New Delhi, Feb 10 (PTI) General Insurance Corporation of India on Thursday reported a net loss of Rs 28.48 crore in the quarter ended December 2021, due to higher underwriting losses.

The general insurer had posted a net profit of Rs 987.42 crore in the year-ago quarter. Sequentially, there was a net profit of Rs 1,010.55 crore in the September 2021 quarter.

Also Read | OnePlus Nord CE 2 5G Price in India & Full Specifications Leaked Online: Report.

The gross premium earned by the company in October-December 2021 fell to Rs 10,240 crore as against Rs 11,668.51 crore earned in the year-ago period, GIC Re said in a regulatory filing.

The underwriting losses -- paying out more claims than expected and the premiums brought in cannot cover the overall expenses -- during the quarter stood at Rs 2,371.19 crore, against a loss of Rs 1,022.64 crore in the year-ago period.

Also Read | Asus ROG Phone 5s & ROG Phone 5s Pro India Launch Confirmed for February 15, 2022.

The claims incurred during October-December 2021 rose to Rs 10,857.83 crore, against Rs 8,192.95 crore.

For the nine months ended December 31, the company's consolidated gross premium income fell to Rs 33,503.07 crore, compared with Rs 38,577.84 crore during the nine months ended December 2020.

The consolidated net profit during April-December 2021 fell to Rs 450.26 crore from Rs 662.72 crore in the year-ago period. The underwriting losses ballooned to Rs 6,609 crore, against Rs 4,935 crore a year ago.

The leader of the Indian reinsurance market has overseas operations in the Afro-Asian region covering the Middle East and North Africa and SAARC countries in Asia. It also has branches in London and Kuala Lumpur.

Shares of the company on Thursday closed 1.89 per cent up to Rs 139.90 apiece on the BSE. HRS hrs

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)