General Insurance Corporation Of India · NSE:GICRE
General Insurance Corporation Of India — Non-Deal Roadshow (February 2024)
26 slides from General Insurance Corporation Of India's roadshow presentation, Feb 14, 2024
Slide 1: Exchange intimation of investor meetings
Ref. No. :GIC-HO/BOARD/SE-09-IIM/292/2023-24 14 February 2024 Corporate Service Department The Listing Department BSE Limited National Stock Exchange of India Ltd 25th Floor, Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot no. C/1, G Block, Dalal Street, Mumbai 400 001 BKC, Bandra (E), Mumbai 400 05
Slide 2: Investor Update February 2024
Investor Update February 2024
Slide 3: Disclaimer
Disclaimer This presentation is issued by General Insurance Corporation of India (the “Company”) for general information purposes only, without regard to any specific objectives, suitability, financial situations and needs of any particular person. This presentation does not constitute any recommend
Slide 4: Reinsurance Industry Overview
Reinsurance Industry Overview 3
Slide 5: Reinsurance Industry – Global Scenario
Reinsurance Industry – Global Scenario Strong Gross Written Premium* Growth Envisaged in Future CAGR 2021-31 Life CAGR 2021-31 P&C 8.9% 7.9% 7.3% 6.8% 5.6% 4.8% 4.6% 3.1% 2.7% 3.4% 1.3% 1.5% Rest of the world Japan Asia ex Japan Western Europe North America World Global Reinsurance Sector – Key Tren
Slide 6: Reinsurance Industry – Framework in India
Reinsurance Industry – Framework in India Framework of Reinsurers in India Indian Reinsurers (GIC Re) Foreign Reinsurance Branches (FRBs) Cross Border Reinsurers (CBRs) ✓ Only Indian Reinsurer registered with the ✓ Insurance Law (Amendment) Act, 2015 ✓ Insurers with no physical presence in India reg
Slide 7: Reinsurance Industry – Indian Scenario
Reinsurance Industry – Indian Scenario Under Penetrated Insurance Industry in India Poised to Grow in Future Significant Insurance under-penetration in India General Insurance GWP grew at 14% since FY21 Retention Ratio of General Insurance Industry Insurance Penetration (%) USD Mn Gross Written Prem
Slide 8: GIC Re Overview, Strength and Strategies
GIC Re Overview, Strength and Strategies 7
Slide 9: General Insurance Corporation of India (GIC Re) – Overview
General Insurance Corporation of India (GIC Re) – Overview General Insurance Corporation of India - GIC was formed under GIBNA of 1972 for the purpose 1 of superintending, controlling, and carrying on the business of General Insurance in India Largest Reinsurer in the domestic market in India. Inter
Slide 10: General Insurance Corporation of India (GIC Re) – Overview
General Insurance Corporation of India (GIC Re) – Overview B++ (Good) Only Listed Rank 16th Positive USD 4,464 Mn 108.9% Reinsurance FSR Credit Rating GWP Combined Ratio Largest Global Company in India Reinsurers Group aaa.IN(Exceptional) (FY23) (FY23) NSR Credit Rating Consistently improving AM Bes
Slide 11: GIC Re – Experienced Board and Management
GIC Re – Experienced Board and Management Seasoned Professionals with Extensive Experience Eminent board of Mr. Ramaswamy Dr. M P Tangirala Ms. A. Manimekhalai directors including Narayan Additional Secretary, MD & CEO, distinguished Chairman and MD Department of Financial Union Bank of India repres
Slide 12: GIC Re – Global Presence
GIC Re – Global Presence GIC Re – Worldwide Presence GIC Re London, 2008 Branch Office GIC Perestrakhovanie, LLC, GIC Re India Corporate Moscow, 2020 Member Ltd Subsidiary Office London, 2016 Subsidiary Office GIC Re GIC Re Mumbai Malaysia, 2010 Branch GIC Re IFSC Insurance office, GIFT City GIC Re
Slide 13: GIC Re – Key Strengths
GIC Re – Key Strengths Only Indian ▪ Significant GOI Ownership ▪ Healthy investment income Efficient Asset Reinsurance ▪ ~67% market share in India Management ▪ Diversified investment portfolio Player ▪ Modelling accumulation of exposures Prudent ▪ Geographical and product diversification Exposure ▪
Slide 14: GIC Re – Segment Mix and Business Mix
GIC Re – Segment Mix and Business Mix International and Domestic Business Composition Domestic Business Mix Gross Premium – Geographic Mix Obligatory cessions is 4% with no monetary limits 29% 36% 35% 31% 29% 31% 70% 60% 60% 73% 74% 72% 71% 64% 65% 69% 71% 69% 30% 40% 40% 27% 26% 28% FY20 FY21 FY22
Slide 15: GIC Re – Product Mix
GIC Re – Product Mix Product Mix - Gross Premium 11% 13% 13% 3% 30% 4% 4% 36% 33% 23% FY22 16% FY23 9MFY24 21% 2% 10% 18% 3% 13% 1% 14% 13% 11% 2% 4% 2% Fire Marine Hull Marine Cargo Agriculture Health Motor Life Misc Calibrated Approach Towards Product Strategy and Underwriting Leading to Enhance P
Slide 16: GIC Re - Key Financials on Standalone Basis (1/2)
GIC Re - Key Financials on Standalone Basis (1/2) Gross Premium USD Mn 6,136 5,653 5,319 5,195 4,400 3,514 3,422 FY19 FY20 FY21 FY22 FY23 9MFY23 9MFY24 Profit After Tax USD Mn ~3x Profit increase in last 2 years 759 451 463 267 231 241 -43 FY19 FY20 FY21 FY22 FY23 9MFY23 9MFY24 Source – Company Data
Slide 17: GIC Re - Key Financials on Standalone Basis (2/2)
GIC Re - Key Financials on Standalone Basis (2/2) Net Worth Excl. FVC Net Worth Incl. FVC Policyholders’ Funds USD Mn USD Mn USD Mn 4,212 9,334 3,644 3,578 10,726 7,419 7,642 9,837 9,519 10,287 2,939 6,692 8,757 9,227 2,685 6,344 2,516 2,700 5,969 7,034 4,307 FY19 FY20 FY21 FY22 FY23 9MFY23 9MFY24 F
Slide 18: GIC Re – Wealth Creator for Shareholders
GIC Re – Wealth Creator for Shareholders GIC Re – Shareholding Stock Price Performance Overview 2.2% Particulars GIC Re Nifty 50 12.1% GOI Current Market Price (INR) 441 21,718 Market Cap (USD Mn) 9,312 As of Institutional Holding Dec’2023 1M Performance (%) 43.3% 0.8% Others 6M Performance (%) 118.
Slide 19: GIC Re – Embedding ESG in Business
GIC Re – Embedding ESG in Business GIC Re – Strong Commitments towards ESG Goals • Supporting Energy sector in India as a reinsurer and addressing critical sustainability issues • Contribution towards river cleaning projects • Contribution towards the watershed development / agriculture productivity
Slide 20: GIC Re – Strategic Approach and Way Forward
GIC Re – Strategic Approach and Way Forward Leveraging its scale Adoption of Modelling Capabilities Capitalizing International Brand Equity Focus on Underwriting Profitability Increasing Focus on International Market Catastrophe Reserves for Climate Change Price Increase Focus on restoring its Credi
Slide 21: GIC Re – Awards and Accolades
GIC Re – Awards and Accolades Recognized as one of Recognized as SHRM - Honours GIC Recognized as one of the the “Top Tax Payer” on Re in the 12'th Edition Progressive Places to Work “Iconic Brands of occasion of GST Day by of its Annual HR 2023 by ET Edge, Times 2023” C.GST and C.Excise by ET Edge,
Slide 22: Annexure
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Slide 23: Reinsurance Industry Overview
Reinsurance Industry Overview Understanding How Reinsurance Works Benefits expenses Part of benefits expenses 1 2 3 4 1 Policyholder - Individual risk exposures Policyholders Direct Insurers Reinsurers Retrocessionaire Direct Insurer - Preferably similar risks with independent 2 loss events to obtai
Slide 24: GIC Re – Key Financials on Standalone Basis
GIC Re – Key Financials on Standalone Basis Particulars (USD Mn) FY19 FY20 FY21 FY22 FY23 9MFY23 9MFY24 Gross Premium 5,319 6,136 5,653 5,195 4,400 3,514 3,422 Net Premium 4,689 5,610 5,074 4,665 4,045 3,296 3,132 Earned Premium 4,530 5,308 4,793 4,725 4,305 3,385 3,168 Incurred Claims 4,057 5,175 4
Slide 25: Glossary
Glossary Ceding Company (Cedant) The company that transfers its risk to a reinsurer Combined Ratio The sum of the loss ratio and the expense ratio Earned Premiums The portion of the premium for which protection has been provided A form of reinsurance, which, subject to a specified limit, indemnifies
Slide 26: Thank You
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General Insurance Corporation of India — Non-Deal Roadshow (February 2024) on 6ix