General Insurance Corporation of India jumps 3% post solid Q4 results
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The board of the company approved a dividend of Rs 7.20 per equity share (subject to deduction of TDS) on the Face Value of Rs. 5 each (i.e. 144 percent of paid-up equity share capital), for the financial year 2022-23, subject to the approval of the shareholders at the ensuing 51 st AGM.
Shares of General Insurance Corporation of India (GIC) jumped 3 percent in early trade on Friday, May 26, after posting solid Q4 numbers. At 9:45 am, the general insurance corporation of India stock was trading 2.11 percent higher at Rs 181.30 on NSE.
GIC announced financial performance for the year ended 31st March 2023 at the board meeting of the company held in Mumbai on May 25, 2023. Profit After Tax (PAT) for the year ended 31.03.2023 was recorded at Rs 6312.50 crore as compared to a PAT of Rs 2,005.74 crore for the year ended 31.03.2022 as per the filing with NSE.
The financials
Gross premium income of the company was Rs 36,591.59 crore for the year ended 31.03.2023 as compared to Rs 43,208.46 crore for the year ended 31.03.2022. Whereas, the underwriting loss of the company reduced to Rs 2,341.37 crore for the year ended 31.03.2023 as compared to Rs 4,266.11 crore for the year ended 31.03.2022.
Investment income is reported to be at Rs 10,594.00 crore for the year ended 31.03.2023 as compared to Rs 9562.29 crore for the year ended 31 .03.2022. The company recorded Profit Before Tax of Rs 7749.44 crore for the year ended 31.03.2023 as compared to Profit Before Tax of Rs 3,560.14 crore for the year ended 31.03.2022.
Whereas, the company’s profit after tax for the year ended 31.03.2023 was at Rs 6312.50 crore, compared to Rs 2,005.74 crore for the year ended 31.03.2022. The net worth of the company (including fair value change account) was Rs 61,700.11 crore on 31.03.2023, as against Rs 55,657.73 crore as on 31.03.2022.
The board of the company also approved a dividend of Rs 7.20 per equity share (subject to deduction of TDS) on the Face Value of Rs. 5 each (i.e. 144 percent of paid-up equity share capital), for the financial year 2022-23, subject to the approval of the shareholders at the ensuing 51 st Annual General Meeting (AGM). The dividend would be paid within 30 days from the date of its declaration at the AGM according to the filing.
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