GENERAL INSURANCE CORPORATION
Article Abstract:
The General Insurance Corporation (GIC) has projected a net profit of Rs1,400 crore in 1998-99 (Rs1,255 crore in 1997-98). It has projected an investment income of Rs2,350 crore (Rs2,058 crore) and claims of Rs6,150 crore (Rs5,624 crore). The General Insurance Corporation and its 4 subsidiaries have projected claims settlement rate of 72.9 percent in 1998-99 (72.6 percent). The net worth of the General Insurance Corporation is projected at Rs7,351 crore (Rs6,082 crore). Its technical reserves are estimated at Rs14,087 crore (Rs12,673 crore). Its investments are estimated at Rs19,000 crore (Rs16,691 crore). Its free reserves are projected at Rs6,450 crore (Rs5,707 crore). It has a paid-up equity of Rs375 crore. The return on assets of the General Insurance Corporation is 13.96 percent and that of the National Insurance Company Ltd 8.06 percent, of the New India Assurance Company Ltd 13.59 percent, of the Oriental Insurance Company Ltd 7.78 percent and of the United India Insurance Company Ltd 10.37 percent, according to the Standard & Poor's ratings. All these companies do insurance business. Their pioneering products are insurance protection for rural assets, small-scale industry workers and women. (rk) (kvr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
User Contributions:
Comment about this article or add new information about this topic:
KVB SEEKS AGM NOD TO ENTER INSURANCE, HOUSING FINANCE
Article Abstract:
Karur Vysya Bank Ltd has decided to seek shareholder's approval at its annual general meeting on August 28, 1998 to enter into the areas of insurance and housing finance. Karur Vysya Bank plans to set up a subsidiary or float a joint venture with financial institutions, banks or corporates to enter the insurance business. It plans to set up its own subsidiary for housing finance. (khr)
Comment:
Decides to seek shareholder's approval regarding plans to enter into areas of insurance and housing finance
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: MANIPAL FINANCE CORPORATION LIMITED WIPRO FIN TO CONVERT PREF SHARES INTO EQUITY ALF, FIs TO RAISE Rs600 CR THROUGH SECURITISATION
- Abstracts: THE INDUSTRIAL FINANCE CORPORATION OF INDIA LTD KARNATAKA STATE FINANCIAL CORPORATION
- Abstracts: UB GROUP TO TRIM CORPORATE FLAB TATAS SET UP THINK-TANK TO IMPLEMENT GROUP STRATEGY. SHEDDING FLAB TO GAIN STRENGTH
- Abstracts: CENTURY TEXTILES IN THE RED WITH Rs85 CRORE LOSS GHAI GROUP TO INVEST Rs85 CR IN HOTEL BUSINESS
- Abstracts: NEULAND LABORATORIES LIMITED BAYER RECORDS 8.6% INCREASE IN SALES. NEULAND LABORATORIES POSTS Rs1.95-CR NET