We give below the details of our financial performance for the Year ended 31.03.2022:
- The Gross Premium Income of the company was ₹ 43,208.46 crore for the year ended 31.03.2022 as compared to ₹ 47,014.38 crores for the year ended 31.03.2021.
- Underwriting Loss is ₹ 4,266.11 crore for the year ended 31.03.2022 as compared to ₹ 5,488.45 crores for the year ended 31.03.2021.
- Investment Income is ₹ 9,562.29 crore for the year ended 31.03.2022 as compared to ₹ 8,820.86 crores for the year ended 31.03.2021.
- The solvency ratio is 1.96 as of 31.03.2022 as compared to 1.74 as of 31.03.2021.
- The company recorded a Profit Before Tax of ₹ 3,560.14 crores for the year ended 31.03.2022 as compared to a Profit Before Tax of ₹ 3,163.38 crores for the year ended 31.03.2021.
- Profit After Tax for the year ended 31.03.2022 was recorded as ₹ 2,005.74 crores as compared to Profit After Tax of ₹ 1,920.44 crores for the year ended 31.03.2021.
- Total Assets are ₹ 144,887.37 crores as of 31.03.2022 as compared to ₹ 1,34,661.22 crore as of 31.03.2021.
- The net worth of the company (without fair value change account) was recorded at ₹ 24,439.72 crores on 31.03.2022 as against ₹ 22,452.34 crores on 31.03.2021.
- The Net Worth of the company (including the fair value change account) was recorded as ₹ 55,657.73 crores on 31.03.2022 as against ₹49,643.19 crores on 31.03.2021.
- The combined ratio is 112.08 % for the year ended 31.03.2022 as against 112.03 % for the year ended 31.03.2021.
- The adjusted Combined Ratio is 93.11 % for the year ended 31.03.2022 as against 95.85 % for the year ended 31.03.2021.
- The Board of Directors of the Company has declared an interim dividend at the rate of Rs 2.25 per equity share (on the face value of Rs 5/-each) and 8th June 2022 has been fixed as the record date for payment of interim dividend.
Summary of Revenue and Profit and Loss Account
(₹’ crore)
Particulars
| Quarter ended | Year Ended | |||
31.03.22 | 31.12.21 | 31.03.21 | 31.03.22 | 31.03.21 | |
Gross Premium | 10,303.81 | 10,240.00 | 8,812.83 | 43,208.46 | 47,014.38 |
Net Premium | 9,080.52 | 9,332.56 | 8,240.83 | 38,799.03 | 42,197.50 |
Earned Premium | 8,621.98 | 8,907.00 | 7,573.55 | 39,293.40 | 39,865.89 |
Incurred Claims | 4,334.31 | 10,857.83 | 6,202.19 | 36,625.85 | 36,853.75 |
% of Earned Premium | 50.3% | 121.9% | 81.9% | 93.2% | 92.4% |
Net Commission | 2,003.48 | 377.08 | 1,699.97 | 6,950.82 | 7,984.39 |
% of Net Premium | 22.1% | 4.0% | 20.6% | 17.9% | 18.9% |
Expenses of Management | 178.41 | 55.86 | 78.21 | 371.28 | 278.74 |
% of Net Premium | 2.0% | 0.6% | 0.9% | 1.0% | 0.7% |
Profit/(Loss) on Exchange | 210.51 | 21.41 | (91.33) | 401.41 | (202.18) |
Premium Deficiency | 2.09 | 8.83 | 36.94 | 12.98 | 35.30 |
Underwriting Profit/(Loss) | 2,314.19 | (2,371.19) | (535.10) | (4,266.11) | (5,488.45) |
Investment Income (Net of exp) | 2,826.59 | 2,271.14 | 2,286.21 | 9,562.29 | 8,820.86 |
Other income less outgoings | (1,526.01) | (1.61) | 294.37 | (1,736.03) | (169.03) |
Profit/ (Loss) Before Tax | 3,614.78 | (101.66) | 2,045.48 | 3,560.14 | 3,163.38 |
Tax | 1,819.37 | (73.18) | 785.05 | 1,554.40 | 1,242.94 |
Profit/ (Loss) After Tax | 1,795.40 | (28.48) | 1,260.44 | 2,005.74 | 1,920.44 |
Combined Ratio | 74.30% | 126.54% | 103.47% | 112.08% | 112.03% |
International and Domestic Business Composition
(₹’ crore)
|
Gross Premium |
Year ended 31.03.2022 |
Share |
Year ended 31.03.2021 |
Share |
Growth |
|
Domestic |
28,018.79 |
65% |
30,009.93 |
64% |
-7% |
|
International |
15,189.67 |
35% |
17,004.46 |
36% |
-11% |
|
Total |
43,208.46 |
100% |
47,014.38 |
100% |
-8% |
Breakup of Gross Premium
(₹’ crore)
|
Gross Premium |
Year ended 31.03.2022 |
Year ended 31.03.2021 |
Growth |
|
|
|
A) Fire |
12,949.11 |
14,123.41 |
-8.3% |
||
|
B) Miscellaneous - Total |
26,907.72 |
29,106.18 |
-7.6% |
||
|
Misc – Motor |
9,742.28 |
8,846.90 |
10.1% |
||
|
Misc – Health |
4,517.81 |
5,606.01 |
-19.4% |
||
|
Misc – Agriculture |
7,911.47 |
9,198.63 |
-14.0% |
||
|
Misc - Other LOBs |
4,736.17 |
5,454.64 |
-13.2% |
||
|
C) Marine |
1,900.86 |
2,530.57 |
-24.9% |
||
|
Marine – Cargo |
1,244.02 |
1,457.60 |
-14.7% |
||
|
Marine – Hull |
656.84 |
1,072.97 |
-38.8% |
||
|
D) Life |
1,450.76 |
1,254.22 |
15.7% |
||
|
Total – A+B+C+D |
43,208.46 |
47,014.38 |
-8.1% |
Incurred Claims and Combined Ratio
Particulars | Incurred Claims (₹ crore) | Combined Ratio (%) | ||
Year ended | ||||
31.03.22 | 31.03.21 | 31.03.22 | 31.03.21 | |
Domestic | 22,580.53 | 23,865.74 | 103.40% | 110.41% |
International | 14,045.32 | 12,988.01 | 127.14% | 114.87% |
Total | 36,625.85 | 36,853.75 | 112.08% | 112.03% |
Particulars | Fire | Motor | Health | Agri | Cargo | Hull | Life |
Incurred Claims (₹ crore) | |||||||
Domestic | 3,470.20 | 3,557.10 | 4,664.88 | 6,097.59 | 326.25 | 182.33 | 2,602.76 |
International | 6,681.62 | 3,553.20 | 45.89 | 371.81 | 834.74 | 784.32 | 134.33 |
Total | 10,151.82 | 7,110.30 | 4,710.77 | 6,469.40 | 1,160.99 | 966.66 | 2,737.10 |
Combined Ratio | |||||||
Domestic | 77.71 | 96.39 | 117.48 | 104.89 | 106.88 | 88.03 | 224.28 |
International | 136.11 | 119.29 | 68.93 | 96.75 | 127.45 | 137.30 | 117.91 |
Total | 109.70 | 107.65 | 116.11 | 103.68 | 120.39 | 121.12 | 214.00 |
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 year ended 31.03.2022 are given below:
- The Consolidated Gross Premium Income of the company was ₹ 44,034.37 crore for the year ended 31.03.2022 as compared to ₹47,549.85 crores for the year ended 31.03.2021.
- The investment income of the group was ₹ 9,627.38 crore for the year ended 31.03.2022 as compared to ₹ 8,822.51 crores for the year ended 31.03.2021.
- Consolidated Profit Before Tax for the year ended 31.03.2022 was ₹ 3,754.65 crore as compared to Profit Before Tax of ₹ 3,069.32 crores for the year ended 31.03.2021.
- Consolidated Profit After Tax for the year ended 31.03.2022 was ₹ 2,386.28 crore as compared to Profit After Tax of ₹ 1,991.59 crores for the year ended 31.03.2021.
- Incurred claims ratio is 92.79% for the year ended 31.03.2022 as compared to 92.36 % for the year ended 31.03.2021.
- Group's net worth (without fair value change account) for the year ended 31.03.2022 is ₹ 27,226.00 crores as compared to ₹ 24,727.13 crores for the year ended 31.03.2021.
Summary of Revenue and Profit and Loss Account of Consolidated Financials
(₹’ crore)
S No | Particulars | Year ended | |
|
| 31.03.2022 | 31.03.2021 |
1 | Gross Premium | 44,034.37 | 47,549.85 |
2 | Net Premium | 39,119.16 | 42,353.31 |
3 | Earned Premium | 39,556.83 | 39,984.66 |
4 | Incurred Claims | 36,703.45 | 36,928.92 |
5 | Incurred Claims Ratio (on earned premium) | 92.79% | 92.36% |
6 | Net Commission | 7,026.11 | 8,024.70 |
7 | Net Commission Percentage (on Net Premium) | 17.96% | 18.95% |
8 | Expenses of Management | 403.38 | 307.08 |
9 | Expenses of Management Ratio (on net premium) | 1.03% | 0.73% |
10 | Profit/(Loss) on Exchange | 400.38 | (224.26) |
11 | Premium Deficiency | 12.98 | 35.3 |
12 | Underwriting Profit/(Loss) | (4,188.70) | (5,535.60) |
13 | Investment Income net of expenses | 9,627.38 | 8,822.51 |
14 | Other Income less Outgoings | (1,684.03) | (217.60) |
15 | Profit/(Loss) Before Tax | 3,754.65 | 3,069.31 |
16 | Taxation | 1,555.89 | 1,244.32 |
17 | Share of Profit in Associate Companies | 187.52 | 166.60 |
18 | Profit/(Loss) After Tax | 2,386.28 | 1,991.59 |
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