-  GIC of India (GIC), the Indian Reinsurer

GIC of India (GIC), the Indian Reinsurer caters to the reinsurance needs of the country and also underwrites risks globally. GIC’s support to the Indian market comes in the form of obligatory cessions, company surplus treaties, market surplus treaties, Excess of Loss (XOL) protection to direct writing companies and facultative acceptances. GIC is one of the reputed underwriters for treaty and facultative reinsurance in the Afro- Asian region.

GIC declared a bonus in the ratio of 1:1 and the equity capital has grown to Rs. 430 crores. Dividend @ 15% amounting to Rs. 64.50 crores was declared on the enhanced capital. The income from investments amounted to Rs. 1398.61 crores in 2004-05. GIC booked a profit before tax of Rs. 800.08 crores and profit after tax of Rs. 200.02 crores.

The Net Premium Income during 2004-05 amounted to Rs. 4613.87 crores representing a growth of 10.83%. Keeping in line with the philosophy of utilizing Indian capacity optimally and maximizing retentions, the net retention ratio stood higher at 90.09% in 2004-05 as against 89.7% in 2003-04. Net Incurred claims in 2004-05 were to the tune of Rs. 3702.80 crores.

Total Investments as on 31.03.2005 amounted to Rs. 15434.31 crores, Total Assets increased to Rs. 19551.84 crores and Total Funds as on 31.03.2005 stood at Rs. 11767.69 crores. On the strength of Indian business and with focused marketing efforts in Afro-Asian region, GIC aims at positioning itself within the top 20 Global Reinsurance in the years to come.

On behalf of Federation of Afro-Asian Insurers and Reinsurers (FAIR) GIC is organizing FAIR 19th Conference in Mumbai from 19th to 22nd September 2005 which will be attended by more than 500 delegates representing about 60 countries. This will be yet another international gathering organized by GIC after the successful organization of 14th Insurance Congress at New Delhi in March 2004.

Mumbai, 05.09.2005