General Insurance Corporation of India
About
General Insurance Corporation of India (GIC Re), established in 1972 by the Government of India, is the country’s national reinsurer with a global presence and a net worth of USD 9.75 billion. GIC Re provides reinsurance support to life and non-life insurers, leading programs across Africa, SAARC, the Middle East, and South Asia.Designated as a Domestic Systemically Important Insurer (D-SII) by IRDAI, GIC Re has diversified its risk portfolio through branches in London, Kuala Lumpur, and Gandhinagar (GIFT City), along with subsidiaries in South Africa, Russia, and the UK. It operates GIC Re Syndicate 1947 at Lloyd’s of London and has a joint venture with Bhutan - GIC Bhutan Re Ltd.Listed on Indian stock exchanges since 2017, GIC Re remains majority-owned by the Government of India and is ranked among the top 10 global reinsurers by A.M. Best.
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Financial Data 2024
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Financial Data
| PARAMETERS | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (INR Cr) | 46557 -2.5% | 47750 -3.7% | 49585 2.0% | 48594 -6.7% | 52098 15.6% | 45073 3.5% | 43549 38.9% | 31349 57.7% | 19883 10.3% | 18031 3.4% | 17438 6.8% | 16334 16.7% | 13998 17.5% | 11916 14.4% | 10413 5.3% | 9885 - |
| Net Operating Income (INR Cr) | 45375 -2.71% | 46638 -4.76% | 48967 0.79% | 48583 -3.50% | 50345 12.06% | 44928 17.62% | 38198 42.66% | 26776 74.57% | 15338 12.82% | 13595 -0.16% | 13616 0.00% | 13251 17.10% | 11316 18.56% | 9544 18.17% | 8076 3.46% | 7806 7.98% |
| Profit (INR Cr) | 6686 -3.2% | 6907 189.5% | 2386 19.8% | 1992 - | -186 - | 2758 -12.3% | 3146 -14.3% | 3672 30.1% | 2823 -2.3% | 2891 18.8% | 2433 6.3% | 2289 - | -2469 - | 1033 -41.8% | 1775 26.1% | 1407 - |
| Assets (INR Cr) | 85692 27.0% | 67470 12.4% | 60045 12.3% | 53479 37.8% | 38816 -30.6% | 55916 3.6% | 53989 7.5% | 50220 19.9% | 41875 -5.2% | 44172 29.2% | 34186 21.5% | 28139 13.6% | 24763 -13.5% | 28638 9.9% | 26055 88.0% | 13858 - |
| Net Worth (INR Cr) | 41935 16.5% | 35996 24.9% | 28827 -11.2% | 32463 35.6% | 23944 -6.1% | 25492 5.5% | 24155 19.7% | 20183 -51.8% | 41875 -5.2% | 44177 29.2% | 34186 0.0% | 28139 13.6% | 24763 -13.5% | 28638 9.9% | 26055 88.0% | 13858 -33.9% |
| Employee Cost (INR Cr) | 223 -7.0% | 240 7.0% | 224 44.2% | 156 -25.0% | 207 67.6% | 124 14.7% | 108 7.1% | 101 11.6% | 90 27.5% | 71 -8.6% | 77 61.1% | 48 -6.3% | 51 34.0% | 38 6.8% | 36 19.0% | 30 - |
| Interest Cost (INR Cr) | 1 | 1 | 0 | 0 | 0 | 0 | 12 | 7 | 2 | 33 | 138 | 170 | 3 | 1 | 1 | 1 |
| Cash & Bank Balance (INR Cr) | 24855 | 23702 | 21451 | 18589 | 16107 | 12933 | 14257 | 12231 | 9779 | 7749 | 8264 | 8234 | 6914 | 4670 | 2773 | 3133 |
| Total Debt (INR Cr) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Key Financial Ratios
| PARAMETERS | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Profit As % Of Revenues | 14.4% | 14.5% | 4.8% | 4.1% | - | 6.1% | 7.2% | 11.7% | 14.2% | 16.0% | 14.0% | 14.0% | - | 8.7% | 17.0% | 14.2% |
| Profit As % Of Assets | 7.8% | 10.2% | 4.0% | 3.7% | - | 4.9% | 5.8% | 7.3% | 6.7% | 6.5% | 7.1% | 8.1% | - | 3.6% | 6.8% | 10.2% |
| Profit As % Of Networth | 15.9% | 19.2% | 8.3% | 6.1% | - | 10.8% | 13.0% | 18.2% | 6.7% | 6.5% | 7.1% | 8.1% | - | 3.6% | 6.8% | 10.2% |
| Interest Cost to EBITDA % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Debt to Equity Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| RONW | 16.7% | 20.3% | 7.2% | 6.5% | - | 8.7% | 7.1% | 6.0% | 3.3% | 3.4% | 4.2% | 5.5% | - | 1.8% | 5.4% | 5.8% |
| ROCE | 12.1% | 14.5% | 7.1% | 6.7% | -0.8% | 5.7% | 3.1% | 4.5% | 3.4% | 2.7% | 3.9% | 5.5% | 0.0% | 1.7% | 2.5% | 7.5% |