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

 



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