by Prashant Kapadia/NHN
Mumbai, February,2022: GIC Re announced financial performance for Nine months ended 31st December 2021 at a Board Meeting of company held in Mumbai today.
We give below details of our financial performance for the Nine months ended 31.12.2021:
-
Gross Premium Income of the company was ₹ 32,904.65 crore for the nine months ended 31.12.2021 as compared to ₹ 38,201.56 crore for the nine months ended 31.12.2020.
-
Underwriting Loss is ₹ 6,580.30 crore for nine months ended 31.12.2021 as compared to ₹ 4,953.35 crore for nine months ended 31.12.2020.
-
Investment Income is ₹ 6,735.70 crore for nine months ended 31.12.2021 as compared to ₹ 6,534.65 crore for Nine months ended 31.12.2020.
-
Solvency Ratio is 1.80 as on 31.12.2021 as compared to 1.53 as on 31.12.2020.
-
The company recorded Loss Before Tax of ₹ 54.63 crore for nine months ended 31.12.2021 as compared to Profit Before Tax of ₹ 1,117.90 crore for nine months ended 31.12.2020.
-
Profit After Tax for Nine months ended 31.12.2021 recorded as ₹210.34 crore as compared to Profit After Tax of ₹ 660.0 crore for Nine months ended 31.12.2020.
-
Total Assets are ₹ 1,47,275.37 crore as on 31.12.2021 as compared to ₹ 1,33,931.04 crore as on 31.12.2020.
-
Net Worth of the company (without fair value change account) recorded at ₹ 22,605.36 crore on 31.12.2021 as against ₹ 21,204.05 crore as on 31.12.2020.
-
Net Worth of the company (including fair value change account) recorded as ₹ 53,723.15 crore on 31.12.2021 as against ₹ 45,952.21 crore as on 31.12.2020.
-
Combined Ratio is 122.58 % for the Nine months ended 31.12.2021 as against 114.02 % for Nine months ended 31.12.2020.
-
Adjusted Combined Ratio is 104.62 % for the nine months ended 31.12.2021 as against 98.82 % for Nine months ended 31.12.2020.
Summary of Revenue and Profit and Loss Account
(₹’ crore)
S No |
Quarter ended |
Nine Months ended |
Year ended |
||||
31.12.21 |
30.09.21 |
31.12.20 |
31.12.21 |
31.12.20 |
31.03.21 |
||
1 |
Gross Premium |
10,240.00 |
8,374.72 |
11,668.51 |
32,904.65 |
38,201.56 |
47,014.38 |
2 |
Net Premium |
9,332.56 |
7,450.72 |
10,485.32 |
29,718.51 |
33,956.67 |
42,197.50 |
3 |
Earned Premium |
8,907.00 |
10,410.02 |
9,139.16 |
30,671.43 |
32,292.34 |
39,865.89 |
4 |
Incurred Claims |
10,857.83 |
9,596.31 |
8,192.95 |
32,291.54 |
30,651.56 |
36,853.75 |
5 |
% of Earned Premium |
121.9% |
92.2% |
89.6% |
105.3% |
94.9% |
92.4% |
6 |
Net Commission |
377.08 |
2,160.96 |
1,916.29 |
4,947.33 |
6,284.41 |
7,984.39 |
7 |
% of Net Premium |
4.0% |
29.0% |
18.3% |
16.6% |
18.5% |
18.9% |
8 |
Exp of Management |
55.86 |
74.60 |
77.52 |
192.87 |
200.52 |
278.74 |
9 |
% of Net Premium |
0.6% |
1.0% |
0.7% |
0.6% |
0.6% |
0.7% |
10 |
Profit/(Loss) on Exchange |
21.41 |
14.91 |
12.94 |
190.90 |
(110.84) |
(202.18) |
11 |
Premium Deficiency |
8.83 |
(9.02) |
(12.01) |
10.89 |
(1.64) |
35.30 |
12 |
Underwriting Profit/(Loss) |
(2,371.19) |
(1,397.94) |
(1,022.64) |
(6,580.30) |
(4,953.35) |
(5,488.45) |
13 |
Investment Income (Net of Expenses) |
2,271.14 |
2,669.96 |
2,624.47 |
6,735.70 |
6,534.65 |
8,820.86 |
14 |
Other Income less Outgoings |
(1.61) |
(58.27) |
(84.99) |
(210.03) |
(463.39) |
(169.03) |
15 |
Profit/ (Loss) Before Tax |
(101.66) |
1,213.75 |
1,516.84 |
(54.63) |
1,117.90 |
3,163.38 |
16 |
Tax |
(73.18) |
203.20 |
529.42 |
(264.97) |
457.90 |
1,242.94 |
17 |
Profit/ (Loss) After Tax |
(28.48) |
1,010.55 |
987.42 |
210.34 |
660.00 |
1,920.44 |
18 |
Combined Ratio |
126.5% |
122.2% |
108.7% |
122.6% |
114.0% |
112.0% |
International and Domestic Business Composition
(₹’ crore)
Gross Premium |
Nine months ended 31.12.2021 |
Share |
Nine months ended 31.12.2020 |
Share |
Growth |
Domestic |
22,471.93 |
68.3% |
25,214.16 |
66.0% |
-10.88% |
International |
10,432.72 |
31.7% |
12,987.39 |
34.0% |
-19.67% |
Total |
32,904.65 |
100.0% |
38,201.56 |
100.0% |
-13.87% |
Breakup of Gross Premium
(₹’ crore)
Gross Premium |
Nine months ended 31.12.2021 |
Nine months ended 31.12.2020 |
Growth |
||
A) Fire |
9,475.84 |
11,270.37 |
-15.92% |
||
B) Miscellaneous – Total |
20,957.83 |
24,099.78 |
-13.04% |
||
Misc – Motor |
7,154.28 |
6,739.41 |
6.16% |
||
Misc – Health |
3,021.04 |
4,234.95 |
-28.66% |
||
Misc – Agriculture |
7,277.51 |
8,860.06 |
-17.86% |
||
Misc – Other LOBs |
3,505.00 |
4,265.36 |
-17.83% |
||
C) Marine |
1,394.35 |
1,941.96 |
-28.20% |
||
Marine – Cargo |
926.95 |
1,085.69 |
-14.62% |
||
Marine – Hull |
467.40 |
856.28 |
-45.41% |
||
D) Life |
1,076.63 |
889.44 |
21.05% |
||
Total – A+B+C+D |
32,904.65 |
38,201.56 |
-13.87% |
Incurred Claims and Combined Ratio
Particulars |
Incurred Claims (₹ crore) |
Combined Ratio (%) |
||
Nine months ended |
||||
31.12.2021 |
31.12.2020 |
31.12.2021 |
31.12.2020 |
|
Domestic |
20,718.74 |
20,280.74 |
114.24% |
111.28% |
International |
11,572.80 |
10,370.82 |
139.39% |
119.29% |
Total |
32,291.54 |
30,651.56 |
122.58% |
114.02% |
Particulars |
Fire |
Motor |
Health |
Agri |
Cargo |
Hull |
Life |
Incurred Claims (₹ crore) |
|||||||
Domestic |
3,493.64 |
2,718.40 |
3,511.20 |
6,437.24 |
227.99 |
307.85 |
2,103.04 |
International |
5,260.25 |
3,015.23 |
49.60 |
311.26 |
710.39 |
693.82 |
90.10 |
Total |
8,753.89 |
5,733.63 |
3,560.80 |
6,748.50 |
938.37 |
1,001.67 |
2,193.14 |
Combined Ratio |
|||||||
Domestic |
89.13 |
101.01 |
133.81 |
109.95 |
96.35 |
202.20 |
252.46 |
International |
148.30 |
128.19 |
129.02 |
146.21 |
138.72 |
150.00 |
102.56 |
Total |
118.64 |
113.81 |
132.57 |
111.16 |
125.35 |
151.24 |
236.28 |
Note:
Combined Ratio = (Net incurred claims/ Net earned premium) + (Management expenses + Commission on reinsurance)/ Net written premium
Net Commission = Commission paid on reinsurance accepted – Commission on reinsurance ceded.
Consolidated Financials of GIC Re
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. The group performance highlights based on Consolidated Financial Statements for the Nine months ended 31.12.2021 are given below:
-
Consolidated Gross Premium Income of the company was ₹ 33,503.07 crore for Nine months ended 31.12.2021 as compared to ₹ 38,577.84 crore for Nine months ended 31.12.2020.
-
Investment Income of the group was ₹ 6793.00 crore for Nine months ended 31.12.2021 as compared to ₹ 6534.05 crore for Nine months ended 31.12.2020.
-
Consolidated Profit Before Tax for Nine months ended 31.12.2021 was ₹ 28.97 crore as compared to Profit Before Tax of ₹ 1068.86 crore for Nine months ended 31.12.2020.
-
Consolidated Profit After Tax for Nine months ended 31.12.2021 was ₹ 450.26 crore as compared to Profit After Tax of ₹ 662.72 crore for Nine months ended 31.12.2020.
-
Incurred claims Ratio is 105.1 % for Nine months ended 31.12.2021 as compared to 94.6 % for Nine months ended 31.12.2020.
-
Group’s net worth (without fair value change account) for Nine months ended 31.12.2021 is ₹ 25,211.50 crores as compared to ₹ 23,411.14 crore for Nine months ended 31.12.2020
Summary of Revenue and Profit and Loss Account of Consolidated Financials
(₹’ crore)
S No |
Particulars |
Nine months ended |
Year ended |
|
|
|
31.12.2021 |
31.12.2020 |
31.03.2021 |
|
1 |
Gross Premium |
33,503.07 |
38,577.84 |
47,549.85 |
2 |
Net Premium |
29,947.25 |
34,057.23 |
42,353.31 |
3 |
Earned Premium |
30,853.90 |
32,389.59 |
39,984.66 |
4 |
Incurred Claims |
32,424.24 |
30,652.22 |
36,928.92 |
5 |
Incurred Claims Ratio (on earned premium) |
105.1% |
94.6% |
92.40% |
6 |
Net Commission |
5,007.70 |
6,316.26 |
8,024.70 |
7 |
Net Commission Percentage (on Net Premium) |
16.7% |
18.5% |
18.90% |
8 |
Expenses of Management |
214.96 |
222.49 |
307.08 |
9 |
Expenses of Management Ratio (on net premium) |
0.7% |
0.7% |
0.70% |
10 |
Profit/(Loss) on Exchange |
194.88 |
(135.30) |
(224.26) |
11 |
Premium Deficiency |
10.89 |
(1.64 ) |
35.3 |
12 |
Underwriting Profit/(Loss) |
(6,609.01) |
(4935.03) |
(5,535.60) |
13 |
Investment Income net of expenses |
6,793.00 |
6,534.05 |
8,822.51 |
14 |
Other Income less Outgoings |
(155.02) |
(530.17) |
(217.6) |
15 |
Profit/(Loss) Before Tax |
28.97 |
1,068.86 |
3,069.32 |
16 |
Taxation |
(259.85) |
458.24 |
1,244.32 |
17 |
Share of Profit in Associate Companies |
161.44 |
52.11 |
166.6 |
18 |
Profit/(Loss) After Tax |
450.26 |
662.72 |
1,991.59 |
