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 is currently trading at Rs 803.95, down by Rs 108.05 or 11.85% from its previous closing of Rs 912 on the BSE. The scrip opened at Rs 850 and has touched a high and low of Rs 866.1 and Rs 849.35 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 FY 17, 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 re-insurer in 2016 and the 3rd largest Asian re-insurer 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 FY 15-17 to ~ Rs 33,741 Cr. The company’s gross premiums from international business have grown at a CAGR of ~24.9% over FY 15-17 to ~Rs 10,300 Cr.
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