General Insurance Corporation (GIC) of India announced a 16% increase in its net profit for the September 2024 quarter, reaching Rs 1,861 crore compared to Rs 1,605 crore in the same period last year.
Despite the rise in profit, GIC Re reported a decline in gross premiums, which stood at Rs 8,413 crore for the quarter, down from Rs 10,762 crore in the previous fiscal’s comparable period. The corporation attributed this premium dip to selective underwriting and market conditions impacting the reinsurance sector.
