General Insurance Corporation (GIC Re) of India Thursday suffered a 19.7 per cent fall in standalone net profit at Rs 603.37 crore in the last quarter of the fiscal ended March 2019.
The insurer had reported a net profit of Rs 751.60 crore in January-March quarter of 2017-18.
Gross premium collection during March quarter was at Rs 8,089.35 crore as against Rs 8,525.02 crore in the year-ago period.
The company’s profit after tax (net profit) for the year ended March 31, 2019 fell 31.2 pc to Rs 2,224.30 crore from Rs 3,233.58 crore in the previous year, mainly due to increase in tax provisions on account of change in law, it said in a regulatory filing.
Gross premium during the year went up to Rs 44,238 crore from Rs 41,799.37 crore a year ago.
Investment income for the fiscal increased 18.7 per cent to Rs 6,401.34 crore from Rs 5,392.03 crore in 2017-18.
However, commissions reduced to 15.7 per cent on net premium from 16.9 per cent in 2017-18.
The board has recommended a dividend of Rs 6.75 per equity share for the financial year 2018-19, subject to approval of the members at the ensuing 47th annual general meeting.
GIC Re’s consolidated net profit for 2018-19 was at Rs 2,757.57 crore as compared with Rs 3,145.54 crore in the previous year.
Consolidated gross premium went up 7.9 per cent to Rs 45,611.32 crore from Rs 42,271.41 crore in 2017-18.
GIC Re South Africa, GIC Re Corporate Member, London are the subsidiaries of GIC Re Group, while GIC Re Bhutan, India International Insurance Pte Ltd, Singapore and Agriculture Insurance Corporation of India are the three associate companies.
Shares of the company Thursday closed flat at Rs 226.40 on the BSE.
