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India: General Insurance Corp. records marginal drop in profitability

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General Insurance Corp. of India recorded a 4% year-on-year decline in profitability to 22.53 billion Indian rupees ($374.6 million) for the fiscal year ended March 2014, The Hindu Business Line reported.

GIC Re's gross premium collection during the year totaled INR 146.8 billion ($2.44 billion), compared with INR 150.86 billion ($2.50 billion) the previous year.

Ashok Kumar Roy, chairman of GIC Re, said "last year has been very good for re-insurers globally with no major catastrophes."

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