Uncategorised

GENERAL INSURANCE CORPORATION OF INDIA
Registration No. 112
Date of Registration with IRDAI : 2nd April, 2001
CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2017
	Particulars	Schedule	Current Year	Previous Year
			(` '000)	(` '000)
1.	Operating Profit/-Loss
	(a) Fire Insurance		6,876,758	7,490,694
	(b) Marine Insurance		3,854,397	4,582,460
	(c) Miscellaneous Insurance		16,360,994	3,800,651
	(d) Life Insurance		(1,094,710)	702,801
2.	Income from Investments
	(a) Interest, Dividend & Rent - Gross		9,545,328	8,317,204
	(b) Profit on sale of Investments		5,784,575	5,087,417
	Less: Loss of sale of Investment		-	-
3.	Other Income:
	Forex Gain/( Loss)		11	777,981
	Profit on sale of Assets (Net)		-	-
	Sundry Balances Written Back (Net)		-	-
	Interest on Income-tax Refund		166,816	-
	(Provision) / Doubtful Debts written back		-	1,573,298
	Miscellaneous Receipts		14,381	23,340
	Total (A)		41,508,550	32,355,846
4.	Provision for Doubtful Loans & Investment		293,993	420,091
5	(Provision) for Doubtful Debts written back		2,305,578	-
6	Amortisation of premium on Investments		185,152	185,605
7	Diminution in the value of investments written off		556,439	1,359,916
8	Other Expenses :
	Expenses relating to Investments		17,318	13,752
	Loss on Exchange			229,905	-
	(Profit)/Loss on sale of Assets (Net)		2,223	223
	Sundry Balances Written off (Net)		-	-
	Interest & Others		56,293	7,519
	Corporate Social Responsibility Expenses		160,272	490,936
	Total (B)		3,807,173	2,478,042
	Profit Before Tax		37,701,377	29,877,804
	Provision for Taxation :
	Current Tax		6,620,000	5,123,792
	Wealth Tax		-	-
	MAT Credit		(1,442,537)	(1,884,959)
	Deferred Tax		(109,196)	150,425
	Provision for Tax in respect of earlier years		(224,937)	(101,341)
	MAT Credit of earlier year		119,319	(2,205,632)
	Profit After Tax		32,738,728	28,795,519
	Share of Profit in Asoociates Companies		3,977,124	1,373,349
	Profit for the year		36,715,852	30,168,868
	Appropriations
	(a) Balance brought forward from last year		12,179,002	10,493,923
	(b) Interim dividend		-	-
	(c) Proposed Final dividend		-	8,600,000
	(d) Dividend distribution tax		-	1,750,788
	(e) Transfer to General Reserve		-	18,133,000
	Balance carried forward to Balance Sheet		48,894,858	12,179,002
	Basic and Diluted EPS		8.54	7.02

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GIC Re South Africa Ltd, wholly owned subsidiary of GIC Re India, Johannesburg South Africa

Rated BB plus global and zaAAA national by S and P

GIC Re South Africa Ltd is a 100% owned subsidiary of General Insurance Corporation of India (GIC Re) which is owned by the Government of India. GIC Re South Africa was established by acquiring South African composite reinsurer Saxum Re in 2014 to cater to Reinsurance needs of Africa continent, especially South Africa. The core business philosophy of GIC Re SA includes reinsurance capacity development in Africa, application of the state of art technology, mutually beneficial relationships, benchmarking reinsurance and service delivery mechanism and a professional attitude.

The company is rated BB+ (Global) and zaAAA (National) by S&P. GIC Re South Africa Ltd is backed by an unconditional and irrevocable parental guarantee from its parent, GIC Re India.

The company underwrites business from the entire African continent. Today, GIC Re South Africa is a major reinsurance player in South African market and continues to grow in the region.

Board of Directors

Director 1	Director 2
Mr. N. Ramaswamy Non-Executive Director	Mr. V. Balakrishna Non-Executive Director
Mr. Jetho Jhamnani Executive Director	Mr. Jonathan Bagg Independent Non-Executive Director, Chairman
Mr. Sanjay Bhikha Independent Non-Executive Director	Ms. Nazley Sallie Independent Non-Executive Director
Ms. Fundiswa Roji Independent Non-Executive Director	-

Management Team

Name	Position
Mr. Shyjulal K. Palat	Chief Finance Officer
Mr. Jetho Jhamnani	Managing Director & CEO
Mr. Varun Bhardwaj	Chief Operating Officer
Mr. Rahul Goel	Chief Technology Officer & Manager HR
Ms. Niharika Suthar	Chief Risk Officer & Manager Admin
Mr. Dipan Panja	Chief Underwriting Officer
Mr. Wilson Mwase	Company Secretary & Compliance Officer
Ms. Angeline Chinyamunzore	Chief Technical Accounts Officer

Classes of Business and Capacities

Class of Business	Treaty Prop		Treaty Non-Prop (SI Basis)	Facultative
Class of Business	PML Basis	SI Basis	Treaty Non-Prop (SI Basis)	PML Basis	SI Basis
Property (Fire & Engineering)	USD 8 M	USD 20 M	USD 50 M	USD 8 M	USD 50 M (Max. line of 50%)
Miscellaneous (Health & PA)	USD 4 M	USD 10 M	USD 20 M	USD 12.5 M	USD 25 M
SI Basis
Motor	USD 10 M		USD 10 M	USD 5 M
Marine	No data available
Cargo	USD 5 M		USD 5 M	USD 5 M
Hull	USD 4 M		USD 4 M	USD 4 M
Energy	USD 2.5 M		USD 2.5 M	USD 10 M
Liability (On Limit of Liability Basis)	USD 3 M		USD 4 M	USD 5 M
Agriculture	USD 15 M		USD 15 M	USD 15 M
PVT (Political Violence and Terrorism)	USD 3 M		USD 6 M	USD 7.5 M
Aviation	No data available
Airline (Hull)	USD 2 M		USD 2 M	USD 7.5 M
Airline (Liability)	USD 2 M		USD 2 M	USD 75 M
General Aviation (Hull)	USD 2 M		USD 2 M	USD 5 M
General Aviation (Liability)	USD 2 M		USD 2 M	USD 50 M

Contact GIC Re SA

GIC Re South Africa Ltd
Riviera Rd Office Park,
First Floor - Block C,
6-9 Riviera Road,Houghton,
Johannesburg 2193
Telephone: +27 (0) 11 877 0760
Email: info[at]gicresa[dot]co[dot]za