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GIC Re plans to upgrade its overseas branches and increase its presence in South Asian Association for Regional Cooperation (SAARC) nations, Latin America and Africa, says Mr Ashok Kumar Roy, Chairman cum Managing Director.
"It is an ongoing strategy to grow and to expand our global foot print," says Mr Roy in an interview with Middle East Insurance Review.
He says GIC Re would upgrade its offices in Dubai, London and Malaysia by bringing in new talent, improving infrastructure and improving its services. Given the potential in life, it is also planning to concentrate on this business from all its overseas offices.
GIC Re will continue to focus on retakaful, although the retakaful window at its Dubai office "has not grown the way we expected," says Mr Roy. "Retakaful will remain an area of focus for GIC Re and I am hopeful for its growth."
The company’s net earned premiums grew 19% y-o-y to INR113 billion (US$2.08 billion) for the financial year ending 31 March 2012.