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GIC declares 15 pc dividend

Our Bureau

Mumbai , Sept. 8

GENERAL Insurance Corporation of India (GIC) has declared a 15 per cent dividend of Rs 64.5 crore. The company declared 1:1 bonus and its enhanced equity capital now stands at Rs 430 crore.

GIC's net premium income grew 10.83 per cent to touch Rs 4,613.87 crore. Net incurred claims in 2004-05 approximated Rs 3,702.80 crore.

The net retention ratio stood at 90.09 per cent in 2004-05, against 89.7 per cent in 2003-04.

Total investments of GIC as on March 31, 2005, stood at Rs 15,434.31 crore. Total assets increased to Rs 19,551.84 crore and total funds stood at Rs 11,767.69 crore.

GIC caters to the reinsurance needs of the country and also underwrites risks globally.

"On the strength of Indian business and with focused marketing efforts in the Afro-Asian region, GIC aims at positioning itself among the top 20 global reinsurers in the years to come," said a press release.

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