GIC Re’s profit surges more than 450%

Reinsurer General Insurance Corp. of India’s net profit grew 460% to more than 14 billion Indian rupees ($214.7 million) in the quarter ended Sep. 30, compared with more than INR 2.5 billion in the quarter ended Sep. 30, 2016, The Times of India reported citing the Press Trust of India. “The profit for the period includes prior income of more than INR 1.7 billion on account of retro income of marine insurance business,” GIC Re said. Total income grew 45% to more than INR 10.7 billion, compared with more than INR 7.4 billion in the previous year.
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