GIC Re Sees 69% Profit Surge in Q1 2025

GIC Re, the state-owned reinsurance company, has announced a significant 69% increase in its net profit, reaching Rs 1,752 crore for the first quarter ending June 30, 2025. This marks a substantial rise from the Rs 1,036 crore recorded in the same period last year.

The company reported that its total income climbed to Rs 13,352 crore for the quarter, up from Rs 11,964 crore in the previous year. However, GIC Re experienced a slight decline in gross premium collection, attributed to changes in accounting standards by IRDAI regarding long-term policies.

Despite these challenges, GIC Re narrowed its underwriting loss and improved its solvency ratio to 3.85. The company's total assets increased to Rs 1,97,540 crore, with net worth also rising by 4.17% from the previous year, solidifying its position as India's largest reinsurer.

(With inputs from agencies.)