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05.12.2020 : Governor flags off Mobile Medical Van from Raj Bhavan

Maharashtra Governor Bhagat Singh Koshyari flagged off a Mobile Medical Van and dedicated it in the service of the people of Mumbai at a function held at Raj Bhavan Mumbai on Saturday (5th Dec).

The Mobile Medical Van will provide free health checkup, medicines and spectacles and arrange for essential surgeries of people from nearly 20 slum areas of Mumbai.

The Mobile Medical Van was presented to the R K HIV and AIDS Research and Care Centre by GIC of India RE from its Corporate Social Responsibility fund. It will be managed and equipped by R K HIV and AIDS Research and Care Centre.

Complimenting the R K HIV and AIDS Research and Care Centre for its medical service, the Governor said dedicated work for the poor, needy and the ill gives one eternal satisfaction. He complimented the organization for arranging for food and ration to more than 1 crore people during the Corona pandemic period.

News & Announcement

GENERAL INSURANCE CORPORATION OF INDIA
Registration No. 112
Date of Registration with IRDAI : 2nd April 2001
CONSOLIDATED REVENUE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2020
IN RESPECT OF FIRE INSURANCE BUSINESS
  Particulars Schedule Current Year Previous Year
      (` '000) (` '000)
1. Premiums earned (Net) 1 9,14,42,065 8,37,26,218
2. Profit on sale of Investments (Net)   60,21,292 51,11,086
3. Forex Gain/( Loss)   11,48,013 6,40,142
4. Interest, Dividend & Rent - Gross   83,28,826 76,28,094
  Total (A)   10,69,40,196 9,71,05,540
1. Claims Incurred (Net) 2 8,19,80,918 8,38,56,766
2. Commission (Net) 3 2,95,15,080 2,14,69,035
3. Operating Expenses related to Insurance Business 4 10,25,106 6,99,371
4. Expenses relating to Investments   0 0
5. Premium Deficiency   0 0
  Total (B)   11,25,21,104 10,60,25,172
  Operating Profit /- Loss from Fire Business C = (A-B) (55,80,908) (89,19,632)
  APPROPRIATIONS      
  Transfer to Shareholders’ Account   (55,80,908) (89,19,632)
  Transfer to Catastrophe Reserve   0 0
  Transfer to Other Reserves (to be specified)   0 0
  Total (C)   (55,80,908) (89,19,632)
As required by Section 40C (2) of the Insurance Act, 1938, we certify that, all expenses of management, wherever incurred, whether directly or indirectly, in respect of Fire Insurance Business have been fully debited in the Fire Insurance Revenue Accounts as expenses.
IN RESPECT OF MISCELLANEOUS INSURANCE BUSINESS
  Particulars Schedule Current Year Previous Year
      (` '000) (` '000)
1. Premiums earned (Net) 1 32,80,50,493 28,15,77,942
2. Profit on sale of Investments (Net)   1,60,34,397 1,24,57,320
3. Forex Gain/( Loss)   28,94,326 15,34,273
4. Interest, Dividend & Rent - Gross   2,20,51,305 1,85,04,649
  Total (A)   36,90,30,521 31,40,74,184
1. Claims Incurred (Net) 2 33,00,65,259 24,16,68,494
2. Commission (Net) 3 4,27,33,874 3,67,98,122
3. Operating Expenses related to Insurance Business 4 27,09,572 19,09,219
4. Expenses relating to Investments   0 0
5. Premium Deficiency   0 0
  Total (B)   37,55,08,705 28,03,75,835
  Operating Profit/-Loss from Miscellaneous Business C = (A-B) (64,78,184) 3,36,98,349
  APPROPRIATIONS      
  Transfer to Shareholders’ Account   (64,78,184) 3,36,98,349
  Transfer to Catastrophe Reserve   0 0
  Transfer to Other Reserves (to be specified)   0 0
  Total (C)   (64,78,184) 3,36,98,349
As required by Section 40C (2) of the Insurance Act, 1938, we certify that, all expenses of management, wherever incurred, whether directly or indirectly, in respect of Miscellaneous Insurance Business have been fully debited in the Miscellaneous Insurance Revenue Accounts as expenses.
IN RESPECT OF MARINE INSURANCE BUSINESS
  Particulars Schedule Current Year Previous Year
      (` '000) (` '000)
1. Premiums earned (Net) 1 16100051 12336440
2. Profit on sale of Investments (Net)   1087101 922074
3. Forex Gain/( Loss)   200373 113696
4. Interest, Dividend & Rent - Gross   1498370 1369727
  Total (A)   1,88,85,895 1,47,41,937
1. Claims Incurred (Net) 2 11515666 8229332
2. Commission (Net) 3 3271377 2821015
3. Operating Expenses related to Insurance Business 4 123818 89115
4. Expenses relating to Investments   0 0
5. Premium Deficiency   0 0
  Total (B)   1,49,10,861 1,11,39,462
  Operating Profit/-Loss from Marine Business C = (A-B) 39,75,034 36,02,475
  APPROPRIATIONS      
  Transfer to Shareholders’ Account   39,75,034 36,02,475
  Transfer to Catastrophe Reserve   0 0
  Transfer to Other Reserves (to be specified)   0 0
  Total (C)   39,75,034 36,02,475
As required by Section 40C (2) of the Insurance Act, 1938, we certify that, all expenses of management, wherever incurred, whether directly or indirectly, in respect of Marine Insurance Business have been fully debited in the Marine Insurance Revenue Accounts as expenses.
IN RESPECT OF LIFE INSURANCE BUSINESS
  Particulars Schedule Current Year Previous Year
      (` '000) (` '000)
1. Premiums earned (Net) 1 79,17,615 79,17,615
2. Profit on sale of Investments (Net)   2,62,707 1,72,153
3. Forex Gain/( Loss)   47,607 16,545
4. Interest, Dividend & Rent - Gross   361,135 2,55,263
  Total (A)   85,89,064 53,04,011
1. Claims Incurred (Net) 2 79,42,310 59,41,287
2. Commission (Net) 3 98,173 76,197
3. Operating Expenses related to Insurance Business 4 67,464 28,911
4. Expenses relating to Investments   0 0
5. Premium Deficiency   1,94,154 52,944
  Total (B)   83,02,101 60,99,339
  Operating Profit/-Loss from Life Business C = (A-B)   2,86,963 (7,95,328)
  APPROPRIATIONS      
  Transfer to Shareholders’ Account   2,86,963 (7,95,328)
  Transfer to Catastrophe Reserve   0 0
  Transfer to Other Reserves (to be specified)   0 0
  Total (C)   2,86,963 (7,95,328)
As required by Section 40C (2) of the Insurance Act, 1938, we certify that, all expenses of management, wherever incurred, whether directly or indirectly, in respect of Life Insurance Business have been fully debited in the Life Insurance Revenue Accounts as expenses.
PROFIT AND LOSS ACCOUNT FOR THE  YEAR  ENDED 31 MARCH  2020
  Particular Schedule Current Year Previous Year
      (` '000) (` '000)
1. Operating Profit/-Loss      
  (a) Fire Insurance  
-55,80,908
-89,19,632
  (b) Marine Insurance  
39,75,034
36,02,475
  (c) Miscellaneous Insurance  
(64,78,184)
3,36,98,349
  (d) Life Insurance  
2,86,963
-7,95,328
2. Income from Investments      
  (a) Interest, Dividend & Rent - Gross  
92,40,424
1,09,21,922
  (b) Profit on sale of Investments  
65,83,267
71,35,211
  Less: Loss of sale of Investment   0 0
3. Other Income:      
  Forex Gain/( Loss)   15,03,833 13,35,724
  Miscellaneous Receipts  
2,11,229
1,14,152
  Total (A)  
97,41,658
4,70,92,873
4. Provision for Doubtful Loans & Investment  
87,01,427
48,71,692
5 Amortisation of premium on Investments  
13,17,127
10,17,935
6 Diminution in the value of investments written off  
315009
3,04,671
7 Provision/(written off) for Doubtful Debts  
22,56,234
16,18,482
8 Other Expenses :      
  Expenses relating to Investments  
0
0
  (Profit)/Loss on sale of Assets (Net)  
3,547
199
  Interest & Others  
28,865
83,653
  Corporate Social Responsibility Expensess  
7,76,168
6,52,899
  Total (B)  
1,33,98,377
85,49,531
  Profit/(Loss) Before Tax  
(36,56,719)
3,85,43,342
  Provision for Taxation :      
  Current Tax  
1,10,001
1,23,21,599
  Wealth Tax   0 0
  MAT Credit  
0
0
  Deferred Tax  
-1,87,274
-1,13,744
  Fringe Benefit Tax  
0
0
  Provision for Tax in respect of earlier years  
-7,96,487
0
  MAT Credit of earlier year  
0
-49,196
  Profit/ (Loss) After Tax  
(27,82,959)
2,63,84,683
  Share of Profit in Asoociates Companies  
9,18,393
11,91,012
  Profit for the year  
(18,64,566)
2,75,75,695
  Appropriations      
  (a) Balance brought forward from last year  
6,23,74,320
4,90,75,107
  (b) Interim dividend  
0
0
  (c) Final dividend  
1,18,42,200
1,18,42,200
  (d) Dividend distribution tax  
2434283
24,34,283
  (e) Transfer to General Reserve  
0
0
  Balance carried forward to Balance Sheet  
4,62,33,273
6,23,74,320
  Basic and Diluted EPS  
-1.06
15.72

 

Ranked 11th Among the top
40 global reinsurance
groups by S&P Ranking