GIC Re's standalone net loss widens to Rs 771 crore in June quarter

GIC Re on Friday reported widening of its standalone net loss to Rs 771.73 crore for the June 2021 quarter on the back of huge underwriting losses. The insurer had posted a net loss of Rs 557.47 crore in the year-ago quarter ended on June 30, 2020.

Its gross premium during April-June 2021 stood at Rs 14,289.92 crore, down from Rs 15,881.55 crore in the year-ago period, GIC Re said in a statement. Underwriting loss is Rs 2,811.17 crore for the quarter ended June 30, 2021, compared with Rs 1,771.38 crore for the quarter ended June 2020, it said.

On a consolidated basis, there was a net loss of Rs 1,039.69 crore during the reported quarter, against Rs 497.07 crore loss a year ago. The gross premium income stood at Rs 14,426.66 crore, against Rs 15,982.75 crore a year ago.