GIC Re makes a weak debut; Lists at Rs 850 on NSE

Shares of GIC Re made a weak debut on Wednesday, as the scrip got listed at Rs 850 on the NSE, down 6.79% from the issue price of Rs 912.

General Insurance Corporation of India ended at Rs 870.4, down by Rs 41.6 or 4.56% from its previous closing of Rs 912 on the BSE. The scrip opened at Rs 850 and touched a high and low of Rs 895 and Rs 780.25 respectively.

The company provides reinsurance across many key business lines including fire (property), marine, motor, engineering, agriculture, aviation/space, health, liability, credit and financial and life insurance.

The company has exposure to domestic and international business. In FY17, reinsurance written for risks outside of India represented 30.5% of gross premiums. It has underwritten business from 161 countries and as on June 30, 2017, the company was ranked as the 12th largest global reinsurer in 2016 and the 3rd largest Asian reinsurer in 2015 in terms of gross premium accepted.

The company’s gross premiums on a consolidated basis have grown at a CAGR of ~48.7% over FY15-17 to ~ Rs 33,741 cr. The company’s gross premiums from international business have grown at a CAGR of ~24.9% over FY15-17 to ~Rs  10,300 cr.

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