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 | DATE OF CREATION: April 2014, Johannesburg, South Africa |
| CLASS OF BUSINESS: Non life | |
| MAIN UNDERWRITING ZONE: South Africa |
GIC Re South Africa : contact
| Adress: Riviera Rd Office Park, 1st Floor - Block C, 6-9 Riviera Road, Houghton, Johannesburg 2193, South Africa |
| Tel: +27 11 877 0760 |
| Email: info@gicresa.co.za |
| Website: www.gicresa.co.za |
GIC Re South Africa : rating
| Agency | Rating | Outlook |
| Standard & Poor’s | BB+ (international) | Stable |
| Standard & Poor’s | zaAAA (national) | Stable |
GIC Re South Africa : main indicators
in thousands USD| 31/03/2021 | 31/03/2022 | |
| Turnover | 78 319 | 98 610 |
| Shareholder's equity | 92 624 | 107 456 |
| Net result | 2 074 | 12 123 |
GIC Re South Africa : Turnover 2021 by class of business
in thousands USD| Premiums | In % | |
| Property damage | 52 850 | 53.59% |
| Motor | 14 674 | 14.88% |
| Third party liability | 10 539 | 10.69% |
| Marine | 5 524 | 5.6% |
| Engineering | 5 228 | 5.3% |
| Accident & health | 565 | 0.57% |
| Miscellaneous risks (1) | 9 230 | 9.37% |
| Total | 98 610 | 100% |
(1) Including agriculture risks and caution
GIC Re South Africa : capital and shareholding
| Shareholder | In % | Share capital |
| GIC Re India | 100% | 78 768 000 USD |
GIC Re South Africa : technical ratios
| 31/03/2021 | 31/03/2022 | |
| Net loss ratio | 33.36% | 54.94% |
| Net management expenses ratio | 119.07% | 92.34% |
| Net combined ratio | 152.43% | 147.28% |
GIC Re South Africa : management
| Jonathan Bagg | Chairman of the board |
| Sandip Karmarkar | General manager and CEO |
| Sanjeev Shankar | Chief operating officer |
| Chandan Verma | Chief underwriting officer |
| Nilesh Kasture | Chief finance officer |
| Ajinkya Tamhane | Chief risk officer |
Exchange rate as at 31/03/2021 : 1 ZAR = 0.06701 USD ; as 31/03/2022 : 1 ZAR = 0.06897 USD
Source: GIC Re & KPMG
Read also | Reinsurance in Sub-Saharan Africa