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11
Your Partner In Risk
Global Reinsurance SolutionsGlobal Reinsurance Solutions
GIC Re
General Insurance corporation of India
2
Vision & Mission
To be a Leading Global Reinsurance and Risk Solution Provider
Vision
Mission
Building long-term mutually beneficial relationship with business partnersPracticing fair business ethics and valuesApplying ‘state-of-the-art’ technology, processes including enterprise risk management and innovative solutionsDeveloping and retaining highly motivated professional team of employeesEnhancing profitability and financial strength befitting the global position
33
Core Values
Trust and mutual respect
Professional excellence
Integrity and transparency
Commitment
Responsive service
44
Global Reinsurance Solutions
Value Added Services
Help in designing reinsurance programme of insurance companies in India, SAARC Region & Africa
Emphasis on Customer Relationship Management• Offer Risk Rating Services• Conduct Training Programme for Indian & Foreign
Clients on Reinsurance, Risk Management & other Technical topics such as Aviation, Oil & Energy etc.
• EQ Modeling
55
Global reinsurer for Non Life and Life BusinessObligatory cessions from Indian General Insurers Retakaful business operations under guidance of the TASIS-Sharia Advisory Institution in India and a Sharia BoardLead / Participate in Excess of Loss programmes and proportional treaties of Indian Insurers as also international insurers/ ReinsurersFacultative support for traditional as well as new productsProviding substantial support to various Agricultural insurance Programmes of companies including weather based schemes Managing pools for Marine Hull, Terrorism and Motor Third Party Commercial VehiclesFounder Manager for FAIR Nat Cat PoolSetting up the Indian Nuclear Pool
Business Profile
6
Credit Rating
A – (Excellent) Financial Strength Rating by A M Best & Co.
AAA (In) Claims Paying Ability Rating by CARE
Ranked 14th among International Reinsurersby S & P
Ranked 16th among International Reinsurersby AM Best
Ranking
7
10
Overseas Branch Operations
Dubai London Kuala Lumpur
Operational from 1st
Jan, 2007Caters to the Middle East & North Africa
(MENA Region)
Operational from 1st
Jan, 2008Caters to UK, EU,
Caribbean and South America
Operational from 1st
Jan, 2011Caters to the ASEAN
Region
Experienced team in place to handle the operationsIntegrated operations with real time access into the centralized repository
11
Overseas Operations
Moscow Office
A Representative Office
Tapping business from Russia and Former Soviet Union countries
Brazil
Holding ‘Eventual Reinsurer’ status in Brazil
Plans to upgrade to ‘Admitted Reinsurer’ Status
South Africa
Plans to establish presence in South Africa
Project “eThru”
Aimed at removing inefficiencies and inaccuracies in manual/ batch mode transactions between GIC Re and Business Associates, eThru was commissioned on 20.09.2011Two major intermediaries already using eThru platform and others are readying to join inWould reduce paper based transactions and enable seamless integration across the supply chainWould help to improve underwriting and claim decision making, speedy realisation of receivables and claim settlements
New Initiatives
12
Greater emphasis on Training
Induction of specialist talent – Actuarial/ Engineering/
Legal
Performance Management System for all officers &
continued updation to bring in efficiency
New Pension Scheme implementation
Performance Linked Incentive Scheme
New Initiatives
HR
13
New Initiatives
Develop a robust and dynamic risk governance structure including roles and responsibilities at various levelsUnderstand GIC Re’s risk profile, define the risk appetite, tolerance and limitsTo apportion risk appetite to business units to monitor and control riskEmbedding risk management in strategic/ business decisionsImprove compliance with corporate governance guidelines, practices and laws & regulationsProviding up-to-date information to the Board / Management level Enterprise Risk Management Committee (ERMC)
14
ERM
1515
Underwriting Guidelines and Philosophy
Fac business accepted giving due consideration to the Risk Profile, Price, Deductible, Capacity, Claims Experience and Accumulation
Conservative approach while writing business from Latin America, Caribbean & CAT Exposed countries
Purchased adequate area specific protection
Protections placed mostly with A rated securities (as against the requirement of BBB & above rated securities as per IRDA regulations)
16
The RMS Risk Linked Software is used for monitoring earthquake exposures in IndiaOverseas branch offices also utilised similar tools for Earthquake mapping Cresta zone-wiseIndian non-life insurance companies provide their aggregate exposures data vis-à-vis catastrophe risks to GIC Re. This is generated from their software systems developed and implemented to capture the exposure data On the basis of information received from all insurance companies, GIC Re evaluates its Catastrophe AccumulationAn MOU has been entered into with AIR Worldwide, a leading CAT modeling software provider, to analyze GIC Re’s domestic exposures due to cyclones
Underwriting Guidelines and Philosophy
1717
Business Performance – 2010-11
ROE:2009-10 : 1 US$ = ` 44.802010-11 : 1 US$ = ` 44.52
US$ Mln2009-10 2010-11
Gross Premium 2,173 2,624
Net Premium 1,959 2,361
Incurred Claims 1,530 1,938
% of Net Premium 78.12% 82.05%
PAT 396 232
2222
Financials as at 31.03.2011
Capital Adequacy & Optimisation
ROE:2009-10: 1 US$ = ` 44.802010-11: 1 US$ = ` 44.52
Heads 2009-10 2010-11 2009-10 2010-11
INR MlnGrowth
US$ Mln
Paid up Capital 4,300 4,300 - 96 97
Free Reserves 85,966 93,902 9.23% 1,919 2,109
Net worth 91,333 99,260 8.68% 2,039 2,230
Tech. Reserves 137,526 166,370 20.97% 3,070 3,737
Investments 335,739 366,925 9.29% 7,494 8,242
Total Assets 438,421 497,286 13.43% 9,786 11,170
2323
Global Solvency Margin and Ratio as on 31.03.2011
As against the mandatory solvency margin of 1.5 times GIC Re has 3.35 times
GIC Re is adequately capitalized
Item Description 2008-09 2009-10 2010-11
1 Total Balance Available in Shareholders` fund 1368.58 1807.25 2013.21
2 Required Solvency Margin 372.40 486.58 600.99
3 Solvency Ratio 3.67 3.71 3.35
US$ MlnUS$ Mln
2424
GOI, the owners, have mandated a Dividend Payout policy of 20% of PAT or 20% of Share Capital whichever is higher
GIC Re aims to maintain 20% dividend payout on PAT and increase the reserve strength to support future growth plans
Dividend paid during last five years are as follows :
Capitalization Review & Dividend Policy
2006-07 2007-08 2008-09 2009-10 2010-11Share Capital (INR Mln) 4,300 4,300 4,300 4,300 4,300
Share Capital (US$ Mln) 100 108 84 96 97
Dividend % 72 46 65 82 48
Productivity & Per Employee Profit
25
2009-10 2010-11 30.09.2011 (Annualised)
Productivity per Employee 4.34 5.94 6.44
Profitability per Employee 0.58 0.60 0.61
US$ MlnUS$ Mln
GIC Re’s Business with Lloyds - 2010-11
26
Inward Premium form Lloyds
Retro Premium to Lloyds Net Premium
24.45 53.87 -29.32
US$ MlnUS$ Mln
Business Partners- Lloyds: 2010-11
Sr. No. Name of Syndicate Sr. No. Name of Syndicate1 A Taylor Esq Synd No 51 19 Lloyds Syndicate - Cathedral2 Advent Syndicate 780 20 Lloyds Syndicate - 22433 Aegis Syndicate 1225 21 Lloyds Syndicate 10364 Antares Syndicate 1274 22 Lloyds Syndicate 1084 - Chaucer5 Ark Syndicate 4020 23 Lloyds Syndicate 1183 6 Asia Marine Syndicate 1965 24 Lloyds Syndicate 1209 Xl7 Atrium Syndicate No 609 25 Lloyds Syndicate 1221 S L Thomas8 Barbican Syndicate 1955 26 Lloyds Syndicate 1861 Cgu 9 D E Hope Synd 1009 27 Lloyds Syndicate 1910-Arrow Synd.
10 Ed Syndicate 5555 28 Lloyds Syndicate 33 Hiscox11 Faraday 435 29 Lloyds Syndicate 566 Stn12 Hiscox Syndicates Limited 30 Lloyds Syndicate 9236/Atr Atrium13 J.H. Philips & Ors. Lloyds Syndicat 31 Lloyds Syndicate 994 Sim14 Kiln Catastrophe Syndicate No. 557 32 Lloyds Syndicate Aml 200115 Kiln Mathers Syndicate No. 807 33 Lloyds Syndicate Canopius 444416 Liberty Syndicate 4472 34 Lloyds Syndicate Cvs 191917 Lloyd Tunisien 35 Lloyds Syndicate Hdu 382018 Lloyds Synd. 5151 36 Lloyds Syndicate Hgj 0205
Sr. No. Name of Syndicate Sr. No. Name of Syndicate37 Lloyds Syndicate Hyl 2121 55 Lloyds Syndicate Pwh 382 38 Lloyds Syndicate Irk 0626 56 Lloyds Syndicate Sam 072739 Lloyds Syndicate Kcs 0557 57 Lloyds Syndicate Sam 0807 40 Lloyds Syndicate Kln 0510 58 Lloyds Syndicate Sjc 200341 Lloyds Syndicate Msp 0318 59 Lloyds Syndicate Wel No.202042 Lloyds Syndicate No 1206 Sagicor 60 Lloyds U/W Syndicat 1036 43 Lloyds Syndicate No 1400 61 Lloyds U/W Syndicate 570 44 Lloyds Syndicate No 2003 Catlin 62 Lloyds Underwriter Syndicate No 60945 Lloyds Syndicate No 2623 63 Lloyds-Cathedral Mmx 201046 Lloyds Syndicate No 2987 64 M S F Pritchars Lloyds Syd No.31847 Lloyds Syndicate No Aes 1225 65 Millennium Cons 9129 48 Lloyds Syndicate No. 2003 66 Omega Syndicate 95849 Lloyds Syndicate No. 1183 67 Pembroke Lloyds 400050 Lloyds Syndicate No. 1414 68 Qbe Re (Europe) Syndicate 56651 Lloyds Syndicate No. 2147 69 R.J. Merritt Syndicate Lloyds 52 Lloyds Syndicate No. 457 70 R.J.Kiln Synd 51053 Lloyds Syndicate No. 623 71 Rfh Wilshaw Synd 807 / Sd Mathers54 Lloyds Syndicate No. 2003 72 Travellers 5000, Lloyds Syndicate
Business Partners- Lloyds: 2010-11