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 per cent from the previous close.