Mumbai: The government-owned General Insurance Corporation (GIC) said on Thursday that its gross premium income grew by 6 percent to Rs 44,238 crore for the current year ended March 2019 from Rs 41,799 crore in the previous year.
The investment income increased by 18.7 percent to Rs 6,401 crore as compared to Rs 5,392 crore while incurred claims ratio improved to 89.5 percent as compared to 91.8 percent for the nine months ending December 2018.
Profit after tax (PTA) was Rs 2,224 crore compared to Rs 3,234 crore, mainly due to an increase in tax provision on account of change in the law.
Commissions during the year 2018-19 reduced to 15.7 percent on net premium from 16.9 percent in the previous year 2017-18.
Combined ratio improved to 105.9 percent for the year 2018-19 from 107.6 percent for the nine months ended December 2018.
Adjusted combined ratio (after considering the policyholders’ investment income) works out to 94 percent for FY 19. Net worth of the company without fair value change account increased by 3.75 percent to Rs 22,334 crore from Rs 21,526 crore in FY 18.
Total assets increased by 8.4 percent from Rs 1.09 lakh crore to Rs 1.18 lakh crore in FY 19, GIC said in a statement.