Following the release of strong Q4 results, General Insurance Corporation of India (GIC) stock increased by 3 percent in early trade on Friday, May 26. The general insurance corporation of India shares was up 2.11 percent to Rs 181.30 on the NSE at 9:45 a.m.

GIC presented financial results for the fiscal year that concluded on March 31, 2023, during the company's board meeting on May 25, 2023, in Mumbai. According to a report with the NSE, profit after tax (PAT) for the year ended 31.03.2023 was reported at Rs 6312.50 crore, down from Rs 2,005.74 crore for the year ended 31.03.2022.

In comparison to the year ended 31.03.2022, the company's gross premium income decreased to Rs 36,591.59 crore from Rs 43,208.46 crore. While the company's underwriting loss decreased from Rs 4,266.11 crore to Rs 2,341.37 crore for the fiscal year that ended on March 31, 2022, to 2023.

According to reports, the income from investments was Rs 10,594.00 crore for the fiscal year that concluded on March 31, 2023, up from Rs 9562.29 crore for the fiscal year that ended on March 31, 2022. In comparison to the year ending 31.03.2022, the company's Profit Before Tax increased to Rs 3,560.14 crore from Rs 7749.44 crore in the latter year.

While the company's profit after tax (PAT) for the fiscal year that ended on March 31, 2023, was Rs 6312.50 crore as opposed to Rs 2,005.74 crore in the fiscal year that ended on March 31, 2022. Including the fair value change account, the company's net worth increased to Rs 61,700.11 crore on March 31, 2023, from Rs 55,657.73 crore on March 31, 2022.

A dividend of Rs 7.20 per equity share subject to TDS deduction on the Face Value of Rs. 5 per share 144 percent of paid-up equity share capital, subject to approval by the shareholders at the following 51st Annual General Meeting (AGM), was also approved by the company's board of directors for the financial year 2022–23. According to the filing, the dividend would be paid 30 days after it was declared at the AGM.