On listing proposal: We were waiting for this for a long time. GIC has become the world's largest agriculture reinsurer post the government's Fasal Bima Yojana. We are the fourth largest aviation reinsurer in the world, and 14th largest overall. It (listing) will be good from the corporate governance point of view. It will bring in a lot of visibility for GIC in the market. It will help us reach other markets, including Asean.
On growth: India is in a high-growth phase. Listing will help us grow. We have grown over 90%, including crop reinsurance, in the first half of the fiscal. Excluding crop, we have grown at 40%. Reinsurance is all about diversifying portfolios.
When will GIC list on exchanges? Our optimistic target would be eight months and conservative would be 10-12 months. We would like to be the first general insurance company to list, considering we have the best book. My guess is 25% dilution will be split over the next three years.
On competition: Opening of reinsurance is not seen as a threat by us because we have served this market for 45 years. We know the market well.
On valuation & three parameters to look at: Net worth, combined ratio and investment book. We will take help of the disinvestment department to arrive at the valuation.