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Results
08-Feb-24
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Analysis
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General Insurance Corporation of India
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Net profit jumps 27% in Q3FY2024
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General
Insurance Corporation of India (GIC Re) has posted 27% increase in the net
profit to Rs 1517.96 crore for the quarter ended December 2023 (Q3FY2024) from
Rs 1859.93 crore in Q3FY2023.
Gross
Premium Income of the company declined 13% with premium of 8778.26 crore for
the quarter ended December 2023 from Rs 10099.40 crore in the previous quarter
ended December 2022.
The company has posted operating
profit of Rs 609.06 crore in Q3FY2024 up 83% from operating profit of Rs 332.36
crore in the corresponding quarter last year, driven by rebound in the operating
profit of fire segment and jump in the operating profit of motor segment.
However, the operating profit for crop and miscellaneous segment declined,
while the marine and health segment reported operating loss in Q3FY2024.
Investment Income increased 28% to Rs 936.37
crore, while other income jumped 54% to Rs 419.17 crore. The provisions declined
43% to Rs 20.80 crore in Q3FY2024. The company has posted 49% jump in the PBT to
Rs 1923.82 crore in Q3FY2024. The company has created tax provisions of Rs 405.86
crore. Net profit jumped 27% to Rs 1517.96 crore for Q3FY2024.
Solvency
Ratio is 2.94 end December 2023 as compared to 2.38 end December 2022.
Total Assets are Rs 174882.51 crore end December 2023 as
compared to Rs 158526.70 crore end December 2022.
Net
Worth of the company (without fair value change account) recorded at Rs 35031.89
crore end December 2023 as against Rs 29761.80
crore end December 2022.
Net Worth of the company (including fair value change
account) recorded as Rs 77626.89 crore end December 2023 as against Rs 63556.21 crore
end December 2022.
Book
value
of the company including fair value change account (shareholders fund) stood at
Rs 264.2 per share and excluding fair value change account stood at Rs 202.6 per
share end December 2023.
Financial
Performance 9MFY2024
Gross Premium Income of the company was Rs 28458.11 crore
for 9MFY2024 as compared to Rs 29221.85 crore for 9MFY2023. Underwriting Loss is
Rs 4576.63 crore for 9MFY2024 as compared to Rs 3233.80 crore for 9MFY2023.
Investment Income is Rs 8648.92 crore for Nine months
ended 31.12.2023 as compared to Rs 7696.79 crore for 9MFY2023. The company
recorded Profit Before Tax of Rs 4706.58 crore for 9MFY2024 as compared to Profit
Before Tax of Rs 4745.17 crore for 9MFY2023. Profit After Tax for 9MFY2024 recorded
as Rs 3854.82 crore as compared to Profit After Tax of Rs 3748.66 crore for 9MFY2023.
Combined Ratio is 117.99% for 9MFY2024 as against 114.68%
for 9MFY2023. Adjusted Combined Ratio is 94.43% for 9MFY2024 as against 93.63%
for 9MFY2023.
Consolidated
financials
Consolidated Gross Premium Income of the company was Rs 28976.72
crore for 9MFY2024 as compared to Rs 29546.50 crore for 9MFY2023. Investment
Income of the group was Rs 8689.98 crore for 9MFY2024 as compared to Rs 7732.84
crore for 9MFY2023.
Consolidated Profit Before Tax for 9MFY2024 was Rs 4829.17
crore as compared to Profit Before Tax of Rs 5006.17 crore for 9MFY2023. Consolidated
Profit After Tax for 9MFY2024 was Rs 4105.46 crore as compared to Profit After
Tax of Rs 4178.13 crore for 9MFY2023.
Incurred claims Ratio is 98.15% for 9MFY2024 as compared to
95.59% for 9MFY2023
Group`s net worth (without fair value change account) for9MFY2024
is Rs 37811.16 crore as compared to Rs 32765.78 crore for9MFY2023.
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Statement of Revenue
Accounts: General Insurance Corporation of India
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2312 (3)
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2212 (3)
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Var %
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2312 (9)
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2212 (9)
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Var %
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2303 (12)
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2203 (12)
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Var %
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1. Premiums earned
(Net)
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7758.28
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8648.76
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-10
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26348.95
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28148.90
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-6
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35808.01
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39293.40
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-9
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2. Profit on sale of
Investments (Net)
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2156.65
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1870.11
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15
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6136.29
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5771.28
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6
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7520.37
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7362.75
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2
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4. Others
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58.29
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43.08
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35
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114.97
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746.01
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-85
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596.40
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401.41
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-
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Total (A)
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9973.22
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10561.95
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-6
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32600.21
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34666.19
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-6
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43924.78
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47057.56
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-7
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1. Claims Incurred
(Net)
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7998.07
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8381.00
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-5
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25998.51
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27093.26
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-4
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32739.38
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36625.84
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-11
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2. Commission
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1261.42
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1705.63
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-26
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4756.05
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4786.59
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-1
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5610.51
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6950.82
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-19
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3. Operating Expenses
related to Insurance Business
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103.27
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140.79
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-27
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276.88
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266.10
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4
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404.44
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371.27
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9
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4. Premium Deficiency
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1.40
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2.17
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-35
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9.12
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-17.23
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-
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-8.54
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12.98
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0
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Total Expenses (B)
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9364.16
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10229.59
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-8
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31040.56
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32128.72
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-3
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38745.79
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43960.91
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-12
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Operating Profit/ Loss
C=(A -B)
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609.06
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332.36
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83
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1559.65
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2537.47
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-39
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5178.99
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3096.65
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67
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(a) Fire Insurance
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1187.74
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-672.33
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LP
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2435.44
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-325.03
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LP
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1243.70
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1416.69
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-12
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(b) Marine Insurance
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-891.19
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-37.27
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-
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-2388.03
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329.22
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PL
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424.04
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70.92
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498
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(c) Health
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-110.44
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254.51
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PL
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-121.87
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349.98
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PL
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636.88
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-101.92
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LP
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(d) Crop
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124.78
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275.92
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-55
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460.71
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707.39
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-35
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643.70
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663.15
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-3
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(e) Motor
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165.70
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131.08
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26
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280.35
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581.67
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-52
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806.38
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1241.82
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-35
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(c) Miscellaneous
Insurance
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132.46
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380.47
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-65
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893.08
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894.25
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0
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1424.30
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-194.00
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LP
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APPROPRIATIONS
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Transfer to
Shareholders` Account
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609.06
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332.36
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83
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1559.67
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2537.47
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-39
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4666.44
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3096.65
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51
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Transfer to Other
Reserves
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0
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0
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0
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0
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512.55
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0
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0
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Statement of Profit
& Loss Account: General Insurance Corporation of India
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2312 (3)
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2212 (3)
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Var %
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2312 (9)
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2212 (9)
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Var %
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2303 (12)
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2203 (12)
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Var %
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1. Transfers from
policyholders fund
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609.06
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332.36
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83
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1559.67
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2537.47
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-39
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4666.44
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3096.65
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51
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2. Income from
investments
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936.37
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729.92
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28
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2512.63
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1925.50
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30
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3073.62
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2199.53
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40
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3. Other income
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419.17
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271.46
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54
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923.09
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490.00
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88
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428.49
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121.28
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253
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Total (A)
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1964.61
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1333.74
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47
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4995.39
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4952.97
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1
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8168.55
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5417.46
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51
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4. Provisions (Other
than taxation)
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20.80
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36.39
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-43
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228.79
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201.29
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14
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410.23
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1826.45
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-78
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5. Other expenses
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19.98
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2.27
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780
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60.00
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6.53
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819
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8.90
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30.87
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-71
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Total (B)
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40.78
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38.66
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5
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288.81
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207.82
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39
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419.13
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1857.32
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-77
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Profit before tax
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1923.82
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1295.08
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49
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4706.58
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4745.15
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-1
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7749.42
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3560.14
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118
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Provision for
taxation:
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405.86
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96.09
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322
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851.76
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996.52
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-15
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1436.94
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1554.40
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-8
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Profit after tax
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1517.96
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1198.99
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27
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3854.82
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3748.63
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3
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6312.49
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2005.74
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215
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EPS (Rs) *
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34.6
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27.3
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29.3
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28.5
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36.0
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11.4
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* on current equity of
Rs 877.2 crore of face value of Rs 5 each, Figures in crore, Source:
Capitaline Corporate Database
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