GIC Re shares climb nearly 4% after earnings announcement

Shares of General Insurance Corporation of India on Wednesday jumped nearly 4 per cent after the company reported a consolidated net profit of Rs 1,991.59 crore for the financial year 2020-21.

The stock gained 3.57 percent to Rs 211.50 on the BSE.

At the NSE, it jumped 3.52 percent to Rs 211.50.

The state-owned reinsurer had posted a loss of Rs 186.46 crore in 2019-20.

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On a standalone basis, it posted a profit after tax of Rs 1,920.44 crore for FY21, as against a loss of Rs 359.10 crore a year ago, according to a company statement on Tuesday.

It said that despite the handsome performance in FY21, the pandemic has created "significant uncertainties" on the growth front.

The gross premium collected in FY 2020-21 went down to Rs 47,014 crore, from Rs 51,030 crore in the previous financial year, while the net premium was also down.