Shares of General Insurance Company of India (GIC) rose 3% in early trade on Friday, May 26 after releasing solid fourth-quarter numbers. Shares of General Insurance Corporation of India were trading 2.11% higher at Rs 181.30 at 9:45 am on the NSE.

GIC announced its financial results for the year ended March 31, 2023, at the company’s board meeting in Mumbai on May 25, 2023. Profit after tax (PAT) was recorded at Rs 6,312.5 crore for the year ended March 31, 2023, compared to Rs 2,005.74 crore for the year ended March 31, 2022, according to a filing with the NSE.

The company’s gross premiums for the year ended March 31, 2023, stood at Rs 36,591.59 crore compared to Rs 43,208.46 crore for the year ended March 31, 2022. Given that the company’s underwriting loss decreased to Rs 2,341.37 crore for the year ended March 31, 2023, as compared to Rs 4,266.11 crore for the year ended March 31, 2022.

Investment income for the year ended March 31, 2023, was reported at Rs 10,594 crore, compared to Rs 9,562.29 crore for the year ended March 31, 2022. The company’s pre-tax profit for the year ended March 31, 2023, was Rs 7,749.44 crore, compared to Rs 3,560.14 crore for the year ended March 31, 2022.

The company’s profit after tax for the year ended March 31, 2023, was Rs 6,312.5 crore compared to Rs 2,005.74 crore for the year ended March 31, 2022. The company’s net worth (including fair value change account) was Rs 61,700.11 crore on March 31, 2023, compared to Rs 55,657.73 crore on March 31, 2022.

The company’s board of directors also approved a dividend of Rs 7.20 (net of TDS) per share of face value of Rs 5, or 144% of paid-up capital, for FY22-23, subject to approval by shareholders at the 51st Annual General Meeting (AGM) to be held thereafter. According to the document, the dividend will be paid within 30 days from the date it is declared at the annual general meeting.