N Ramaswamy, CMD designate,GIC Re, Vivek Joshi,Secretary, Department of Financial Services, KK Sharma, Chief Postmaster General, Maharashtra Circle. Devesh Srivastava, CMD, GIC RE, at an event on Tuesday for releasing GIC Re’s Customized Corporate My Stamp (CCMS) commemorating it’s Golden Jubilee
“The company is fully prepared and energised to support the Indian and world insurance industry and will continue to focus on achieving underwriting surpluses in future. Profitable diversified growth will be our focus in the coming years,” Devesh Srivastava, CMD, GIC Re
Vivek Joshi, secretary, Department of Financial Services (DFS), has suggested state owned GIC Re should consider growing its Life Reinsurance business.
Joshi on Tuesday had released a GIC Re’s Customized Corporate My Stamp (CCMS) commemorating it’s Golden Jubilee in Mumbai.
Praising GIC Re, a listed entity in Idia and the third largest reinsurer in Asia, for the work done in the last 50 years in rising to the needs of the nation and ensuring continuity of trade and commerce in the country, Joshi expected the reinsurer to keep up-breast with changes in technology and adapt to the challenges and opportunities which would come with the ensuing growth in economy and market changes.
GIC Re’s market share in life reinsurance business in India is around 23 per cent during the FY 2021-22 and has only contributed only 4.3 per cent to reinsurer’s Rs 36,500 crore premium kitty during FY 23.
The reinsurer recorded a growth of around 5 per cent in life reinsurance business in 2022-23, with gross premium increasing from Rs 1450.76 crore to Rs 1,529.52 crore.
However, GIC Re’s earned premium for 2022-23 also grew significantly by 19 per cent increasing from Rs 1,290.15 Crore to Rs1,533.43 crore.
GIC Re currently provides support to 22 Indian life insurance companies through both Treaty & Facultative reinsurance program and Re continues to support life insurance companies on Financial Inclusion schemes such as Microfinance.
GIC Re also provides support to IRDAI mandated Saral Jeevan Bima product which is a standard term life insurance plan offering basic protection to people
who are self-employed or belonging to a lower income category
GIC Re, the trading name of General Insurance Corporation, continued to maintain its leadership in the domestic market which contributed 69 per cent of the premium income for FY 23, said Devesh Srivastava, CMD, GIC RE.
GIC Re will be endeavouring to consolidate its domestic presence, expand its share of business in the international market and will continue to position itself to cash in on the demand for enhanced reinsurance requirement arising especially in the developed markets, said Srivastava who will be retiring this month end.
`The company is fully prepared and energised to support the Indian and world insurance industry and will continue to focus on achieving underwriting surpluses in future. Profitable diversified growth will be our focus in the coming years,” he said.
The corporation, which has mobilised over Rs 36,500 crore of premium in Fy 23 through its global operations, has diversified its business geographically to grow its underwriting business and profitability as well as to maintain a balanced portfolio of risks.
GIC Re’s underwriting loss is reduced for fy 23 to Rs 2,341.37 crore as against Rs 4,266.11 crore in the previous year and the company reported a net profit Rs 6,312.49 crore for FY 23 as against net profit of Rs 2,005.74 crore during the previous year.
It has developed its overseas business through its home office in Mumbai, branch offices in London, Dubai and Kuala Lumpur, subsidiary in the United Kingdom that is a member of Lloyd’s of London, a subsidiary each in South Africa and Russia. GIC Re also has its own Syndicate at Lloyd’s, GIC Re 1947.