GIC Re’s scrip flares up to touch 52-week high of Rs 467

Chennai, Feb 8

The national reinsurer General Insurance Corporation of India’s (GIC Re) scrip flared up to reach a 52 week high of Rs 467 on Thursday and came down later.

The scrip opened at Rs 392.30 and shot up to Rs 467. The scrip then came down to change hands for about Rs 454.

On Wednesday, the GIC Re scrip closed at Rs 404.25. The company on the back of a healthy investment income had closed the third quarter of FY24 with an after tax profit of Rs 1,517.95 crore up from Rs 1,199.01 crore logged during the previous year corresponding quarter.

The company’s net investment income stood at Rs 3,093.01 crore up from Rs 2,600.03 crore earned during the third quarter of the previous fiscal. On the other hand, GIC RE had logged a lower premium income of Rs 8,778.26 crore for Q3FY24 down from Rs 10,099.40 crore and a lower claims outgo of Rs 7,998.07 crore (Q3FY23 Rs 8,381 crore). During the quarter under review, GIC Re’s management expenses came down to Rs 103.27 crore (Rs149.79 crore).