{"id":2000,"date":"2018-09-11T15:00:36","date_gmt":"2018-09-11T15:00:36","guid":{"rendered":"http:\/\/financeintellect.com\/home-page\/home\/?p=2000"},"modified":"2018-09-11T15:00:36","modified_gmt":"2018-09-11T15:00:36","slug":"gic-re-enters-the-league-of-top-10-global-reinsurers","status":"publish","type":"post","link":"https:\/\/financeintellect.com\/home-page\/home\/gic-re-enters-the-league-of-top-10-global-reinsurers\/","title":{"rendered":"GIC Re enters the league of top 10 Global Reinsurers"},"content":{"rendered":"<p style=\"font-weight: 400\">GIC Re, a reinsurance company majority owned by Government of India secures 10<sup>th<\/sup>\u00a0position amongst the top 40 global reinsures, as published\u00a0by Standard &amp; Poor\u2019s. This is based on premium booked during Financial Year 2018.\u00a0 The company registered a top line growth of 24.5% during FY 2018 recording premium of Rs 41,799 crore and surpassed two global reinsurers to achieve 10<sup>th<\/sup>\u00a0position.<\/p>\n<p style=\"font-weight: 400\">GIC Re recently announced its financial performance for Q1 FY 19 and is growing at a healthy rate given its domestic market dominance and forecasted strong GDP growth for Indian economy taken with growing insurance penetration. Its growth in Gross Premium Income was 9.3 % at a premium of\u00a0\u20b918,791.45 crore for the quarter ended 30.06.2018 as compared to\u00a0\u20b9\u00a017,194.76 crore in the quarter ended 30.06.2017.\u00a0The company showed\u00a0 remarkable growth in Profit After Tax (PAT) for the quarter ended 30.06.2018 of INR\u00a0\u20b9\u00a0771.42 crore compared to\u00a0\u20b9\u00a0390.11 crore for the quarter ended 30.06.2017. Return on Equity (ROE)(unannualized), was 3.5% in the quarter ended\u00a030.06.2018 compared to 2.1% in the quarter ended 30.06.2017. Net Worth of the company increased by 21.6% to\u00a0\u20b9\u00a022,297.66 crore on 30.06.2018 from\u00a0\u20b9\u00a018,336.91 crore on 30.06.2017.<\/p>\n<p style=\"font-weight: 400\">Alice G. Vaidyan, Chairman-cum-Managing Director of GIC Re said \u201cI assumed the position of CMD with clear goals before me of the Corporation entering the league of top 10 global reinsurers and simultaneously setting the corporation on the path of sustainable underwriting profitability.\u00a0 This is of course apart from GIC Re setting up own syndicate in Lloyd\u2019s of London.\u201d Mrs Vaidyan further added:\u00a0 \u201cMetric of size alone cannot be a goal, any entity has to consistently and sustainably deliver enhanced value to all its stakeholders and we are firmly on the path of attaining our medium term goals.\u201d<\/p>\n<p style=\"font-weight: 400\">With government push towards improving insurance coverage and health scheme Aayushman Bharat on the anvil, GIC Re can be expected to benefit from emerging opportunities in health segment. GIC\u00a0benchmarks its performance against the best-in-class global players. With the competitive advantage that it enjoys and with a domestic market growth momentum, on the strength of its balance sheet size and customer servicing, it can be expected to further strengthen\u00a0its position globally.<\/p>\n<p style=\"font-weight: 400\">With Indian economy among emerging ones acting as a driver of global growth, GIC Re can be expected to further enhance its position globally.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>GIC Re, a reinsurance company majority owned by Government of India secures 10th\u00a0position amongst the top 40 global reinsures, as published\u00a0by Standard &amp; Poor\u2019s. This is based on premium booked during Financial Year 2018.\u00a0 The company registered a top line growth of 24.5% during FY 2018 recording premium of Rs 41,799 crore and surpassed two [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":2002,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31],"tags":[1517,1520,1518,1516,1519],"class_list":["post-2000","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-a-reinsurance-company","tag-aayushman-bharat","tag-domestic-market-dominance","tag-gic-re","tag-return-on-equity"],"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GIC Re enters the league of top 10 Global Reinsurers - 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