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REV - Consolidated Financial Statement 2020-21

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 2021
IN RESPECT OF FIRE INSURANCE BUSINESS
  Particulars Schedule Current Year Previous Year
      (` '000) (` '000)
1. Premiums earned (Net) 1 112229 529 91442 065
2. Profit on sale of Investments (Net)   9537 407 6021 292
3. Forex Gain/( Loss)   (669 233) 1148 013
4. Interest, Dividend & Rent - Gross   10645 166 8328 826
  Total (A)   131742 869 106940 196
1. Claims Incurred (Net) 2 95932 836 81980 918
2. Commission (Net) 3 30443 843 29515 080
3. Operating Expenses related to Insurance Business 4 1059 268 1025 106
4. Expenses relating to Investments   0 0
5. Premium Deficiency   0 0
  Total (B)   127435 947 112521 104
  Operating Profit /- Loss from Fire Business C = (A-B) 4306 922 (5580 908)
  APPROPRIATIONS      
  Transfer to Shareholders’ Account   4306 922 (5580 908)
  Transfer to Catastrophe Reserve   0 0
  Transfer to Other Reserves (to be specified)   0 0
  Total (C)   4306 922 (5580 908)
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 256333 556 328050 493
2. Profit on sale of Investments (Net)   20285 836 16034 397
3. Forex Gain/( Loss)   (1404 534) 2894 326
4. Interest, Dividend & Rent - Gross   22657 812 22051 305
  Total (A)   297872 670 369030 521
1. Claims Incurred (Net) 2 238582 745 330065 259
2. Commission (Net) 3 45243 196 42733 874
3. Operating Expenses related to Insurance Business 4 1812 347 2709 572
4. Expenses relating to Investments   0 0
5. Premium Deficiency   0 0
  Total (B)   2709 572 375508 705
  Operating Profit/-Loss from Miscellaneous Business C = (A-B) 12234 382 (6478 184)
  APPROPRIATIONS      
  Transfer to Shareholders’ Account   12234 382 (6478 184)
  Transfer to Catastrophe Reserve   0 0
  Transfer to Other Reserves (to be specified)   0 0
  Total (C)   12234 382 (6478 184)
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 19638 796 16100 051
2. Profit on sale of Investments (Net)   1890 034 1087 101
3. Forex Gain/( Loss)   (134 394) 200 373
4. Interest, Dividend & Rent - Gross   2110 997 1498 370
  Total (A)   23505 433 18885 895
1. Claims Incurred (Net) 2 21407 779 11515 666
2. Commission (Net) 3 4383 256 3271 377
3. Operating Expenses related to Insurance Business 4 130 982 123 818
4. Expenses relating to Investments   0 0
5. Premium Deficiency   0 0
  Total (B)   25922 018 14910 861
  Operating Profit/-Loss from Marine Business C = (A-B) 14910 861 3975 034
  APPROPRIATIONS      
  Transfer to Shareholders’ Account   (2416 585) 3975 034
  Transfer to Catastrophe Reserve   0 0
  Transfer to Other Reserves (to be specified)   0 0
  Total (C)   (2416 585) 3975 034
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 11644 737 7917 615
2. Profit on sale of Investments (Net)   521 637 262 707
3. Forex Gain/( Loss)   (34 459) 47 607
4. Interest, Dividend & Rent - Gross   582 663 361 135
  Total (A)   12714 578 8589 064
1. Claims Incurred (Net) 2 13365 829 7942 310
2. Commission (Net) 3 176 691 98 173
3. Operating Expenses related to Insurance Business 4 68 225 67 464
4. Expenses relating to Investments   0 0
5. Premium Deficiency   352 962 194 154
  Total (B)   13963 707 8302 101
  Operating Profit/-Loss from Life Business C = (A-B)   (1249 129) 286 963
  APPROPRIATIONS      
  Transfer to Shareholders’ Account   (1249 129) 286 963
  Transfer to Catastrophe Reserve   0 0
  Transfer to Other Reserves (to be specified)   0 0
  Total (C)   (1249 129) 286 963
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 13thLargest Global Reinsurer(compiled by A M Best)