GIC Re Corrects on Profit SelliAfter recent selling, General Insurance Corporation of India (GIC Re) went down by 1.5% to Rs 174.10 on profit selling. GIC Re rallied 24.65% in four sessions. The stock had outperformed the market in November, hitting a high of 26.21% compared with a 0.73% rise in the Sensex.

The scrip outperformed the market in the first quarter, surging 41.66% as compared to Sensex rose at 4.57%. The scrip had outperformed the market in 2021, jumping 26.48% compared to Sensex’s 6.27%.

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The stock was trading above its 50-day simple moving average (SMA) placed at 136.08, 100-day simple moving average (SMA) placed at 129.26, and 200-day simple moving average (SMA) placed at 123.29.

In India, GIC Re is the largest reinsurer market, leading to treaty programmes and facultative placements of the company. The company has been identified as Domestic Systemically Important Insurers (D-SIIs) for 2020-21 by the insurance regulator IRDAI.

All over the world, 160 countries have a business transactions in GIC Re.
On a consolidated basis, the company’s net profit hit a high of 64.41% to Rs 2,216.55 crore on a 6.6% lower in total income to Rs 12,571.92 crore in the quarter of FY23 over in the second quarter of FY22.