023 and 3.36x end June 2024.
Total
Assets are Rs 194881.75 crore end September 2024 as compared to Rs 167640.89
crore end September 2023.
Net
Worth of the company (without fair value change account) recorded at Rs 39481.33
crore on 30 September 2024 as against Rs 33266.61 crore end September 2023. Net
Worth of the company (including fair value change account) recorded as Rs 90917.70
crore on 30 September 2024 as against Rs 71376.53 crore end September 2023.
Combined
Ratio is 114.05% for Q2FY2025 as against 115.83% for Q2FY2024. Adjusted
Combined Ratio is 81.94% for Q2FY2025 as against 91.77% for Q2FY2024.
Book
value
of the company including fair value change account (shareholders fund) stood at
Rs 320.8 per share and excluding fair value change account stood at Rs 231.3
per share end September 2024.
Financial
Performance H1FY2025
Gross Premium Income of the company was Rs 20819.16 crore
for H1FY2025 as compared to Rs 19679.85 crore for H1FY2024. Underwriting Loss is
Rs 2376.95 crore for H1FY2025 as compared to Rs 3029.04 crore for H1FY2024. Investment
Income is Rs 6242.32 crore for H1FY2025 as compared to Rs 5825.38 crore for H1FY2024.
The company recorded Profit Before Tax of Rs 3674.29 crore for H1FY2025 as compared
to Profit Before Tax of Rs 2782.78 crore for H1FY2024. Profit After Tax for H1FY2025
recorded as Rs 2897.12 crore as compared to Profit After Tax of Rs 2336.87
crore for H1FY2024. Combined Ratio is 111.64 % for H1FY2025 as against 116.98 %
for H1FY2024. Adjusted Combined Ratio is 88.86% for H1FY2025 as against 93.63%
for H1FY2024.
Consolidated
financials
Consolidated Gross Premium Income of the company was Rs 21103.51
crore for H1FY2025 as compared to Rs 19962.02 crore for H1FY2024.
Investment Income of the group was Rs 6280.37 crore for H1FY2025
as compared to Rs 5859.85 crore for H1FY2024.
Consolidated Profit Before Tax for H1FY2025 was Rs 3777.05
crore as compared to Profit Before Tax of Rs 3008.94 crore for H1FY2024.
Consolidated Profit After Tax for half year ended 30.09.2024
was Rs 3256.36 crore as compared to Profit After Tax of Rs 2666.60 crore for H1FY2024.
Incurred claims Ratio is 91.06% for H1FY2025 as compared to
95.72% for H1FY2024.
Group`s net worth (without fair value change account) for
H1FY2025 is Rs 43029.24 crores as compared to Rs 36498.86 crore for H1FY2024.
Statement of Revenue
Accounts: General Insurance Corporation of India
|
|
2409 (3)
|
2309 (3)
|
Var %
|
2409 (6)
|
2309 (6)
|
Var %
|
2403 (12)
|
2303 (12)
|
Var %
|
1. Premiums earned
(Net)
|
8847.04
|
9958.11
|
-11
|
18910.60
|
18590.67
|
2
|
33576.07
|
35808.01
|
-6
|
2. Profit on sale of
Investments (Net)
|
2441.63
|
2397.82
|
2
|
4360.79
|
4249.12
|
3
|
8084.15
|
7520.37
|
7
|
4. Others
|
-108.76
|
115.81
|
PL
|
-127.16
|
56.68
|
PL
|
96.77
|
596.40
|
-84
|
Total (A)
|
11179.91
|
12471.74
|
-10
|
23144.23
|
22896.47
|
1
|
41756.99
|
43924.78
|
-5
|
|
|
|
|
|
|
|
|
|
|
1. Claims Incurred
(Net)
|
8284.87
|
9795.05
|
-15
|
17319.15
|
18000.43
|
-4
|
30980.41
|
32739.38
|
-5
|
2. Commission
|
1493.68
|
1653.69
|
-10
|
3690.50
|
3494.63
|
6
|
6246.75
|
5610.51
|
11
|
3. Operating Expenses
related to Insurance Business
|
58.00
|
87.32
|
-34
|
149.37
|
173.61
|
-14
|
392.96
|
404.44
|
-3
|
4. Premium Deficiency
|
-9.84
|
9.46
|
LP
|
1.38
|
7.72
|
-
|
59.27
|
-8.54
|
0
|
Total Expenses (B)
|
9826.71
|
11545.52
|
-15
|
21160.40
|
21676.39
|
-2
|
37679.39
|
38745.79
|
-3
|
|
|
|
|
|
|
|
|
|
|
Operating Profit/ Loss
C=(A -B)
|
1353.20
|
926.22
|
46
|
1983.83
|
1220.08
|
63
|
4077.60
|
5178.99
|
-21
|
(a) Fire Insurance
|
102.98
|
735.19
|
-86
|
592.40
|
1345.33
|
-56
|
2786.10
|
1243.70
|
124
|
(b) Marine Insurance
|
-80.37
|
-1415.42
|
-94
|
-534.96
|
-1480.99
|
-64
|
-1647.14
|
424.04
|
PL
|
(c) Health
|
421.00
|
240.48
|
75
|
-153.31
|
7.31
|
PL
|
-45.75
|
636.88
|
PL
|
(d) Crop
|
179.08
|
163.77
|
9
|
375.83
|
350.58
|
7
|
629.88
|
643.70
|
-2
|
(e) Motor
|
192.56
|
375.21
|
-49
|
769.46
|
184.80
|
316
|
1054.25
|
806.38
|
31
|
(c) Miscellaneous
Insurance
|
537.96
|
826.98
|
-35
|
934.41
|
813.05
|
15
|
1300.24
|
1424.30
|
-9
|
APPROPRIATIONS
|
|
|
|
|
|
|
|
|
|
Transfer to
Shareholders` Account
|
1353.21
|
926.22
|
46
|
1983.84
|
1220.07
|
63
|
3490.09
|
4666.44
|
-25
|
Transfer to Other
Reserves
|
0
|
0
|
|
0
|
0
|
|
587.5
|
512.55
|
15
|
Statement of Profit
& Loss Account: General Insurance Corporation of India
|
|
2409 (3)
|
2309 (3)
|
Var %
|
2409 (6)
|
2309 (6)
|
Var %
|
2403 (12)
|
2303 (12)
|
Var %
|
1. Transfers from
policyholders fund
|
1353.21
|
926.22
|
46
|
1983.84
|
1220.07
|
63
|
3490.09
|
4666.44
|
-25
|
2. Income from
investments
|
1041.71
|
868.25
|
20
|
1881.54
|
1576.27
|
19
|
3536.26
|
3073.62
|
15
|
3. Other income
|
24.58
|
89.14
|
-72
|
43.14
|
161.94
|
-73
|
1074.85
|
428.49
|
151
|
Total (A)
|
2419.50
|
1883.61
|
28
|
3908.52
|
2958.28
|
32
|
8101.20
|
8168.55
|
-1
|
|
|
|
|
|
|
|
|
|
|
4. Provisions (Other
than taxation)
|
64.75
|
39.99
|
62
|
127.06
|
135.48
|
-6
|
142.68
|
410.23
|
-65
|
5. Other expenses
|
73.61
|
-3.98
|
PL
|
107.17
|
40.02
|
168
|
80.59
|
8.90
|
806
|
|
|
|
|
|
|
|
|
|
|
Total (B)
|
138.36
|
36.01
|
284
|
234.23
|
175.50
|
33
|
223.27
|
419.13
|
-47
|
|
|
|
|
|
|
|
|
|
|
Profit before tax
|
2281.14
|
1847.60
|
23
|
3674.29
|
2782.78
|
32
|
7877.93
|
7749.42
|
2
|
Provision for
taxation:
|
420.38
|
242.51
|
73
|
777.17
|
445.91
|
74
|
1380.62
|
1436.94
|
-4
|
Profit after tax
|
1860.75
|
1605.09
|
16
|
2897.12
|
2336.87
|
24
|
6497.30
|
6312.49
|
3
|
EPS (Rs) *
|
42.4
|
36.6
|
|
33.0
|
26.6
|
|
37.0
|
36.0
|
|
* on current equity of
Rs 877.2 crore of face value of Rs 5 each, Figures in crore,
PL: Profit to Loss,
LP: Loss to Profit
Source: Capitaline
Corporate Database
|
|
|
Previous News |
General Insurance Corporation of India
(
Results
-
Analysis
04-Feb-25
08:51
)
|
|
General Insurance Corporation of India consolidated net profit rises 16.53% in the December 2024 quarter
(
Results
-
Announcements
04-Feb-25
07:45
)
|
|
GICRE board approves incorporation of wholly owned subsidiary in UK
(
Corporate News
-
03-Feb-25
21:00
)
|
|
General Insurance Corporation of India to discuss results
(
Corporate News
-
27-Jan-25
14:04
)
|
|
General Insurance Corporation of India receives affirmation in credit rating
(
Corporate News
-
10-Jan-25
18:56
)
|
|
General Insurance Corporation of India leads losers in 'A' group
(
Hot Pursuit
-
23-Dec-24
15:00
)
|
|
Volumes soar at Aegis Logistics Ltd counter
(
Hot Pursuit
-
20-Dec-24
14:30
)
|
|
General Insurance Corporation of India leads gainers in 'A' group
(
Hot Pursuit
-
20-Dec-24
12:00
)
|
|
General Insurance Corporation of India consolidated net profit rises 9.87% in the September 2024 quarter
(
Results
-
Announcements
13-Nov-24
12:45
)
|
|
General Insurance Corporation of India
(
Results
-
Analysis
12-Nov-24
23:04
)
|
|
General Insurance Corporation of India schedules board meeting
(
Corporate News
-
06-Nov-24
19:21
)
|
|
|
 |
Other Stories |
 |
|
|
|
|
|
|
|