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Results
29-May-24
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Analysis
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General Insurance Corporation of India
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Net profit rises 3% in Q4FY2024
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General
Insurance Corporation of India (GIC Re) has posted 3% increase in the net
profit to Rs 2642.48 crore for the quarter ended March 2024 (Q4FY2024) from Rs 2563.84
crore in Q4FY2023.
Gross
Premium Income of the company jumped 18% with premium of 8723.65 crore for the
quarter ended March 2024 from Rs 7369.74 crore in the previous quarter ended March
2023.
The company has posted operating
profit of Rs 2517.91 crore in Q4FY2024 compared with operating profit of Rs 2641.50
crore in the corresponding quarter last year, driven by the operating profit for
all segments such as fire, marine, health, crop, motor and miscellaneous in Q4FY2024.
Investment Income declined 11% to Rs 1023.62
crore, while other income jumped to Rs 151.76 crore. The provisions were
written back amounting to Rs 86.13 crore in Q4FY2024. The company has posted 6%
rise in the PBT to Rs 3171.34 crore in Q4FY2024. The company has created tax
provisions of Rs 528.86 crore. Net profit rose 3% to Rs 2642.48 crore for Q4FY2024.
Solvency
Ratio improved to 3.25x end March 2024 as compared to 2.61x end March 2023.
Total Assets are Rs 178285.82
crore end March 2024 as compared to Rs 157124.60 crore end March 2023.
Net Worth of the company
(without fair value change account) recorded at Rs 37581.78 crore end March
2024 as against Rs 32356.08 crore end March 2023.
Net Worth of the company
(including fair value change account) recorded as Rs 81330.25crore end March 2024 as
against Rs 63749.61 crore end March 2023.
Net Worth of the company (including fair value change
account) recorded as Rs 77626.89 crore
end March 2024 as against Rs 63556.21 crore end March 2023.
Book
value
of the company including fair value change account (shareholders fund) stood at
Rs 296.4 per share and excluding fair value change account stood at Rs 220.5
per share end March 2024.
Financial
Performance FY2024
Gross Premium Income of
the company was Rs 37181.76
crore for FY2024 as compared to Rs 36591.59 crore for FY2023. Underwriting
Loss is Rs 4006.56
crore for FY2024 as compared to Rs 2341.37 crore for FY2023. Investment Income is Rs 11620.40
crore for FY2024 as compared to Rs 10594.00 crore for FY2023.
The company recorded
Profit before Tax of Rs 7877.93 crore for FY2024 as compared to Profit before Tax of Rs 7749.44
crore for FY2023. Profit after Tax for FY2024 recorded as Rs 6497.30
crore as compared to Profit After Tax of
Rs 6312.50 crore for FY2023.
Combined Ratio is 111.82
% for FY2024 as against 109.31 % for FY2023. Adjusted
Combined Ratio is 88.02 % for FY2024 as
against 86.96% for FY2023.
Consolidated
financials
Consolidated Gross
Premium Income of the company was Rs 37867.15 crore for FY2024 as
compared to Rs 37128.75 crore for FY2023. Investment
Income of the group was Rs 11670.21 crore for FY2024 as compared to Rs 10664.75
crore for FY2023. Consolidated Profit before Tax for FY2024 was Rs 7924.90 crore as compared to
Profit before Tax of Rs 8031.18 crore for FY2023.
Consolidated Profit
After Tax for year ended 31.03.2024 was Rs 6685.86 crore as compared to Profit
After Tax of Rs 6907.31 crore for FY2023. Incurred
claims Ratio is 92.07% for FY2024 as compared to 90.88% for FY2023. Group`s net
worth (without fair value change account) for FY2024 is Rs 40834.75 crore as
compared to Rs 35483.45 crore for FY2023
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Statement of Revenue
Accounts: General Insurance Corporation of India
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2403 (3)
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2303 (3)
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Var %
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2403 (12)
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2303 (12)
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Var %
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1. Premiums earned
(Net)
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7227.11
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7659.11
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-6
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33576.07
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35808.01
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-6
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2. Profit on sale of
Investments (Net)
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1947.86
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1749.09
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11
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8084.15
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7520.37
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7
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4. Others
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-18.20
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-149.61
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-88
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96.77
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596.40
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-
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Total (A)
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9156.77
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9258.59
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-1
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41756.99
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43924.78
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-5
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1. Claims Incurred
(Net)
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4981.91
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5646.12
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-12
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30980.41
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32739.38
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-5
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2. Commission
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1490.71
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823.93
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81
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6246.75
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5610.51
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11
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3. Operating Expenses
related to Insurance Business
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116.09
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138.35
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-16
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392.96
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404.44
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-3
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4. Premium Deficiency
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50.15
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8.69
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477
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59.27
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-8.54
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0
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Total Expenses (B)
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6638.86
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6617.09
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0
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37679.39
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38745.79
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-3
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Operating Profit/ Loss
C=(A -B)
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2517.91
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2641.50
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-5
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4077.60
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5178.99
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-21
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(a) Fire Insurance
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350.67
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1568.73
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-78
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2786.10
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1243.70
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124
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(b) Marine Insurance
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740.88
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94.81
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681
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-1647.14
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424.04
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-488
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(c) Health
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76.12
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286.90
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-73
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-45.75
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636.88
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-107
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(d) Crop
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169.18
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-63.69
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-366
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629.88
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643.70
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-2
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(e) Motor
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773.91
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224.71
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244
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1054.25
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806.38
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31
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(c) Miscellaneous
Insurance
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407.18
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530.06
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-23
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1300.24
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1424.30
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-9
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APPROPRIATIONS
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Transfer to
Shareholders` Account
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1930.41
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2128.96
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-9
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3490.09
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4666.44
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-25
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Transfer to Other
Reserves
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587.5
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512.55
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587.5
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512.55
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0
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Statement of Profit
& Loss Account: General Insurance Corporation of India
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2403 (3)
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2303 (3)
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Var %
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2403 (12)
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2303 (12)
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Var %
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1. Transfers from
policyholders fund
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1930.41
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2128.96
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-9
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3490.09
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4666.44
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-25
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2. Income from
investments
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1023.62
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1148.12
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-11
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3536.26
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3073.62
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15
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3. Other income
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151.76
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-61.51
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-347
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1074.85
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428.49
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151
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Total (A)
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3105.80
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3215.57
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-3
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8101.20
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8168.55
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-1
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4. Provisions (Other
than taxation)
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-86.13
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208.94
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-141
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142.68
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410.23
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-65
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5. Other expenses
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20.59
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2.37
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769
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80.59
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8.90
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806
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Total (B)
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-65.54
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211.31
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-131
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223.27
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419.13
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-47
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Profit before tax
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3171.34
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3004.26
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6
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7877.93
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7749.42
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2
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Provision for
taxation:
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528.86
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440.42
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20
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1380.62
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1436.94
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-4
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Profit after tax
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2642.48
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2563.84
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3
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6497.30
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6312.49
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3
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EPS (Rs) *
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60.2
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58.5
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37.0
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36.0
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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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