Mumbai, 6 September 2022

 

Export Credit Guarantee Corporation of India conducted its 64th AGM on 05.09.2022. The shareholders approved a record dividend of Rs.276.50 crore for the FY 2021-22.  The dividend cheque was handed over to Shri B V R Subrahmanyam, IAS, Commerce Secretary, Government of India.  The Company has made a profit before tax of Rs. 1160.86 crore after settling claims to exporter and banks for Rs. 687.20 crore. During the FY 2021-22, the Company paid more than 75% of the claims that were received from the exporters on account of non-payment by their overseas buyers. The Gross Premium Income of the Company has increased by 4.17%. With the support extended by the Government of India in the form of capital infusion in the Company, the net worth of the Company increased to Rs.7840.88 crore and the Investment corpus has increased to Rs.15506.94 crore as on March 31, 2022. The paid up capital of the Company stood at Rs.3950 crore as of March 31, 2022.

ECGC Limited, was established by the Government of India in 1957 under the Companies Act to provide export credit insurance services to exporters and banks to promote and support exports from India. The Company functions under the administrative control of the Ministry of Commerce and Industry. Over the years, the Company has designed different export credit risk insurance products to suit the requirements of the exporters and commercial banks which extend export credit. 

ECGC is a profit-making company with two decades of consistent dividend payment record. The Company is registered with the Insurance Regulatory and Development Authority of India (IRDAI) since the year 2002 as non-life insurer.  During the past decade, the Company has paid claims of more than Rs.8,000 crore to its customers due to non-payment in export transactions. The estimated value of exports supported by the Company through various export credit insurance products, was around Rs.6.19 lakh crore in FY 2021-22.

In its role as the premier Export Credit Agency (ECA) of the country, ECGC played a counter-cyclical role by continuing to extend credit insurance support to exporters and banks during the crisis periods such as the Iraq war of 1991, the financial meltdown of 2008, the COVID-19 pandemic, the recent Russia-Ukraine conflict etc., in order to stabilize the export credit market and increase exports from the country during such uncertain periods. In Medium- and Long-Term export sector, ECGC manages the National Export Insurance Account (NEIA) trust of the Government of India, which provides insurance support to Medium and Long Term (MLT) or Project Exports.  Internationally, ECGC also contributes as a member of Management Committee of the Berne Union, an association of over 70 ECAs from various countries.

 

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(Source: ECGC) | PIB Mumbai | CP/D.Rane

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