GIC RE reported 14% decline in consolidated profit
Myequity news | Date : 27-05-2018 20:00:00
GIC Re (General insurance corporation of India) reported financial results of quarter and year ended 31-Mar-2018.
Below are the highlights of yearly consolidated results.
• 25% increase in consolidated Gross Premium.
• Increase in claims due to global catastrophes like Harvey.Irma.Maria hurricanes, Mexican earthquake and California wildfire.
• Reported underwriting loss of 1,534 crores.
• Investment income increased by 17.7% from 4,587.75 to 5,403.09 crores.
• Consolidated net profit for whole financial year 2017-18 stands at 3,145.54.
• GICRE has declared dividend of Rs 13.5/Share (Record date 14 July 2018).
• Recommended 1:1 bonus share issue (Record date 14 July 2018).
Results were announced post trading hours. Stock has closed at 691.50 up 0.78% on 25 May 2018.
Stock has dropped 24% from its issue price of Rs. 912 ever since it is listed in stock market on 25 Oct 2017.