REV

REV - Consolidated Financial Statement 2020-21

GENERAL INSURANCE CORPORATION OF INDIA
Registration No. 112
Date of Registration with IRDAI : 2nd April 2001
CONSOLIDATED REVENUE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021
IN RESPECT OF FIRE INSURANCE BUSINESS
	Particulars	Schedule	Current Year	Previous Year
			(` '000)	(` '000)
1.	Premiums earned (Net)	1	112229 529	91442 065
2.	Profit on sale of Investments (Net)		9537 407	6021 292
3.	Forex Gain/( Loss)		(669 233)	1148 013
4.	Interest, Dividend & Rent - Gross		10645 166	8328 826
	Total (A)		131742 869	106940 196
1.	Claims Incurred (Net)	2	95932 836	81980 918
2.	Commission (Net)	3	30443 843	29515 080
3.	Operating Expenses related to Insurance Business	4	1059 268	1025 106
4.	Expenses relating to Investments		0	0
5.	Premium Deficiency		0	0
	Total (B)		127435 947	112521 104
	Operating Profit /- Loss from Fire Business C = (A-B)		4306 922	(5580 908)
	APPROPRIATIONS
	Transfer to Shareholders’ Account		4306 922	(5580 908)
	Transfer to Catastrophe Reserve		0	0
	Transfer to Other Reserves (to be specified)		0	0
	Total (C)		4306 922	(5580 908)
As required by Section 40C (2) of the Insurance Act, 1938, we certify that, all expenses of management, wherever incurred, whether directly or indirectly, in respect of Fire Insurance Business have been fully debited in the Fire Insurance Revenue Accounts as expenses.

IN RESPECT OF MISCELLANEOUS INSURANCE BUSINESS
	Particulars	Schedule	Current Year	Previous Year
			(` '000)	(` '000)
1.	Premiums earned (Net)	1	256333 556	328050 493
2.	Profit on sale of Investments (Net)		20285 836	16034 397
3.	Forex Gain/( Loss)		(1404 534)	2894 326
4.	Interest, Dividend & Rent - Gross		22657 812	22051 305
	Total (A)		297872 670	369030 521
1.	Claims Incurred (Net)	2	238582 745	330065 259
2.	Commission (Net)	3	45243 196	42733 874
3.	Operating Expenses related to Insurance Business	4	1812 347	2709 572
4.	Expenses relating to Investments		0	0
5.	Premium Deficiency		0	0
	Total (B)		2709 572	375508 705
	Operating Profit/-Loss from Miscellaneous Business C = (A-B)		12234 382	(6478 184)
	APPROPRIATIONS
	Transfer to Shareholders’ Account		12234 382	(6478 184)
	Transfer to Catastrophe Reserve		0	0
	Transfer to Other Reserves (to be specified)		0	0
	Total (C)		12234 382	(6478 184)
As required by Section 40C (2) of the Insurance Act, 1938, we certify that, all expenses of management, wherever incurred, whether directly or indirectly, in respect of Miscellaneous Insurance Business have been fully debited in the Miscellaneous Insurance Revenue Accounts as expenses.

IN RESPECT OF MARINE INSURANCE BUSINESS
	Particulars	Schedule	Current Year	Previous Year
			(` '000)	(` '000)
1.	Premiums earned (Net)	1	19638 796	16100 051
2.	Profit on sale of Investments (Net)		1890 034	1087 101
3.	Forex Gain/( Loss)		(134 394)	200 373
4.	Interest, Dividend & Rent - Gross		2110 997	1498 370
	Total (A)		23505 433	18885 895
1.	Claims Incurred (Net)	2	21407 779	11515 666
2.	Commission (Net)	3	4383 256	3271 377
3.	Operating Expenses related to Insurance Business	4	130 982	123 818
4.	Expenses relating to Investments		0	0
5.	Premium Deficiency		0	0
	Total (B)		25922 018	14910 861
	Operating Profit/-Loss from Marine Business C = (A-B)		14910 861	3975 034
	APPROPRIATIONS
	Transfer to Shareholders’ Account		(2416 585)	3975 034
	Transfer to Catastrophe Reserve		0	0
	Transfer to Other Reserves (to be specified)		0	0
	Total (C)		(2416 585)	3975 034
As required by Section 40C (2) of the Insurance Act, 1938, we certify that, all expenses of management, wherever incurred, whether directly or indirectly, in respect of Marine Insurance Business have been fully debited in the Marine Insurance Revenue Accounts as expenses.

IN RESPECT OF LIFE INSURANCE BUSINESS
	Particulars	Schedule	Current Year	Previous Year
			(` '000)	(` '000)
1.	Premiums earned (Net)	1	11644 737	7917 615
2.	Profit on sale of Investments (Net)		521 637	262 707
3.	Forex Gain/( Loss)		(34 459)	47 607
4.	Interest, Dividend & Rent - Gross		582 663	361 135
	Total (A)		12714 578	8589 064
1.	Claims Incurred (Net)	2	13365 829	7942 310
2.	Commission (Net)	3	176 691	98 173
3.	Operating Expenses related to Insurance Business	4	68 225	67 464
4.	Expenses relating to Investments		0	0
5.	Premium Deficiency		352 962	194 154
	Total (B)		13963 707	8302 101
	Operating Profit/-Loss from Life Business C = (A-B)		(1249 129)	286 963
	APPROPRIATIONS
	Transfer to Shareholders’ Account		(1249 129)	286 963
	Transfer to Catastrophe Reserve		0	0
	Transfer to Other Reserves (to be specified)		0	0
	Total (C)		(1249 129)	286 963
As required by Section 40C (2) of the Insurance Act, 1938, we certify that, all expenses of management, wherever incurred, whether directly or indirectly, in respect of Life Insurance Business have been fully debited in the Life Insurance Revenue Accounts as expenses.