General Insurance Corporation of India (GIC)
General Insurance Corporation of India (GIC) was formed in pursuance of Section 9(1) of GIBNA. It was incorporated on 22 November 1972 under the Companies Act, 1956 as a private company limited by shares. It was formed for the purpose of superintending, controlling, and carrying on the business of general insurance. GIC of India (GIC Re) is the sole reinsurance company in the Indian insurance market with over four decades of experience. It has its registered office and headquarters in Mumbai.
As a sole reinsurer in the domestic reinsurance market, GIC Re provides reinsurance to the direct general insurance companies in the Indian market. Being a world-class Reinsurer, GIC Re has its permanent offices in UK, Malaysia, Russia and U.A.E. and is continuously persevering to enter new frontiers. It was ranked 11th Among the top 40 global reinsurance groups by S&P Ranking. GIC Re also Ranked 156th place in The Forbes List of World’s Best 250 Companies Based on a Survey of 15000 people from 60 Countries conducted by Forbes and Statista.
As a responsible corporate citizen, GIC Re has contributed an amount of Rs 28.17 Crore to PM CARES Fund for Covid Relief Work. Company has spent Rs 77.73 Crore in CSR Activities. Company contributed to the health initiatives, rural infrastructure, education for girls and poor, welfare of War-Widows, upskilling of students and providing education in tribal region.
Their shareholding pattern include Promoters (Government) having 85.78% shares, FII’s having 0.55% shares, DII’s having 11.57% shares and Public having 2.10% shares.
For the year ended 31-03-2021, the company has reported a Consolidated Total Income of Rs ₹ 10,867.76Crore, down 15.13% from last quarter total income of Rs 12,805.01 crore. And up 0.56% from last year’s same quarter total income of Rs ₹ 10,807.29 Crore. Company has reported net profit after tax of Rs 1328.87 Crore in their latest Quarter Earnings Report. The Board of Directors of the Corporation have not recommended payment of Dividend for the FY 2020-21.
The result of GIC is competent.
