General Insurance of India : Outcome of Board Meeting for financial results for half-year ended 30.09.2023 and Appointment of Life Actuary

Ref. No.: GIC-HO/BOARD/SE-Q2-OBM/203/2023-24	Date: November 9, 2023
To,
The Manager	The Manager
Listing Department	Listing Department
BSE Limited	The National Stock Exchange of India Ltd.
Phiroze Jeejeebhoy Tower	Exchange Plaza, 5th Floor, Plot C/1,
Dalal Street	G Block, Bandra Kurla Complex
Mumbai - 400001	Mumbai - 400051

Scrip Code: (BSE - 540755/ NSE - GICRE)

Sub: Outcome of Board Meeting held on 9th November 2023

Dear Sir/Madam,

1. Pursuant to Regulation 33 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 and other applicable requirements, we forward herewith a copy of the unaudited financial results (Standalone and Consolidated) for the quarter/period ended September 30, 2023 together with the Auditors' Limited Review Report approved by the Board of Directors at its meeting held today.
   Disclosure on Related Party Transaction on Consolidated basis for the Half Year ended September 30, 2023, is submitted in XBRL Form, in compliance with provisions of Regulation 23 (9) of SEBI LODR.
2. Pursuant to Regulation 30 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 and Insurance Regulatory and Development Authority of India (IRDAI) Corporate Governance Guidelines 2016, we wish to inform you that the Board of Directors at its meeting held today have considered and approved the appointment of Mr. Suresh Sindhi as Appointed Actuary (Life Reinsurance Business) & Key Management Person of the Corporation in place of Mr. Vikash Kumar Sharma w.e.f. 9th November 2023. His terms of appointment have been recommended by the Nomination and Remuneration Committee (NRC) and approved by the Board of Directors. Brief profile of Mr. Suresh Sindhi is attached.
   The same will also be available on the website of the Corporation at www.gicre.in.

The Board meeting commenced at 04:20 p.m. and concluded at 07:30 p.m.

For General Insurance Corporation of India

SATHEESH KUMAR S

Digitally signed by

SATHEESH KUMAR S Date: 2023.11.09 19:42:29 +05'30'

(Satheesh Kumar)

CS & Compliance Officer

(भारत सरकार क कं पनी)	'सरु ा', १७०, जे. टाटारोड, चचगेट, मंबईु ४०००२०
General Insurance Corporation of India	''SURAKSHA'', 170, J. Tata Road, Churchgate,
(Government of India Company)	Mumbai 400020. INDIA Tel: [phone]
CIN: L67200MH1972GOI016133 IRDA REG NO.: 112	FAX Server: 91-22-229899600, www.gicre.in
	E-mail: [e-mail]

Brief Profile of Mr. Suresh Sindhi, Appointed Actuary (Life Reinsurance Business)

Mr. Suresh Sindhi has more than 20 years of varied experience in Life Insurance, Consulting and Reinsurance with skills of Statutory Valuation, Actuarial Pricing, IFRS 17, Product Development Portfolio Management and Analysis of Surplus. He is Fellow member of Institute of Actuaries of India and also a Fellow member of Institute of Actuaries, UK.

(भारत सरकार क कं पनी)	'सरु ा', १७०, जे. टाटारोड, चचगेट, मबईंु ४०००२०
General Insurance Corporation of India	''SURAKSHA'', 170, J. Tata Road, Churchgate,
(Government of India Company)	Mumbai 400020. INDIA Tel: [phone]
CIN: L67200MH1972GOI016133 IRDA REG NO.: 112	FAX Server: 91-22-229899600, www.gicre.in
	E-mail: [e-mail]

KASG &Co.	Mehra Goel & Co.
Chartered Accountants	Chartered Accountants
105, Madhur Apartment,	305-306, 3,d Floor, Garnet Palladium,
TPS Road, Near Babt:,ai Naka,	Behind Express Zone, Off Western Express
Borivali West, Mumbai -400092	Highway, Goregaon East, Mumbai--400063

Independent Auditor's Limited Review Report on Quarter and Six months ended Unaudited Standalone Financial Results of General Insurance Corporation ofIndia pursuant to Regulation

33 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 as amended read with IRDA Circular reference: IRDA/F & A/CIA/LFTD/027/01/2017 dated January 30, 2017

To,

The Board ofDirectors,

General Insurance Corporation ofIndia

1. We have reviewed the accompanying statement of unaudited standalone financial results of Ge11eral Insurance Corporation oflndia ('Corporation') for the Quaiter and Six months ended September 30, 2023 ('the statement'), being submitted by the Corporation pursuant to the requirement of Regulation 33 of SEBJ (Listing Obligations and Disclosure Requirements) Regulations, • 2015 as amended ('the Regulation'), read with lRDA Circular No. fRDA/F&A/ClA/LFTD/027/0l/2017 dated January 30, 2017 ('the Circular'). This Statement which is the responsibility of the Corporation's Management has been prepared in accordance with the recognition and measurement principles laid down in the Accounting Standard 25 '' Interim Financial Reporting" ("AS 25"), prescribed under Section 133 of the Companies Act, 2013 as amended read with relevant rules issued thereunder, accounting and presentation principles as prescribed in the relevant provisions ofthe Insurance Act, 193 8 (the "Insurance Act"), the Insurance Regulatory and Development Authority Act, 1999 (the "IRDA Act") and IRDA (Preparation of Financial Statements and Auditors' Report of Insurance Companies) Regulations, 2002; orders/directions/circulars issued by the Insurance Regulatory and Development Authority oflndia (h JRDAf"/ "the Authority") to the extent applicable and other recognized accounting practices and policies and approved by the Board of Directors of the Corporation. Our responsibility is to issue a review report on the statement based on our review.
2. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review oflnterim Financial Jnfonnation Perfonned by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free ofmaterial misstatement. A review is Iimited primarily to inquiries of Corporation personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and, accordingly, we do not express an audit opinion. In the conduct of our review, we have not covered foreign/Indian branches.
3. Based on our review conducted as above and based on the consideration of the review report of another auditor referred to in paragraph 1 of other matters of this report, nothing has come to our attention that causes us to believe that the accompanying statement of unaudited Standalone Financial Results prepared in accordance with the Accounting Standard 25, "Interim Financial Reporting" prescribed under Section 133 ofthe Companies Act, 20 l 3 as amended read with relevant mies issued thereunder, accounting and presentation principles as prescribed in the relevant provisions of the Insurance Act, 1938 (the "Insurance Act"), the Insurance Regulatory and Development Authority Act, 1999 (the "IRDA Act") and [RDA (Preparation of Financial Statements and Auditors' Report of Insurance Companies) Regulations, 2002; orders/directions/circulars issued by the Insurance Regulatory and Development Authority of India

(''IRDAl"/ "the Authority") to the extent applicable and other recognized accounting practices and

policies, h '

01 disclosed the infonnation required to be disclosed in terms ofRegul •

.� �

.L�SG ,41

��o

c�':.

�

�c

�

�

*

SlfAS�

0

I

(')

•

*

½:!

'

,�,

:r

DHAN

wvr

:;,

�1-

�

:�;

�

J

...,

�

"'f.

o0

.l'

���,;;/!)i

�D

,couv-

'�

KASG&Co.•	Mehra Goel & Co.
Chartered Accountants	Chartered Accountants
105, Madhur Apartment,	305-306, 3rd Floor, Garnet Palladium,
TPS Road, Near Babhai Naka,	Behind Express Zone, Off Western Express
Borivali West, Mumbai - 400092	Highway, Goregaon East, Mumbai-400063

SEBJ (Listing Obligations and Disclosure Requirements) Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement.

1. Emphasis ofMatter
2. 1. We draw attention to Note No. 4 to the Standalone Financial Results regarding, balances due to/from an
   2. We draw attention to Note No. 9 to the Standalone Financial Results regarding the basis of non-creation of Catastrophe Reserve during the current qua11er due to uncertainties as mentioned in the aforesaid note.
   3. We draw attention to Note No. 8, to the Standalone Financial Results regarding change in methodology of accrual of premium pursuant to IRDA circular.
      Our conclusion is not modified in respect ofthe above matters.
3. Other Matters
4. 1. We did not review the interim financial information of one foreign branch included in the Standalone Financial Results, whose unaudited financial information reflect total Premium earned (Net) (before eliminations) of Rs. 26,712 Lakhs and Rs. 44,481 Lakhs for the quarter and six months ended September 30, 2023 respectively, total assets (before eliminations) ofRs. 3,73,403 Lakhs, as at September 30, 2023, as considered in the unaudited Standalone Financial Results. These interim financial information have been reviewed by another auditor whose report has been furnished to us and our conclusion on the Standalone Financial Results, in so far as it relates to the amounts and disclosures included in respect of this foreign branch is based solely on the report of another auditor.
   2. We or the branch auditors did not review· the interim tinancial information of One lndian Branch and Two foreign branches (including one run off branch) included in this Standalone Financial Results whose financial results reflects total Premiums earned (Net) (before eliminations) of Rs. 43,633 Lakhs and Rs. 87,012 Lakhs for the quarter and six months ended September 30, 2023 respectively, total assets (before eliminations) of Rs. 5,08,521 Lakhs, as at September 30, 2023 as considered in the Standalone Financial Results. According to the information and explanations given to us by the Manag·ement, these interim financial information are not material to the Corporation.
   3. Three branches are located outside India whose interim financial infom1ation have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been reviewed by another auditors or local management certified under generally accepted auditing standards applicable in their respective countries. The Corporation's management has converted the interim financial infonnation of such branches located outside India from accounting principles ·generally accepted in their respective countries to accounting principles generally accepted in India. We have

reviewed these conversion adjustments made by the- Corporation's management.	'I'-
'.�		�oft�		r��
Our co		o far as it relates to the balances and affairs of such foreign branches
locat 4	utside	1!!	is based on the report of another auditor / managem		"'	• 1ed
�,		�			,,	...., ..
o Slt.4s							"
�		o::N�GAR			00i�. �
�
		·�� l					n
		fl
					�')rr'°•i:1" .',<·1:
		"	'< �			,.·· ,1
					I ';i
				'
				--�---;,."::'---::- � }-�'
						,	..._		,t	C)I,
				"						J

KA S G &Co.	Mehra Goel &Co.
Chartered Accountants	Chartered Accountants
105, Madhur Apartment,	305-306, 3rd Floor, Garnet Palladium,
TPS Road, Near Babhai Naka,	Behind Express Zone, Off Western Express
Borivali West, Mumbai - 400092	Highway, Goregaon East, Mumbai-400063

accounts and the material conversion adjustments prepared by the management of the Corporation reviewed by us.

1. The actuarial valuation of liabilities in respect ofJncurred But Not Reported (the "IBNR") including .Incurred but not Enough Reported (the "IBNER"), Premium Deficiency Reserve (the "PDR") and Technical Reserves (the "TR") is the responsibility of the Corporation's Appointed Actuaries (the "Appointed Actuaries"). The actuarial valuation of these liabilities, that are estimated using statistical methods, as at September 30, 2023 has been duly certified by the Appointed Actuaries and in their opinion, the assumptions considered by them for such valuations are in accordance with the guidelines and norms issued by the IRDAI and the Institute of Actuaries of India in concurrence with the IRDAI. We have relied upon the Appointed Actuaries' Certificates in this regard for forming our conclusion on the valuation of liabilities for outstanding claims reserves, the PDR and TR contained in the Standalone Financial Results ofthe Corporation.
2. The Standalone Financial Results ofthe Corporation for the corresponding quarter and six months ended September 30, 2022 and quarter ended June 30 2023, were reviewed by D.R. Mohnot & Co and PKF Sridhar & Santhanam LLP (Joint Auditors) whose report dated November 9, 2022 and August 10, 2023 respectively, expressed an modified conclusion and unmodified conclusion respectively on those financial results.
   The Standalone Financial Results of the Corporation for the year ended March 31, 2023 were audited by D.R. Mohnot & Co and PKF Sridhar & Santhanam LLP (Joint Auditors) whose report dated 25 May 2023 expressed unmodified opinion on the Standalone Financial Results.
   Our conclusion is not modified in respect ofthese matters.

For K A S G & Co.	For Mehra Goel & Co.
� tered Accou� _	Chartered Accountants
c; �e-'	FRN-000517N
ARODIA (I	Vaibhav Jain
r	Partner
034751	M. No. 515700
Place: Mumbai	Place: Mumbai
Date: 09-11-2023	Date: 09-11-2023
UDIN: 23034751BGPSIP5604	U))IN: 23515700BGVYBM1160

Annexure-1

[Pursuant to the Regulation 33 of SEBJ (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with IRDAI Circular reference: IRDNF&A/CIR/LFTD/027/01/2017 dated 30.01.2017]

Reviewed Statement of Standalone Flnanclal Results for the Quarter and Half Year Ended 30/09/2023

/Rs. in Lakh!!.l

SI.	Particulars
No.

Reserve & Surplus (E•cluding Revaluation

1. Reserve>
   Fair Value Change Account and Revaluaboo
2. Reserve
3. Total Assets:

(al Investments:

1. • Shareholders' Fund
   • Policvholders' Fund
     Other Assets (Nei of current liabilites
2. and provisions)

34 Analytlcal Ratios ':

1. Solvencv RaUo '

(Ill Expense& of Management Ratio•

(iii) Incurred Claim Ratio

			Yea,- to date	Year to date	Year
3 Months ended /Ar. at	for the current	for previous
ended/As At
			period ended	period ended
		(30109/2022)
(30109/2023)	(30/06/2023)	(3DI0912023)	(30/09/2022)	(31/0312023)
Reviewed	Reviewed	Reviewed	Reviewed	Reviewed	Audited
30,59.067	30,24,876	25,75,412	30.58,067	25,75.412	29,51.697
39,90,865	36,52,433	33,95,382	39,90,865	33,95,382	33,35,544
1,21,45,375	1,18,21,513	1,05,99,579	1,21,45,375	1 ,05,99,579	1,10,66,293
35,10,297	34,73,465	25,55,387	35,10,297	25,55,387	31,51,578
66,35,076	83,48,028	80,44,191	86,35,078	80,44,191	79, 16,715
(49,56,468)	(48,05,229)	(45,41,065)	(49,56,468)	(45,41,065)	(46,42,077)
2.82	2.B8	2.25	2.82	2.25	2.61
0.88	1.05	1.03	0.95	0.70	1.20
98.36	95.05	97.48	96.83	95.96	91.43

		/iv)	Net retntion ratio	92.61	92.30	90.60	82.47		93,34	91.95
		(v)	Combined ratio:			115.83	118.47	117.89	116.98		113.92	109.31
		(vi)	AdjustedCombined Ratio 1	93.43	97.24	64.76	95.11		92.07	86.96
		(Vii)	Earning per snare (Rs.)
			(a) Basic and diluated EPS before		4.17
			extraordinary items (net of tax expense)	13.32	10.60	13.32		14.53	35.98
			not annualized for the =riods.
			(b)	Basic and diluted EPS after							35.98
			extraordinary items (net of tax eJ<>	13.32	4.17	10.60	13.32		14.53
			not annualized tor the periods,
		(viii)	NPA ralios:
			al Gross NPAs	2.18	2.25	2.73	2.18		2.73	2.48
			bl Net NPAs	0.00	0.00	0.00	0.00	0.00	0.02
		(ix) Yield on Investments /Annualised}
			(a) WlthOut unrealized oains	12.90	10.36	15.41	11.66		12. 3S	12.19
			(bl With unrealised aains	9.10	7.46	11.13	6.37		8.84	8.82
		(X)	Public shareholding
			al No. of shares In lakh	2.494	2,494	2,494	2,494		2,494	2,494
			bl Percentaoe of shareholding	14.22%	14.22%	14.22%	14.22%	14.22%	14.22%
			c) % or Government holding	85.78%	85.78%	85.78%	85.78%	85.78%	85.78%
			(in case of public sector Insurance
			companies)

Foot Note:

• Premium i$ net of reinsurance

• Investment Income including profil/loss on sate of investments ,net of investment expanses.
  3 Commission is net of commission received on reinsurance .
  4 Anallflical ratios are calculated as per definiton givan in IROAI analytical ratios disclosures 5 Solvency ratio has been worked out aa on the last day of the period.
  6 Expenses of management raUo is calculatedon the basis of Nat premium.

7 Adjusted Combined ratio is calculated as "Combined Ratio les!!.1he ratio of Policyholder's share of investment income to Net

Annexure-11

[Pursuant to the Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with IRDAI

Clrcular reference : IRDAIF&AICIR/LFTO/027/01/2017 dated 30.01.2017]

Reviewed Statement of Standalone Financial Results for the Quarter and Half Year Ended 30/09/2023

						rRs. in Lakhs'
SI. No.	Particulars	3 Months ended/As at	Year to date endedf As at	V&ar
		ended/As At
		(30109/2023)	(30/06/2023)	(30/09/2022)	(30/09/2023)	(30/09/2022)	(31/0312023)
		Reviewed	Reviewed	Reviewed	Reviewed		Reviewed	Audllltd
	lf9J Other Misclleanous
	Net Premium	15,762	18,948	24,154	34,710		37,728	63,816
	Income from Investments	4,169	3,285	5,020	7,454	7,784	13,600
	Other Income	210	(111)	758	99	1,419	1,084

110) FUCredit

Net Premium	4,214
Jncom1J from Investments	2,766
Other Income	144

3,703

2,288

(77)

7,759

3,732

557

7,917	15,902	21,545
5,054	5,897	9,841
67	1,075	784

2

I/CJ Marine

11J Marine Caroo

Net Premium

Income from Investments Other fncomtJ

12) Marine Hull

Net Premium

Income from Investments

Other Income

(DJ Life Net Premium

Income from Investments

OtherIncome

Premium Deficiencv

A-Fire

B-Misc1Jllaneous

1-Motor

2-Aviation

3-Ennineerina

4-Worl<> Com=nsation

5-LIABILTY

6-Peronal Accident

7-Heallh

8-Aoriculture

9-0ther Misc.

10-FL/Credit

C-Marine

1-Marine Caroo

2-Marine Hull

D-Ufe

30,677	44,377
6,574	2,986

228 (101)

16,847 6,888

8,579 5,279

362 (178)

40,486	30,386
2.839	3,526
(95)	(418)

.	.
-	-
-	-
-	-
-
-	-
-	.
-	-
.	-
-	.
-	-
.	.
-	-
-	.
.	-
946	(174)

9,366 75,054

4,651 9,560

669 127

15.519		23,735
7,459		13,858
1,115		184
34,786			70,872
3,578				6,365
524				(513)
-			-
			-
-			.
		-
-			-
-			-
		-
-			.
-			-
-			-
.			-
.				-
			-
-		.
	-
(841)		772

29,467				50,824
7,790				12,958
1,423				1,034
27,941				48,701
11,763				24,801
2,145				1,975
70,297				1,49,072
5,835				13,197
1,064				768
-				-
-				-
-				-
-				-
-					-
.
				.
-				-
.			-
-			-
-			-
.		-
.		-
-		-
-		-
.		-
{1,940)		(854)

Annexure-11

[Pursuant to the Regulation 33 of SEBI (Listing Obligations and Dlsclosure Requirements) Regulations, 2015 read with IRDAI

Circular reference IRDA/F&AICIR/LFTD/027/0112017 dated 30.01.2017]

Reviewed Statement of Standalone Financial Results for the Quarter and Half Year Ended 30/09/2023 /Rs. in Lakhs

SI. No.	Particulars		3 Months end9d/As at	Year to date ended/ As at	Year
				ended/As At
				(30/09/2023)	(30/06/2023)	(30109/2022)	(30109/2023)	{30/09/2022) (31/0312023)
				Reviewect		Reviewed	Reviewed	Reviewed	Reviewed	Audited
3	Seament Underwritina orofiU Loss:
			(6,065)	{81,062)	(19,421)	{97,479)		(1,47,824)
	A-Fire		(13,357)
	B-Misceflaneous
	1-Mator		(23,830)	(68,309}	(33,074)	(92,139)	(57.001)		(1,12,371)
	2-Aviaton		(6,380)	(996)	(7,539)	(7,376)	(11,435)		(14,999)
	3-Enoineerint,		334	5,176	(179)	5,509	2,196		2,849
	4-Workmen Camoensation	238	(618)	158	(380)	68		(1,244)
	5-LIABILTY	2,637	5,881	1,365	8,518	(1,384)		4,707
	6-Peronal Accident	(2,470)	(789}	734		(4,104)		1,594
	?-Health	7,482	(36,314)	3,987	(28,832)	(18,605)		5,829
	8-Aorir;u/ture	)	1,063	6,850	(4,321)	(4,342)		(8,751)
	(5,384
	9-0ther Misc.	7,908	(6,410)	12,688	1,498	(2,352)		28,095
	10-FL/Credit	1,093	(309)	(156)	784	(5,542)		11,181
	C-Marine
	1-Marine Carqo	(1,13,095)	(33,913)	10,396	(1,47,009)	17,935		34,033
	2-Marine Hull	(44,692)	18,597	(12,886)	(26,094)	(838)		(29,389)
	D-Life	42,356	(32,739)	6,741	9,616	13,276		(7,847)
4	Saament Operating profit/Loss:
	A-Fire	67,537	57,233	2,962	1,24,770	34,729		1,24,370
	8-Miscellaneous
	1-Motor	33,262	{21,797)	29,912	11,465	45,059		80,638
	2-Aviatian	(1,550)	2,748	(1,475)	1,198	(2,033)		2,353
	3-Enameerino	11,092	13,563	10,968	24,655	19,766		39,029
	4-Worl<> Com=nsation		634		(291)	544	343	686		163
	5-LIABJLTY	7,174	9,762	6,578	16,936	7,003		21,608
	6-Peronal Accident	669	1,490	3,918	2,159	1,057		11,209
	7-Health	22,900	(24,044)	21,621	(1,144)	9,546		63,688
	8-Aoriculture	15,897	17,696	35,407	33,593	43,147		64,370
	9-0ther Misc.	12,077	(3,125)	17,708	8,952	5,433		41,695
	to-FL/Credit	3,859	1,979	3,576	5,838	355		21,022
	C-Marine
	1-Man·ne Caroo	(1,06,521)	(30,927)	15,047	(1,37,448)	25,725		46,991
	2-Marine Hull	(36,112)	23,876	(5,426)	(12,236)	10,925		(4,587)
	D-Life	45,195	(29,213)	10,319	15,981	19,111		5,351