India’s largest reinsurer jumps over 14 per cent on revised credit rating

At 11 am, General Insurance Corporation of India (GIC Re) shares hit fresh 52-week high at Rs 301.05, a surge of 14.55 per cent from its previous closing of Rs 263.55.

GIC Re, India's largest reinsurer, has received revised credit ratings from A.M. Best, a global credit rating agency. A.M. Best has re-affirmed GIC Re's existing ratings of B++ (Good) for Financial Strength Rating and bbb+ (Good) for Long-Term Issuer Credit Rating. Additionally, A.M. Best has assigned a new India National Scale Rating (NSR) of aaa.IN (Exceptional) to GIC Re. The assignment of a NSR of aaa.IN (Exceptional) to GIC Re reflects the company's leading position in the Indian reinsurance market and its strong financial performance.

A.M. Best has also revised the outlook of GIC Re's Financial Strength Rating and Long-Term Issuer Credit Rating to Positive from Stable.

The following table summarizes GIC Re's revised credit ratings from A.M. Best:

On Friday, the stock opened at Rs 263.60 and has touched a high and low of Rs 301.90 and Rs 263.60 respectively.

The BSE group 'A' stock of face value Rs 5 has a 52-week high and low of Rs 301.90 and Rs 127.80, respectively.

Last one week high and low of the scrip stood at Rs 301.90 and Rs 254.15 respectively. The current market cap of the company is Rs 52,395.16 crore.

The promoters holding in the company stood at 85.78 per cent, while Institutions and Non-Institutions held 11.88 per cent and 2.34 per cent respectively.

Disclaimer: The article is for informational purposes only and not investment advice.