GIC SEES NET PROFIT GAIN TO RP5.98BN

India’s official reinsurer General Insurance Corp (GIC) has reported a net gain of Rp5.98bn for 2005/06, up from Rp2bn in 2004/05. Investment income in the financial year to March 31 rose to Rp1.72bn from 1.40bn the previous year. Total assets at GIC grew markedly, reaching Rp264.2bn, compared with Rp221.3bn the previous year. Net earned premiums were Rp44.6bn, up from Rp43.7bn in 2004/05. Claims were Rp45.73bn. No equivalent figure was given for the previous year. The government received Rp800m in dividends. In November last year, GIC said that it intended to double its global reinsurance business to Rp2bn within two years, focusing on the Afro-Asian markets, plus the emerging eastern European markets and the new ex-USSR states and Russian republics.