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REV - Consolidated Financial Statement 2019-20

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.

 

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