State owned re-insurer General Insurance Corporation Re (GIC) has announced a profit of Rs.2,693 crore to 2014-15, an increase of 20 per cent over the previous year. Gross premium rose by a mere 3.4 per cent to Rs.15.18 crore.
Of this, Rs.8,660 crore (57 per cent) was from the domestic market, while the balance was from overseas business. The corporation’s investment income rose from 25 per cent to Rs.4,253 crore, while its underwriting losses rose from 50 per cent to Rs.1,335 crore. GIC has declined a dividend of Rs.540 crore (Rs.449 crore) for 2014-15.