GIC reports a net profit of Rs. 1,010.55 Cr

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General Insurance Corporation of India (GIC Re) on Wednesday reported an over four-fold jump in its net profit to Rs 1,010.55 crore for the quarter ended September 30.

The public sector general insurer had posted a net profit of Rs 230.05 crore in the year-ago quarter ended September 2020. Sequentially, there was a net loss of Rs 771.73 crore in the June 2021 quarter.

The company’s gross premium, however, was down to Rs 8,374.72 crore during July-September 2021, compared with Rs 10,651.50 crore in the year-ago period, GIC Re said in a regulatory filing.

The claims incurred during the quarter were Rs 9,596.31 crore during the quarter, nearly flat from Rs 9,589.87 crore a year ago. Shares of GIC Re on Wednesday closed at Rs 140.30 apiece on the BSE, up 0.39 percent from the previous close.