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GIC Re maintains strong capitalisation in FY 2024

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In FY 2024, the company reported a consolidated ROE of 9.5%.

General Insurance Corporation of India has seen an improvement in its balance sheet fundamentals, which AM Best assessed as very strong.

The company’s risk-adjusted capitalisation, measured by Best’s Capital Adequacy Ratio (BCAR), has shown a positive trend over the past four years and remained at the strongest level for the fiscal year 2024 (FY 2024).

This is attributed to a significant rise in shareholders’ equity, driven by gains in investment fair value and increased retained earnings. AM Best expects GIC Re to maintain this strong capitalisation over the medium term.

However, the company’s high exposure to domestic equity investments remains a balancing risk.

GIC Re’s operating performance is rated as adequate, supported by a five-year average return on equity (ROE) of 6.5% from FY 2020 to 2024.

In FY 2024, the company reported a consolidated ROE of 9.5%, despite unprofitable underwriting performance and a high combined ratio.

Investment income, particularly from realised gains on equity investments, continues to play a major role in GIC Re’s overall earnings, offsetting the absence of technical profits.

AM Best considers GIC Re’s business profile to be favourable. The company is the 10th largest reinsurer globally, based on AM Best’s most recent ranking of the top 50 global reinsurers.

Domestically, GIC Re holds a dominant market share, averaging 60% to 70% in recent years, benefiting from mandatory reinsurance cessions and a right of first refusal on domestic placements. GIC Re’s underwriting portfolio is diversified by business lines and geography.

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“I have no love for fake friends, pretenders”— Mikel Obi replies 2Baba

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Mikel Obi has finally responded to 2Baba, shedding light on why he allegedly snubbed the music icon during a chance meeting in London.

Reflecting on their shared history, Mikel said:
“We grew up together in Jos, and you achieved fame before me. I reached out to you several times, but you never responded. Then, the same God who blessed you answered my prayers, and fame found me too.”

He expressed his surprise been approached by 2Baba in a London mall after years of silence:
“Now that I’ve made it, suddenly you recognize me? Life has taught me that no one wants to associate with failure. That’s why I stay in my lane for peace and only keep connections with those who stood by me before fame.”

Concluding his statement, Mikel emphasized his stance: “I have no love for fake friends or pretenders.”

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Nagasaki driver returns 25-yr ‘partner’ RX-7 to Mazda at ceremony on 80th birthday

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Naoko Nishimoto shares her thoughts in front of her longtime "partner" Mazda RX-7, in the city of Nagasaki on Dec. 18, 2024. (Mainichi/Kazuki Kawashima) © The Mainichi
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NAGASAKI — A decades-long driver of a Mazda RX-7 sports car fulfilled a pledge to turn in her license on her birthday on Dec. 18 and passed the vehicle along to its maker.

At the ceremony held in a local Mazda dealership, Nagasaki resident Naoko Nishimoto commented with her hand on the hood, “Thank you so much for the 25 years we have shared our lives together, ‘Seven.'”

“Seven” is the name she gave her beloved coupe.

When Nishimoto was working as a clerk at the age of 55, she was looking to buy a new car and fell in love with the RX-7 when she first happened to see it in the anime series “Initial D”. “Its outline is beautiful,” she thought. She immediately bought a brand-new silver model for around 3 million yen (about $19,300 at the current rate).

After she had used the vehicle for daily outings like trips to the supermarket and racked up about 77,500 kilometers over 25 years of use, she made up her mind to give up her driver’s license in December 2022, when she turned 78. After her search for the car’s next owner was reported in the news, Mazda Motor Corp. put in an application.

A young designer at Mazda gave Nishimoto a sketch of the adored cruiser during the ceremony. “The RX-7 was the first car I was responsible for marketing after joining the company. Ms. Nishimoto lovingly drove this car for 25 years, and we will maintain and handle it with care from here on,” Mazda President Masahiro Moro wrote in a letter that was also passed to her.

“For the two years after I decided to let it go, I had particularly fond memories of riding in Seven to photograph seasonal flowers and scenery. I loved the feeling of oneness with the car,” Nishimoto said.

The car will hereafter undergo maintenance before beginning its second life as a promotional vehicle.

The RX-7 integrated Mazda’s technical prowess and included a high output, low noise and vibration rotary engine. Around 810,000 of the vehicles were produced between 1978 and 2002. Having plenty of overseas fans, the car was featured in “Fast and Furious,” and it has been immortalized in the street-racing manga, anime and game series “Initial D” as the car owned by the protagonist’s rival.

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Judges Must Reject Gifts From Governors,Ministers “- NBA President, Osigwe

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Afam Osigwe, president of the Nigerian Bar Association (NBA), says it is unconstitutional for members of the cabinet or governors to be giving gifts to judges.

Osigwe spoke on Thursday during Politics HQ, a programme on News Central TV.

The NBA president’s comments came months after Nyesom Wike, minister of the federal capital territory (FCT), announced the construction of quarters for judges in Abuja.

In September, the FCT minister flagged off the construction of 40 houses for judges in Abuja, which sparked a public outrage.

He said 20 of the houses, when completed, would be allocated to judges of the FCT high court, while 10 would be given to the judges of the federal high court and 10 to those of the court of appeal.

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