India’s only reinsurer – the General Insurance Corporation of India (GIC)- is all set to start operations in China. A branch office will be opened within next 2-3 months, said the newly appointed chairperson Alice Vaidyan.
GIC Re aims to be amongst 10 biggest reinsurers on the globally, its current rank is 14. Vaidyan also said that GIC dropped its plan to acquire a UK-based company and plans to open set up a Protection and Indemnity (P&I) club in association with state-owned insurance companies.
The Indian reinsurer 22.75 percent in 2014-15, earning a profit-after-tax of Rs 2,693 crores. During 2014-15, GIC wrote a gross global premium of Rs 15,183 crores compared to Rs 14,680 crore in fiscal 2013-14 registering a growth of 3.4 percent.
Total Investments as on 31st March 2015 stood at Rs 27,972 crore while in the previous year, it was Rs 25,580 crore. The income from investments during the year was Rs 4253 crore. The business mix stood at 57-43 per cent respectively for domestic and overseas business. Our long term plan is to bring it to 50-50 in the years ahead. The corporation’s assets rose to Rs 78,093 crore during 2014-15. The net worth of the reinsurer at the end of 2014-15 stood at Rs 41148.46 crore including fair value change account.
