GIC Re net up 70% in FY 08-09

The net profit of the state-run reinsurer, General Insurance Corporation of India (GIC Re) has gone up by 70% to Rs 1,407.2 crore during the financial year 2008-09 from Rs 992.7 crore achieved during 2007-08. In connection with the Mumbai terror attack 26/11, the corporation has released a sum of Rs 75 crore for the hotel Taj Mahal and Rs 65 crore for the hotel Trident over a period of 12 months. Total quantum may not exceed Rs 500 crore for the two hotels. Similarly, the liability claim exposure of the corporation in the IT company, Satyam s, case was at ...

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