National reinsurer GIC plans to spread its wings to Dubai, Malaysia and China to increase its presence in Afro-Asia and grow its business, now at over Rs 4,000 crore, its chairman PC Ghosh said on Friday.
The company is aiming to get 26 per cent growth in premium income at over Rs 4,500 crore and over Rs 360 crore in net profit this fiscal.
"GIC now has a business of over Rs 4,000 crore, of which Rs 3,100 crore is from the domestic market and rest from the foreign inward reinsurance," Ghosh said.
The company plans to increase its foreign business significantly by tapping Afro-Asian markets and attain the $1 billion mark.
"We have already opened offices in London and Moscow. We are planning to open our third foreign office in Dubai by the first quarter of next fiscal," Ghosh told reporters.
GIC is also planning to open representative office in China and Malaysia, he said.
The company has shortlisted two companies for sponsoring the UAE venture and a final selection would be made by the end of this month.
{{/usCountry}}The company has shortlisted two companies for sponsoring the UAE venture and a final selection would be made by the end of this month.
{{/usCountry}}For China, GIC intends to open a representative office first and then look for a joint venture.
The company has presence in Kenya, Tanzania and Singapore through joint ventures with PSU insurers and local companies.
General Insurance Corporation, which was converted into national reinsurer last year, has now taken a stance to cover risks in developing nations that were withdrawn by reinsurers of developed nations, Ghosh said.