During the year 2006-07 GIC of India has written a gross premium of Rs.7404 crores of which net premium income is Rs.6421 crores. In line with its philosophy of utilizing Indian Capacity optimally and maximizing retentions, the net retention ratio stood at 86.72%.
Net incurred claims in 2006-07 were to the tune of Rs.3623 crores. The incurred loss ratio in 2006-07 has been 69% as compared to 102 % in the previous year.
The International Inward Business portfolio has registered a growth of 20.13% from Rs.1200 crores in 2005-06 to Rs.1442 crores during 2006-07. The domestic business during this period has charted a growth of 64.07% from Rs.3035 crores to Rs.4979 crores.
Total Investments as on 31.03.2007 stood at Rs.23654 crores while in the previous year, the figure was Rs.22134 crores. The Corporation?s Assets rose to Rs.28524 crores during 2006-07. The net worth of the Corporation at the end of 2006-07 stood at Rs.5928 crores.
The income from investments during the year has registered as increase of 7.6% over the previous financial year. During the fiscal 2006-07, the investment income was Rs.1848 crores.
The profit before tax for the year 2006-07 stood at Rs.1789 crores and the profit after tax was recorded at Rs.1531 crores. The Corporation has declared a dividend of 72% amounting to Rs.309.60 crores.
The International Rating agency A M Best & Co. has assigned the financial strength rating of A-(Excellent) the Corporation by rating as ?A-(Excellent)? Indian Rating Agency CARE has also reaffirmed ?AAA(In)? rating to GIC Re for its Claims Paying Ability.
In keeping with global insurance practices, GIC Re has upgraded its technical prowess. SAP-ERP software system has been implemented with a state-of-the art data centre. A high-tech Document Management System is being put in place, in line with adoption of technology in day to day operations.
On Wednesday (03rd October 2007), Mr. Yogesh Lohiya, CMD handed over the Dividend Cheque for Rs.309.60 crores to Hon?ble Finance Minister. He was accompanied by Mrs. B. Ramani, GM, In-charge of Finance & Investment, and Mr. R. Chandrasekaran, GM, In-charge of Reinsurance & Marketing.
