Gandhinagar: General Insurance Corporation (GIC Re) plans to upgrade its branch in the International Finance Center at GIFT City, Ahmedabad into a subsidiary. The corporation had in the recent past closed down its Dubai office and moved all its Middle East and Africa operations to GIFT city.

According to GIC Re CMD Devesh Srivastava, besides the tax benefits, the other advantage of being based in GIFT city is that the company can also undertake direct insurance business. Most of the policies issued at Dubai office were getting renewed in GIFT city, he added.

The corporation reported a net profit of Rs 1,795 crore for the quarter ended March 31, 2022, up 42% from Rs Rs, 1,260 crore reported in the corresponding quarter of the previous fiscal. DeshGujarat.